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Proposed Rule

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

Action

Notice Of Proposed Rulemaking; Correcting Amendment.

Summary

This document contains corrections to a notice of proposed 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.

 

Table of Contents Back to Top

DATES: Back to Top

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

FOR FURTHER INFORMATION CONTACT: Back to Top

Merrill Feldstein at (202) 622-4950, not a toll-free number.

SUPPLEMENTARY INFORMATION: Back to Top

Background Back to Top

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 Back to Top

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 Back to Top

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 Back to Top

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

begin regulatory text

PART 1—INCOME TAXES Back to Top

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:

§ 1.162-3 [Corrected]

§ 1.162-3 Materials and supplies.

[The text of the proposed amendments to § 1.163-3 (a) through (j) is the same as the text of § 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.

end regulatory text

[FR Doc. 2012-7267 Filed 3-26-12; 8:45 am]

BILLING CODE 4830-01-P

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