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###### Department of the Treasury

###### Internal Revenue Service

          - 26 CFR Part 1
          - [REG-168745-03]

# AGENCY:

Internal Revenue Service (IRS).

# ACTION:

Notice of proposed rulemaking; correcting amendment.

# SUMMARY:

                        This document contains corrections to a notice of proposed                               ( print page 18146)                            rulemaking (REG-168745-03), which was published in the                         **Federal Register**                         relating to sections 162, and 263, providing guidance on the deduction and capitalization of expenditures related to tangible property.                    

# DATES:

*Effective Date:*                         March 27, 2012 and is applicable on or after December 27, 2011.                    

# FOR FURTHER INFORMATION CONTACT:

Merrill Feldstein at (202) 622-4950, not a toll-free number.

# SUPPLEMENTARY INFORMATION:

## Background

The notice of proposed rulemaking that is the subject of these corrections are under sections 162, 167, 168, and 263 of the Internal Revenue Code.

## Need for Correction

As published on December 27, 2011 (76 FR 81128), the notice of proposed rulemaking (REG-168745-03), contains errors which may prove to be misleading and are in need of clarification.

## Correction of Publication

Accordingly, the publication of the notice of proposed rulemaking (REG-168745-03), which were the subject of FR. Doc. 2011-32024, is corrected as follows:

# List of Subjects in 26 CFR part 1

      - Income taxes
      - Reporting and recordkeeping requirements

Accordingly, 26 CFR part 1 is corrected my making the following correcting amendment:

# PART 1—INCOME TAXES

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

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

**Par. 2.**                         Section 1.162-3 is corrected to read as follows:                    

§ 1.162-3 

§ 1.162-3 

                            [The text of the proposed amendments to § 1.163-3 (a) through (j) is the same as the text of § 1.163-3T(a) through (j) published elsewhere in this issue of the                             **Federal Register.**                            ]                        

Guy R. Traynor,

Federal Register Liaison, Publications and Regulations, Legal Processing Division, Associate Chief Counsel, Procedure and Administration.

[FR Doc. 2012-7267 Filed 3-26-12; 8:45 am]

BILLING CODE 4830-01-P