[Federal Register Volume 70, Number 131 (Monday, July 11, 2005)]
[Proposed Rules]
[Pages 39695-39696]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-13382]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-100420-03]
RIN 1545-BB90


Safe Harbor for Valuation Under Section 475; 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 that was published in the 
Federal Register on Tuesday, May 24, 2005 (70 FR 29663). The proposed 
regulations provide guidance regarding elective safe harbor for dealers 
and traders in securities and commodities.

FOR FURTHER INFORMATION CONTACT: Marsha A. Sabin or John W. Rogers III 
(202) 622-3950 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking (REG-100420-03) that is the 
subject of these corrections is under section 475 of the Internal 
Revenue Code.

Need for Correction

    The notice of proposed rulemaking (REG-100420-03) contains errors 
that may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the notice proposed rulemaking (REG-100420-03), that 
was the subject of FR Doc. 05-10167, is corrected as follows:
    1. On page 29666, column 2, under paragraph heading Record 
Retention and Production; Use of Different Values, first paragraph, 
lines 15 through 18 from

[[Page 39696]]

the bottom of the paragraph, the language ``such as the Schedule M-1, 
``Net Income (Loss) Reconciliation for Corporations With Total Assets 
of $10 Million or More,'' Schedule M-3, ``Net'' is corrected to read 
``such as the Schedule M-1, ``Reconciliation of Income (Loss) per Books 
with Income per Return'', Schedule M-3, ``Net''.


Sec.  1.475(a)-4  [Corrected]

    2. On page 29670, column 3, Sec.  1.475(a)-4 (k)(2)(i)(A), lines 11 
through 13 from the top of the column, the language, ``Schedule M-1, 
``Net Income (Loss) Reconciliation for Corporations With Total Assets 
of $10 Million or More'' is corrected to read ``Schedule M-1, 
``Reconciliation of Income (Loss) per Books with Income per Return''.

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing 
Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 05-13382 Filed 7-8-05; 8:45 am]
BILLING CODE 4830-01-P