[Federal Register Volume 67, Number 53 (Tuesday, March 19, 2002)]
[Rules and Regulations]
[Pages 12471-12472]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-6475]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 53, 301, and 602

[TD 8978]
RIN 1545-AY65


Excise Taxes on Excess Benefit Transactions; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document contains corrections to final regulations that 
were published in the Federal Register on Wednesday, January 23, 2002 
(67 FR 3076) relating to the excise taxes on excess benefit 
transactions.

DATES: This correction is effective January 23, 2002.

FOR FURTHER INFORMATION CONTACT: Phyllis D. Haney, (202) 622-4290 (not 
a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections are 
under section 4958 of the Internal Revenue Code.

Need for Correction

    As published, the final regulations 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 8978), 
that were the subject of FR Doc. 02-985, is corrected as follows:
    1. On page 3078, column 1, in the preamble under the paragraph 
heading ``Definition of Applicable Tax-Exempt Organization'', line 6 
from the top of the column, the language ``to the efficient 
administration of the'' is corrected to read ``for the efficient 
administration of the''.
    2. On page 3082, column 3, in the preamble under the paragraph 
heading ``Final Regulatory Flexibility Analysis'', first paragraph, 
line 13, the language ``REP. 104-506 at 56-7, March 28, 1996)'' is 
corrected to read ``REP. 506, 104th Congress, 2d SESS. (1996), 53, 56-
7)''.
    3. On page 3083, column 1, in the preamble under the paragraph 
heading ``Final Regulatory Flexibility Analysis'', first full 
paragraph, line 1, the language ``The objective for the rebuttable'' is 
corrected to read ``The objective of the rebuttable''.

[[Page 12472]]

Sec. 53.4958-4  [Corrected]

    4. On page 3091, column 3, Sec. 53.4958-4(a)(3)(vii), Example 1, 
line 12, the language ``T (see Sec. 53.4958-3(a)). Under the initial'' 
is corrected to read ``T (see Sec. 53.4958-3(c)(3)). Under the 
initial''.
    5. On page 3095, column 2, Sec. 53.4958-4(c)(4), Example 2, line 
10, the language ``D fails to report the bonus on his individual'' is 
corrected to read ``D fails to report the bonus on D's individual''.


Sec. 301.7611-1  [Corrected]

    6. On page 3099, column 2, in A-19, line 1, the language ``A-19: 
See Sec. 53.4958-7(b) of this'' is corrected to read ``A-19: See 
Sec. 53.4958-8(b) of this''.

Cynthia E. Grigsby,
Chief, Regulations Unit, Associate Chief Counsel, (Income Tax and 
Accounting).
[FR Doc. 02-6475 Filed 3-18-02; 8:45 am]
BILLING CODE 4830-01-P