Treasury Regulations, Subchapter A, Sec. 7.465-4
From TaxAlmanac, A Free Online Resource
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Sec. 7.465-4 Insufficient records
If sufficient records do not exist to accurately determine under §7.465–2 the amount which a taxpayer is at risk on the effective date, the amount at risk shall be the taxpayer's basis in the activity reduced (but not below zero) by the taxpayer's share of amounts described in section 465(b) (3) or (4) with respect to the activity on the day before the effective date.
[T.D. 7504, 42 FR 42198, Aug. 22, 1977]
