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Home » 2006 Issues » 71 FR (12/07/2006) » E6-20732. Credit for Increasing Research Activities; Correction

  E6-20732. Credit for Increasing Research Activities; Correction  

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    AGENCY:

    Internal Revenue Service (IRS), Treasury.

    ACTION:

    Correcting amendments.

    SUMMARY:

    This document contains corrections to final regulations (TD 9296) that were published in the Federal Register on Thursday, November 9, 2006 (71 FR 65722) 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 November 9, 2006.

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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 final regulations that are the subject of this correction are under section 41 of the Internal Revenue Code.

    Need for Correction

    As published, final regulations (TD 9296) 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

    • Income taxes
    • Reporting and recordkeeping requirements
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    Correction of Publication

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    Accordingly, 26 CFR part 1 is corrected by making the following amendments:

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    PART 1—INCOME TAXES

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    Paragraph 1. The authority citation for part 1 continues to read, in part, as follows:

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

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    Par. 2. Section 1.41-6 is amended by revising paragraph (j)(2), last sentence to read as follows:

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    Aggregation of expenditures.

    (j) * * *

    (2) * * * For taxable years ending on or after May 24, 2005, and before November 9, 2006, see § 1.41-6T(d) as contained in 26 CFR part 1, revised April 1, 2006.

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    Par. 3. Section 1.41-8 is amended by revising paragraph (b)(5), last sentence to read as follows:

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    Special rules for taxable years ending on or after November 9, 2006.

    (b) * * *

    (5) * * * For taxable years ending on or after May 24, 2005, and before November 9, 2006, see § 1.41-8T(b)(5) as contained in 26 CFR part 1, revised April 1, 2006.

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    LaNita Van Dyke,

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

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    [FR Doc. E6-20732 Filed 12-6-06; 8:45 am]

    BILLING CODE 4830-01-P

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Document Information

Comments Received:
0 Comments
Effective Date:
11/9/2006
Published:
12/07/2006
Department:
Internal Revenue Service
Entry Type:
Rule
Action:
Correcting amendments.
Document Number:
E6-20732
Dates:
This correction is effective November 9, 2006.
Pages:
70875-70875 (1 pages)
Docket Numbers:
TD 9296
RINs:
1545-BD60
Topics:
Income taxes, Reporting and recordkeeping requirements
PDF File:
e6-20732.pdf
CFR: (2)
26 CFR 1.41-6
26 CFR 1.41-8