[Federal Register Volume 74, Number 42 (Thursday, March 5, 2009)]
[Proposed Rules]
[Pages 9577-9578]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-4687]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[REG-144615-02]
RIN 1545-BI47


Section 482: Methods To Determine Taxable Income in Connection 
With a Cost Sharing Arrangement; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to notice of proposed rulemaking by cross-reference 
to temporary regulations.

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SUMMARY: This document contains corrections to a notice of proposed 
rulemaking by cross-reference to temporary regulations (REG-144615-02) 
that was published in the Federal Register on Monday, January 5, 2009 
providing further guidance and clarification regarding methods under 
section 482 to determine taxable income in connection with a cost 
sharing arrangement in order to address issues that have arisen in 
administering the current regulations. These temporary regulations 
potentially affect controlled taxpayers within the meaning of section 
482 that enter into cost sharing arrangements as defined therein.

FOR FURTHER INFORMATION CONTACT: Kenneth P. Christman, (202) 435-5265 
(not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The correction notice that is the subject of this document is under 
section 482 of the Internal Revenue Code.

Need for Correction

    As published, the notice of proposed rulemaking by cross-reference 
to temporary regulations (REG-144615-02) published January 5, 2009 (74 
FR 236), contains errors that may prove to be misleading and are in 
need of clarification.

Correction of Publication

    Accordingly, the publication of the notice of proposed rulemaking 
by cross-reference to temporary regulations (REG-144615-02), which was 
the subject of FR Doc. E8-30712, is corrected as follows:
    1. On page 236, in the document headings, under the caption 
ACTION:, the language ``Notice of proposed rulemaking by cross-
reference to temporary regulations, notice of proposed rulemaking, and 
notice of

[[Page 9578]]

public hearing.'' is corrected to read ``Notice of proposed rulemaking 
by cross-reference to temporary regulations and notice of public 
hearing.''.
    2. On page 236, column 3, in the preamble, under the paragraph 
heading ``Special Analyses'', last line of the column, the language 
``sharing agreements. Few small entities'' is corrected to read 
``sharing arrangements. Few small entities''.
    3. On page 237, column 1, in the preamble, under the paragraph 
heading ``Special Analyses'', first paragraph of the column, line 2, 
the language ``agreements, as defined by these'' is corrected to read 
``arrangements, as defined by these''.
    4. On page 237, column 1, in the preamble, under the paragraph 
heading ``Comments and Public Hearing'', third paragraph, line 1, the 
language ``The rules of 26 CFR 601.601(a)(93)'' is corrected to read 
``The rules of 26 CFR 601.601(a)(3)''.


Sec.  1.482-2  [Corrected]

    5. On page 237, column 3, Sec.  1.482-2(f)(2), the language 
``Election to apply paragraph (b) of this section to earlier taxable 
years.'' is corrected to read ``Election to apply paragraph (b) to 
earlier taxable years.''.

LaNita Van Dyke,
Chief, Publications and Regulations Branch, Legal Processing Division, 
Associate Chief Counsel (Procedure and Administration).
[FR Doc. E9-4687 Filed 3-4-09; 8:45 am]
BILLING CODE 4830-01-P