Skip to Content

Rule

Accounting for Long-Term Contracts; Correction

Document Details

Information about this document as published in the Federal Register.

Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

Start Preamble

AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correction to final regulations.

SUMMARY:

This document contains corrections to final regulations (TD 8929) which were published in the Federal Register on Thursday, January 11, 2001 (66 FR 2219). The final regulations provide guidance on methods of accounting for long-term contracts.

DATES:

This correction is effective January 11, 2001.

Start Further Info

FOR FURTHER INFORMATION CONTACT:

Leo F. Nolan II (202) 622-4960 (not a toll-free number).

End Further Info End Preamble Start Supplemental Information

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are subject to these corrections are under section 460 of the Internal Revenue Code.

Need for Correction

As published, final regulations (TD 8929) contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Start Amendment Part

Accordingly, the publication of final regulations (TD 8929), which were the subject of FR Doc.

End Amendment Part Start Amendment Part

1. On page 2222, column 1, in the preamble under the paragraph heading “

End Amendment Part
[Corrected]
Start Amendment Part

2. On page 2230, column 2, § 1.460-2(b)(2)(ii), second line from the bottom of the paragraph, the language “the item must be allocated to the first” is corrected to read “the first unit of the item must be allocated to that first”.

End Amendment Part Start Amendment Part

3. On page 2230, column 2, § 1.460-2(c)(1), fourth line from the bottom of the column, the language “time required to design and” is corrected to read “time normally required to design and”.

End Amendment Part
[Corrected]
Start Amendment Part

4. On page 2232, column 2, § 1.460-4(b)(3), line 9, the language “the treatment of post-completion costs,” is corrected to read “the treatment of post-completion-year costs,”.

End Amendment Part

5. On page 2235, column 2, § 1.460-4(g), lines 2 through 5, the language “that uses the PCM, EPCM, CCM, PCCM, or elects the 10-percent method or special AMTI method (or changes to another method of accounting with the Commissioner's consent) must apply the” is corrected to read “that uses the PCM, EPCM, CCM, or PCCM, or elects the 10-percent method or special AMTI method (or changes to another method of accounting with the Commissioner's consent) must apply the”.

Start Signature

LaNita VanDyke,

Acting Chief, Regulations Unit, Office of Special Counsel (Modernization & Strategic Planning).

End Signature End Supplemental Information

[FR Doc. 01-8135 Filed 4-5-01; 8:45 am]

BILLING CODE 4830-01-P