[Federal Register Volume 65, Number 198 (Thursday, October 12, 2000)]
[Rules and Regulations]
[Page 60585]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-25999]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8865]
RIN 1545-AS77


Amortization of Intangible Property; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to Treasury Decision 8865, 
which was published in the Federal Register on Tuesday, January 25, 
2000 (65 FR 3820), and corrected on March 28, 2000 (65 FR 16318), 
relating to the amortization of certain intangible property.

DATES: This correction is effective January 25, 2000.

FOR FURTHER INFORMATION CONTACT: John Huffman at (202) 622-3110 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this correction are 
under sections 167 and 197 of the Internal Revenue Code.

Need for Correction

    As published, TD 8865 contains an error which 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.

Correction of Publication

    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. 1.197-2  [Corrected]

    Par. 2. Section 1.197-2(g)(3) is amended by revising the second 
sentence to read as follows:


Sec. 1.197-2  Amortization of goodwill and certain other intangibles.

* * * * *
    (g) * * *
    (3) * * * For purposes of determining the amortization period under 
section 197 with respect to the basis increase, the intangible is 
treated as having been acquired at the time of the transaction that 
causes the basis increase, except as provided in Sec. 1.743-
1(j)(4)(i)(B)(2). * * *
* * * * *

Cynthia Grigsby,
Chief, Regulations Unit, Office of Special Counsel (Modernization & 
Strategic Planning).
[FR Doc. 00-25999 Filed 10-11-00; 8:45 am]
BILLING CODE 4830-01-P