[Federal Register Volume 69, Number 169 (Wednesday, September 1, 2004)]
[Proposed Rules]
[Page 53373]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-19947]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-124405-03]
RIN 1545-BC13


Optional 10-Year Writeoff of Certain Tax Preferences; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking that was published in the Federal Register on July 20, 2004 
(69 FR 43367), that provides guidance on the time and manner of making 
an election under section 59(e) of the Internal Revenue Code.

FOR FURTHER INFORMATION CONTACT: Eric B. Lee (202) 622-3120 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking (REG-124405-03) that is the 
subject of this correction is under section 59(e) of the Internal 
Revenue Code.

Need for Correction

    As published, REG-124405-03 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 
(REG-124405-03), that was the subject of FR Doc. 04-16474, is corrected 
as follows:
    1. On page 43368, column 2, in the preamble under the paragraph 
heading ``Explanation of Provisions'', third paragraph, line 18, the 
language, ``expenditures subject to the section 59(e)'' is corrected to 
read ``Expenditures subject to the section 59(e) election''.


Sec.  1.59-1  [Corrected]

    2. On page 43369, column 1, Sec.  1.59-1(b)(1), line 8, the 
language, ``the section 59(e) begins. A taxpayer'' is corrected to read 
``the section 59(e) election begins. A taxpayer''.
    3. On page 43369, column 1 Sec.  1.59-1(b)(1), line 19, the 
language, ``section 59(e) begins. Additionally, the'' is corrected to 
read ``section 59(e) election begins. Additionally, the''.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 04-19947 Filed 8-31-04; 8:45 am]
BILLING CODE 4830-01-P