[Federal Register Volume 69, Number 118 (Monday, June 21, 2004)]
[Proposed Rules]
[Page 34322]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-13954]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-166012-02]
RIN 1545-BB82


National Principal Contracts; Contingent Nonperiodic Payments; 
Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to a correction notice for proposed regulations.

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SUMMARY: This document contains a correction to a correction notice for 
proposed regulations that were published in the Federal Register on 
March 23, 2004 (69 FR 13498) relating 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 a 
toll free number).

SUPPLEMENTARY INFORMATION: 

Background

    The correction notice that is the subject of this document is under 
section 446 of the Internal Revenue Code.

Need for Correction

    As published, the correction notice (REG-166012-02), contains an 
error that may prove to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the correction notice (REG-166012-02), which was the 
subject of FR Doc. 04-6468, is corrected as follows:
    On page 13498, columns 1 and 2, under the paragraph heading 
``Correction of Publication'', number 1 is corrected to read as 
follows:
    1. On page 8886, column 1, in the heading, the subject line 
``National Principal Contracts; Contingent Nonperiodic Payments'' is 
corrected to read ``Notional Principal Contracts; Contingent 
Nonperiodic Payments''.

Cynthia Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedures and Administration).
[FR Doc. 04-13954 Filed 6-18-04; 8:45 am]
BILLING CODE 4830-01-P