99-15115. Accounting for Long-Term Contracts; Correction

[Federal Register Volume 64, Number 115 (Wednesday, June 16, 1999)]
[Proposed Rules]
[Page 32209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 99-15115]


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Proposed Rules
                                                Federal Register
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This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

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Federal Register / Vol. 64, No. 115 / Wednesday, June 16, 1999 / 
Proposed Rules

[[Page 32209]]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-208156-91]
RIN 1545-AQ30


Accounting for Long-Term Contracts; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking.

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SUMMARY: This document contains a correction to a notice of proposed 
rulemaking which was published in the Federal Register on Wednesday, 
May 5, 1999 (64 FR 24096). The notice of proposed rulemaking relates to 
accounting for long-term contracts.

FURTHER INFORMATION CONTACT: John M. Aramburu or Leo F. Nolan II (202) 
622-4960 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The notice of proposed rulemaking that is subject to this 
correction is under section 460 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking contains an error 
which may prove to be misleading and is in need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
(REG-208156-91), which is the subject of FR Doc. 99-10948 is corrected 
as follows:


Sec. 1.460-4  [Corrected]

    On page 24109, column 2, Sec. 1.460-4(b)(3), line 9, the language 
``the treatment of post-completion costs,'' is corrected to read ``the 
treatment of post-completion-year costs,''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 99-15115 Filed 6-15-99; 8:45 am]
BILLING CODE 4830-01-U