97-13815. Requirements Respecting the Adoption or Change of Accounting Method; Extensions of Time To Make Elections; Correction

[Federal Register Volume 62, Number 101 (Tuesday, May 27, 1997)]
[Rules and Regulations]
[Pages 28630-28631]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13815]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Parts 1 and 601

[TD 8719]
RIN 1545-AU41 and 1545-AV19


Requirements Respecting the Adoption or Change of Accounting 
Method; Extensions of Time To Make Elections; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to temporary regulations.

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SUMMARY: This document contains corrections to the temporary 
regulations (TD 8719) which were published in the Federal Register for 
Thursday, May 15, 1997 (62 FR 26740). The regulations relate to the 
procedure for requesting a change in accounting method and the 
standards for granting an extension of time to request a change in 
accounting method. The regulations provide for a longer period of time 
for filing an application for change in accounting method with the 
Commissioner.

EFFECTIVE DATE: May 15, 1997.

FOR FURTHER INFORMATION CONTACT: Cheryl L. Oseekey at [phone] 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The temporary regulations that are the subject of this correction 
are under section 446 of the Internal Revenue Code.

[[Page 28631]]

Need for Correction

    As published, the temporary regulations contain two errors which 
may prove to be misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of the temporary regulations which are 
the subject of FR Doc. 97-12514 is corrected as follows:


Sec. 1.446-1T  [Corrected]

    Paragraph 1. On page 26741, column 1, in Sec. 1.446-1T, paragraph 
(e)(3)(i)(B) is corrected to read as follows:
* * * * *
    (e) * * *
    (3) * * *
    (i) * * *
    (B) For any form 3115 filed on or after May 15, 1997, to secure the 
Commissioner's consent to a taxpayer's change in method of accounting 
the taxpayer must file the Form 3115 with the Commissioner during the 
taxable year in which the taxpayer desires to make the change in method 
of accounting.
* * * * *


Sec. 601.204T  [Corrected]

    Par. 2. On page 26741, column 2, in Sec. 601.204T, paragraph (b)(2) 
is corrected by removing the last sentence.
Dale D. Goode,
Federal Register Liaison Officer, Assistant Chief Counsel (Corporate).
[FR Doc. 97-13815 Filed 5-23-97; 8:45 am]
BILLING CODE 4830-01-U