[Federal Register Volume 77, Number 59 (Tuesday, March 27, 2012)]
[Proposed Rules]
[Pages 18145-18146]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-7267]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-168745-03]


Guidance Regarding Deduction and Capitalization of Expenditures 
Related to Tangible Property; Correction

AGENCY: Internal Revenue Service (IRS).

ACTION: Notice of proposed rulemaking; correcting amendment.

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SUMMARY: This document contains corrections to a notice of proposed

[[Page 18146]]

rulemaking (REG-168745-03), which was published in the Federal Register 
relating to sections 162, and 263, providing guidance on the deduction 
and capitalization of expenditures related to tangible property.

DATES: Effective Date: March 27, 2012 and is applicable on or after 
December 27, 2011.

FOR FURTHER INFORMATION CONTACT: Merrill Feldstein at (202) 622-4950, 
not a toll-free number.

SUPPLEMENTARY INFORMATION: 

Background

    The notice of proposed rulemaking that is the subject of these 
corrections are under sections 162, 167, 168, and 263 of the Internal 
Revenue Code.

Need for Correction

    As published on December 27, 2011 (76 FR 81128), the notice of 
proposed rulemaking (REG-168745-03), contains errors which may prove to 
be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-168745-03), which were the subject of FR. Doc. 2011-32024, is 
corrected as follows:

List of Subjects in 26 CFR part 1

    Income taxes, Reporting and recordkeeping requirements.

    Accordingly, 26 CFR part 1 is corrected my making the following 
correcting amendment:

PART 1--INCOME TAXES

    Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority:  26 U.S.C. 7805 * * *

    Par. 2. Section 1.162-3 is corrected to read as follows:


Sec.  1.162-3  [Corrected]


Sec.  1.162-3  Materials and supplies.

    [The text of the proposed amendments to Sec.  1.163-3 (a) through 
(j) is the same as the text of Sec.  1.163-3T(a) through (j) published 
elsewhere in this issue of the Federal Register.]

Guy R. Traynor,
Federal Register Liaison, Publications and Regulations, Legal 
Processing Division, Associate Chief Counsel, Procedure and 
Administration.
[FR Doc. 2012-7267 Filed 3-26-12; 8:45 am]
BILLING CODE 4830-01-P