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CFR Citation: 26 CFR Part 1

RIN ID: RIN 1545-BB82

REG ID: [REG-166012-02]

NOTICE: PROPOSED RULES

ACTION: Income taxes:

DOCUMENT ACTION: Correction to a correction notice for proposed regulations.

SUBJECT CATEGORY: National Principal Contracts; Contingent Nonperiodic Payments; Correction

DOCUMENT SUMMARY: This document contains a correction to a correction notice for proposed regulations that were published in the Federal Register on March 23, 2004 (69 FR 13498) relating to the inclusion into income or deduction of a contingent nonperiodic payment provided for under a notional principal contract (NPC).

SUMMARY: National principal contracts; contingent nonperiodic payments; Correction,

SUPPLEMENTAL INFORMATION

The correction notice that is the subject of this document is under section 446 of the Internal Revenue Code.

Need for Correction

As published, the correction notice (REG16601202), contains an error that may prove to be misleading and is in need of clarification. Correction of Publication

Accordingly, the correction notice (REG16601202), which was the subject of FR Doc. 046468, is corrected as follows:

On page 13498, columns 1 and 2, under the paragraph heading ``Correction of Publication'', number 1 is corrected to read as follows:

1. On page 8886, column 1, in the heading, the subject line ``National Principal Contracts; Contingent Nonperiodic Payments'' is corrected to read ``Notional Principal Contracts; Contingent Nonperiodic Payments''.
Cynthia Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedures and Administration). [FR Doc. 0413954 Filed 61804; 8:45 am]
BILLING CODE 483001P

FOR FURTHER INFORMATION CONTACT Kate Sleeth, (202) 622-3920 (not a toll free number).