[Federal Register Volume 66, Number 152 (Tuesday, August 7, 2001)]
[Proposed Rules]
[Page 41170]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-19788]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1, 5c, 5f, 18, and 301

[REG-106917-99]
RIN 1545-AX15


Changes In Accounting Periods; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking and notice of 
public hearing.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking and notice of public hearing that was published in the 
Federal Register on Wednesday, June 13, 2001 (66 FR 31850) relating to 
certain adoptions, changes, and retentions of annual accounting 
periods.

FOR FURTHER INFORMATION CONTACT: Roy A. Hirschhorn and Martin Scully, 
Jr. (202) 622-4960 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking and notice of public hearing that 
are the subject of this correction are under sections 441, 442, 706, 
898, and 1378 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking and notice of 
public hearing contains errors that may prove to be misleading and are 
in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
and notice of public hearing (REG-106917-99), that was the subject of 
FR Doc. 01-13536, is corrected as follows:
    1. On page 31850, column 3, in the preamble under the caption 
SUMMARY:, line 3, the language ``441, 442, 706, and 1378 of the 
Internal'' is corrected to read ``441, 442, 706, 898, and 1378 of the 
Internal''.
    2. On page 31851, column 2, in the preamble under the paragraph 
heading ``A. Overview'', line 4, the language ``taxable income), and 
sections 442, 706,'' is corrected to read ``taxable income), and 
sections 442, 706, 898.''
    3. On page 31851, column 3, in the preamble under the paragraph 
heading ``B. Section 441: Period for Computing Taxable Income,'' the 
last line of the first paragraph, the language ``514, 99th Cong., 2d 
Sess. 318 (1986).'' is corrected to read ``841, 99th Cong., 2d Sess., 
II-318 1986-3 (Vol. 4) C.B. 318.''
    4. On page 31852, column 2, in the preamble under the paragraph 
heading ``3. 52-53-week Taxable Years.'', line 8 from the top of the 
column, the language ``and Notice 2001-35 (IRB 2001-23). In'' is 
corrected to read ``and Notice 2001-35 (2001-23 I.R.B. 1314). In''.
    5. On page 31852, column 2, in the preamble under the paragraph 
heading ``5. Personal Service Corporations.'', paragraph 1, lines 3 and 
4 from the bottom of the column, the language ``now contained in Notice 
2001-35 (I.R.B. 2001-23). Similarly, the rules regarding'' is corrected 
to read ``now contained in Notice 2001-35 (2000-23 I.R.B. 1314). 
Similarly, the rules regarding''.
    6. On page 31852, column 3, in the preamble under the paragraph 
heading ``5. Personal Service Corporations.'', paragraph 1, the last 
line of the paragraph, the language ``and Notice 2001-34 (I.R.B. 2001-
23).'' is corrected to read ``and Notice 2001-34 (2001-23 I.R.B. 
1302).''.


Sec. 1.441-3  [Corrected]

    7. On page 31859, column 3, Sec. 1.441-3, in paragraph (a)(2), line 
3, the language ``taxable year (i.e., a fiscal year) if elects'' is 
corrected to read ``taxable year (i.e., a fiscal year) if it elects''.

LaNita Van Dyke,
Acting Chief, Regulations Unit, Associate Chief Counsel, (Income Tax 
and Accounting).
[FR Doc. 01-19788 Filed 8-6-01; 8:45 am]
BILLING CODE 4830-01-P