[Federal Register Volume 69, Number 56 (Tuesday, March 23, 2004)]
[Proposed Rules]
[Page 13498]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-6468]


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 Proposed Rules
                                                 Federal Register
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 This section of the FEDERAL REGISTER contains notices to the public of 
 the proposed issuance of rules and regulations. The purpose of these 
 notices is to give interested persons an opportunity to participate in 
 the rule making prior to the adoption of the final rules.
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  Federal Register / Vol. 69, No. 56 / Tuesday, March 23, 2004 / 
Proposed Rules  

[[Page 13498]]



DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-166012-02]
RIN 1545-BB82


Notional Principal Contracts; Contingent Nonperiodic Payments; 
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 proposed regulations 
that were published in the Federal Register on February 26, 2004 (69 FR 
8886) that relate to the inclusion into income or deduction of a 
contingent nonperiodic payment provided for under a notional principal 
contract (NPC).

FOR FURTHER INFORMATION CONTACT: Kate Sleeth, (202) 622-3920 (not toll-
free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking and notice of public hearing that 
are the subject of these corrections are under section 446 of the 
Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking and notice of 
public hearing (REG-166012-02) contain 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-166012-02), which were the subject of 
FR Doc. 04-4151, is corrected as follows:
    1. On page 8886, column 1, in the heading, the subject line 
``National Principle Contracts; Contingent Nonperiodic Payments'' is 
corrected to read ``Notional Principle Contracts; Contingent 
Nonperiodic Payments''.


Sec.  1.446-3  [Corrected]

    2. On page 8897, column 1, Sec.  1.446-3 (g)(7)(v), Example 8, line 
7, the language ``($734,347-363,693), the difference between'' is 
corrected to read ``($734,347-$363,693), the difference between''.
    3. On page 8897, column 1, Sec.  1.446-3 (g)(7)(viii), Example 8, 
line 3, the language ``at 11.0% times $5,000,000, or $5,500,000. W'' is 
corrected to read ``at 11.0% times $50,000,000, or $5,500,000. W''.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedures and Administration).
[FR Doc. 04-6468 Filed 3-22-04; 8:45 am]
BILLING CODE 4830-01-P