[Federal Register Volume 61, Number 63 (Monday, April 1, 1996)]
[Rules and Regulations]
[Page 14248]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-7771]
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DEPARTMENT OF THE TREASURY
26 CFR Parts 1 and 602
[TD 8656]
RIN 1545-AS24
Section 6662--Imposition of the Accuracy-Related Penalty;
Correction
AGENCY: Internal Revenue Service, Treasury.
ACTION: Correction to final and temporary regulations.
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SUMMARY: This document contains corrections to final and temporary
regulations [TD 8656] which were published in the Federal Register for
Friday, February 9, 1996 (61 FR 4876). The regulations provide guidance
on the imposition of the accuracy related penalty.
EFFECTIVE DATE: February 9, 1996.
FOR FURTHER INFORMATION CONTACT: Carolyn D. Fanaroff of the Office of
Associate Chief Counsel (International), (202) 622-3880 (not a toll-
free number).
SUPPLEMENTARY INFORMATION:
Background
The final and temporary regulations that are the subject of these
corrections are under section 6662 of the Internal Revenue Code.
Need for Correction
As published, TD 8656 contains errors that are in need of
clarification.
Correction of Publication
Accordingly, the publication of final and temporary regulations
which are the subject of FR Doc. 96-2171 is corrected as follows:
1. On page 4878, column 1, in the preamble following the paragraph
heading ``Reasonably Thorough Search for Data'', third full paragraph,
line 8, the language ``expense a search for data against (i) the'' is
corrected to read ``expense of a search for data against (i) the''.
Sec. 1.6662-0 [Corrected]
2. On page 4879, column 2, Sec. 1.6662-0, the entry for
Sec. 1.6662-5T (e)(4) and (e)(4)(i) are corrected to read as follows:
Sec. 1.6662-0 Table of contents.
* * * * *
Sec. 1.6662-5T Substantial and gross valuation misstatements under
chapter 1 (Temporary).
* * * * *
(e)(4) Tests related to section 482.
(i) Substantial valuation misstatement.
* * * * *
Sec. 1.6662-5T [Corrected]
3. On page 4880, column 1, Sec. 1.6662-5T, paragraph (e)(4)(iii),
lines 5 through 9, the language ``such as land, buildings, fixtures and
inventory. Intangible property includes property such as goodwill.
Covenants not to compete, leaseholds, patents, contract rights, debts
and choses in'' is corrected to read ``such as money, land, buildings,
fixtures and inventory. Intangible property includes property such as
goodwill, covenants not to compete, leaseholds, patents, contract
rights, debts, choses in''.
Sec. 1.6662-6 [Corrected]
4. On page 4882, column 3, Sec. 1.6662-6, paragraph (d)(2)(iii)(A),
line 10, the language ``provided the most accurate measure of'' is
corrected to read ``provided the most reliable measure of''.
5. On page 4883, column 1, Sec. 1.6662-6, paragraph (d)(2)(iii)(C),
line 2 from the bottom of the page, the language ``provided the most
accurate measure of'' is corrected to read ``provided the most reliable
measure of''.
6. On page 4884, column 2, Sec. 1.6662-6, paragraph (e), in the
Example., line 7, the language ``which was carried to taxpayer's year 2
year'' is corrected to read ``which was carried to taxpayer's year 2''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 96-7771 Filed 3-29-96; 8:45 am]
BILLING CODE 4830-01-P
