Internal Revenue Service (IRS), Treasury.
This document contains corrections to final regulations and removal of temporary regulations (TD 9542) that were published in the Federal Register on Wednesday, August 17, 2011 (76 FR 50887) relating to elections to deduct start-up expenditures, organizational expenditures of corporations, and organizational expenses of partnerships. The American Jobs Creation Act of 2004 amended the Internal Revenue Code to permit the optional deduction of a limited amount of these types of expenses that are paid or incurred after October 22, 2004.
This correction is effective on September 15, 2011 and is applicable August 16, 2011.Start Further Info
FOR FURTHER INFORMATION CONTACT:
R. Matthew Kelley, (202) 622-7900 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
The final regulations and removal of temporary regulations that are the subject of this document are under sections 195, 248, and 709 of the Internal Revenue Code.
Need for Correction
As published, the final regulations and removal of temporary regulations (TD 9542) contain errors that may prove to be misleading and are in need of clarification.Start List of Subjects
List of Subjects in 26 CFR Part 1End List of Subjects
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following correcting amendments:Start Part
PART 1—INCOME TAXESEnd Part Start Amendment Part
End Amendment Part Start Amendment Part
End Amendment Part
(b) * * *
(4) * * *
Example 2. * * * Partnership X may amortize the remaining $34,800
($36,000 − $1,200 = $34,800) ratably over the remaining 174 months.
Example 5. * * * Partnership X may amortize the remaining $52,200
($54,000 − $1,800 = $ 52,200) ratably over the remaining 174 months.
Example 6. * * * Partnership X may amortize the remaining $435,000
($450,000 − $15,000 = $435,000) ratably over the remaining 174 months.
Federal Register Liaison, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel (Procedure and Administration).
[FR Doc. 2011-23598 Filed 9-14-11; 8:45 am]
BILLING CODE 4830-01-P