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Credit for Increasing Research Activities; 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.

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AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correcting amendment.

SUMMARY:

This document corrects temporary regulations (TD 9205) that were published in the Federal Register on Tuesday, May 24, 2005 (70 FR 29596). The document contains temporary regulations relating to the computation and allocation of the credit for increasing research activities for members of a controlled group of corporations or a group of trades or businesses under common control.

DATES:

This correction is effective on May 24, 2005.

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FOR FURTHER INFORMATION CONTACT:

Nicole R. Cimino, (202) 622-3120 (not a toll-free number).

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SUPPLEMENTARY INFORMATION:

Background

The temporary regulations (TD 9205) that is the subject of this correction are under section 41(f).

Need for Correction

As published, the temporary regulations (TD 9205) contain errors that may prove to be misleading and are in need of clarification.

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List of Subjects in 26 CFR Part 1

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Correction of Publication

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Accordingly,

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PART 1—INCOME TAXES

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

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[Corrected]
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1. Section 1.41-6T(e)

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DEFGGroup Aggregate
Credit Year QREs$580x$10x$70x$15x$675x
*         *         *         *         *         *         *
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2. Section 1.41-6T(e)

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DEFGGroup Aggregate
*         *         *         *         *         *         *
$500x$25x$100x$25x$650x
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3. Section 1.41-6T(e)

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4. Section 1.41-6T(e)

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5. Section 1.41-6T(e)

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6. Section 1.41-6T(e)

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DEFGTotal
*         *         *         *         *         *         *
Excess Group Credit$8.09x$8.09x$8.09x$8.09x
*         *         *         *         *         *         *
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7. Section 1.41-6T(e)

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8. Section 1.41-6T(e)

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DEFGTotal
*         *         *         *         *         *         *
Excess Group Credit$10.00x$10.00x$10.00x
*         *         *         *         *         *         *
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9. Section 1.41-6T(e)

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DETotal
*         *         *         *         *         *         *
Excess Group Credit$6.83x$6.83x
*         *         *         *         *         *         *
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10. Section 1.41-6T(e)

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11. Section 1.41-6T(j), the second sentence is revised to read as follows: “Generally, a taxpayer may use any reasonable method of computing and allocating the credit for taxable years ending before May 24, 2005.”

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Guy Traynor,

Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedures and Administration).

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[FR Doc. 05-15827 Filed 8-11-05; 8:45 am]

BILLING CODE 4830-01-P