[Federal Register Volume 62, Number 172 (Friday, September 5, 1997)]
[Rules and Regulations]
[Page 46877]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-23646]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8656]
RIN 1545-AS24


Section 6662--Imposition of the Accuracy-Related Penalty; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to final regulations (TD 
8656) in the Code of Federal Regulations, which were published in the 
Federal Register on Friday, February 9, 1996 (61 FR 4876). The final 
regulations provide guidance on the imposition of the accuracy related 
penalty.

EFFECTIVE DATE: February 9, 1996.

FOR FURTHER INFORMATION CONTACT: Lisa G. Sams (202) 622-3880 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections are 
under section 6662 of the Internal Revenue Code.

Need for Correction

    As published, TD 8656 contains an error that may prove to be 
misleading and is in need of clarification.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

    Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *


Sec. 1.6662-6  [Corrected]

    Par. 2. In Sec. 1.6662-6, paragraph (d)(2)(ii)(E) is amended by 
removing the language ``Sec. 1.482-1(e)(2)(ii)(B)'' from the last 
sentence and adding the language ``Sec. 1.482-1(e)(2)(iii)(B)'' in its 
place.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 97-23646 Filed 9-4-97; 8:45 am]
BILLING CODE 4830-01-U