[Federal Register Volume 65, Number 200 (Monday, October 16, 2000)]
[Rules and Regulations]
[Pages 61091-61092]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-25998]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8897]
RIN 1545-AQ91


Rules for Property Produced in a Farming Business; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction of final regulations.

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[[Page 61092]]

SUMMARY: This document contains corrections to final regulations 
relating to the application of section 263A of the Internal Revenue 
Code to property produced in the trade or business of farming. This 
document was published in the Federal Register on August 21, 2000 (65 
FR 50638).

EFFECTIVE DATE: August 21, 2000.

FOR FURTHER INFORMATION CONTACT: Grant D. Anderson (202) 622-4970 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Need for Correction

    As published, the final regulations (TD 8897) contain errors that 
may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the final regulations (TD 8897), 
which were the subject of FR Doc. 00-21103, is corrected as follows:


    1. On page 50638, column 3, in the preamble under the paragraph 
heading, ``Background'', line 3, the language ``proposed rulemaking 
(REG-208151-91)'' is corrected to read ``proposed rulemaking (REG-
209316-86)''.

    2. On page 50640, column 3, paragraph 1, line 14, the language 
``I.R.B. (Sept. 5, 2000)) issued'' is corrected to read ``I.R.B. 256 
(Sept. 5, 2000)) issued''.

PART 1--[CORRECTED]


Sec. 1.263A-1  [Corrected]

    3. On page 50644, column 2, in amendatory instruction Par. 5., 
remove item designations for items ``1.'' and ``2.'' and correctly 
designate the items ``2.'' and ``3.'', respectively. Add new item 
``1.'' to read as follows:
    1. The last sentence of paragraph (a)(3)(v) is revised.

    4. On page 50644, column 2, Sec. 1.263A-1, remove the five 
asterisks following the section heading and add the following language 
for the last sentence of paragraph (a)(3)(v) to read as follows:


Sec. 1.263A-1  Uniform capitalization of costs.

    (a) * * *
    (3) * * *
    (v) * * * See sections 263A(d) and 263A(e) and Sec. 1.263A-4 for 
rules relating to taxpayers engaged in a farming business.
* * * * *


Sec. 1.263A-4  [Corrected]

    5. On page 50644, column 3, Sec. 1.263A-4, paragraph (a)(2)(i)(B), 
line 3, the language ``disbursements method under section'' is 
corrected to read ``disbursements method of accounting (cash method) 
under section''.

    6. On page 50648, column 3, Sec. 1.263A-4, paragraph (d)(2), line 5 
from the top of the column, the language ``required to use the accrual 
method'' is corrected to read ``required to use an accrual method''.

Cynthia E. Grigsby,
Chief, Regulations Unit, Office of Special Counsel (Modernization & 
Strategic Planning).
[FR Doc. 00-25998 Filed 10-13-00; 8:45 am]
BILLING CODE 4830-01-P