[Federal Register Volume 67, Number 53 (Tuesday, March 19, 2002)]
[Proposed Rules]
[Pages 12494-12495]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-6608]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-112991-01]
RIN 1545-AY82


Credit for Increasing Research Activities; 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 relating to the computation of 
the research credit. This document was published in the Federal 
Register on December 26, 2001 (66 FR 66362).

FOR FURTHER INFORMATION CONTACT: Lisa J. Shuman (202) 622-3120 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The proposed regulations that are the subject of these corrections 
are under sections 41(c) and and 41(d) of the Internal Revenue Code.

Need for Correction

    As published, the proposed regulations REG-112991-01, contains 
errors that may prove to be misleading and are in need of 
clarification.

Correction of Publication

    Accordingly, the publication of the proposed regulations REG-
112991-01, which is the subject of FR. Doc. 01-31007, is corrected as 
follows:


Sec. 1.41-3  [Corrected]

    1. On page 66368, column 1, Sec. 1.41-3, paragraph (e), line 3, the 
language ``ending on or after the date December 21'' is corrected to 
read ``ending on or after December 26''.


Sec. 1.41-4  [Corrected]

    2. On page 66369, column 1, Sec. 1.41-4, paragraph (a)(8), 
paragraph (i) of Example 2., line 3 from the bottom of paragraph, the 
language ``tests the nozzles to ensure that to ensure that'' is 
corrected to read ``tests the nozzles to ensure that'.
    3. On page 66369, column 1, Sec. 1.41-4, paragraph (a)(8), 
paragraph (ii) of Example 2., line 2 the language ``painting process is 
a separate business'' is corrected to read ``painting process relate to 
a separate business'.
    4. On page 66369, column 3, Sec. 1.41-4, paragraph (a)(8), 
paragraph (i) of Example 6., lines 5 through 8 from the bottom of the 
paragraph, the language ``X conducts extensive and complex scientific 
or laboratory testing to determine if the current model vehicle meets 
X's requirements.'' is removed.
    5. On page 66370, column 3, Sec. 1.41-4, paragraph (c)(6), line 2 
of the paragraph heading, the language ``years beginning on or after 
the'' is corrected to read ``years beginning on or after'.
    6. On page 66371, column 2, Sec. 1.41-4, paragraph (c)(6)(iv)(C), 
line 1 of the column, the language ``leased, licensed or otherwise 
marketed'' is corrected to read ``leased, licensed, or otherwise 
marketed'.
    7. On page 66371, column 2, Sec. 1.41-4, paragraph (c)(6)(vi)(C), 
line 2 from the bottom of the paragraph, the language ``paragraphs 
(c)(6)(v)(A) and (B) of this'' is corrected to read ``paragraphs 
(c)(6)(vi)(A) and (B) of this'.
    8. On page 66371, column 3, Sec. 1.41-4, paragraph (c)(6)(viii), 
paragraph (i) of Example 2., line 3, the language ``order to create an 
improved reserve valuation'' is corrected to read ``order to create the 
improved reserve valuation'.
    9. On page 66372, column 3, Sec. 1.41-4, paragraph (c)(6), 
paragraph (ii) of Example 7., line 1, the language ``(ii) Conclusion. 
X's software is software'' is corrected to read ``(ii) Conclusion. X's 
software is''.
    10. On page 66375, column 1, Sec. 1.41-4, paragraph (c)(10), 
paragraph (i) of Example 6., line 1 the language ``Example 6. (i) 
Facts. X manufacturer and'' is corrected to read ``Example 6. (i) 
Facts. X manufacturers and''.
    11. On page 66375, column 2, Sec. 1.41-4, paragraph (c)(10), 
paragraph (1) of Example 7. is correctly designated Sec. 1.41-4, 
paragraph (c)(10), paragraph (i) of Example 7.
    12. On page 66375, column 2, Sec. 1.41-4, paragraph (c)(10), newly 
designated paragraph (i) of Example 7., line 9, the language 
``purchases the existing robotic equipment for'' is corrected to read 
``purchases existing robotic equipment for'.
    13. On page 66375, column 3, Sec. 1.41-4, paragraph (e), line 4, 
the language ``December 26, 2002.'' is corrected to read ``December 26, 
2001.''.


Sec. 1.41-8  [Corrected]

    14. On page 66375, column 3, Sec. 1.41-8, paragraph (b)(4), line 4, 
the language

[[Page 12495]]

``December 26, 2002.'' is corrected to read ``December 26, 2001.''.

Cynthia E. Grigsby.
Chief, Regulations Unit, Associate Chief Counsel (Income Tax and 
Accounting).
[FR Doc. 02-6608 Filed 3-18-02; 8:45 am]
BILLING CODE 4830-01-P