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

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Department of the Treasury Internal Revenue Service 26 CFR Part 1 [TD 9568] RIN 1545-BI47 AGENCY: Internal Revenue Service (IRS). ( printed page 8144) ACTION: Correcting amendment. SUMMARY: This document contains corrections to final regulations (TD 9568), which were published in the Federal Register on Thursday, December 22, 2011 ( 76 FR 80082 ), relating to section 482 and methods to determine taxable income in connection with a cost sharing arrangement. DATES: This correction is effective on February 14, 2012 and is applicable beginning December 22, 2011. FOR FURTHER INFORMATION CONTACT: Joseph L. Tobin at (202) 435-5265 (not a toll-free number). SUPPLEMENTARY INFORMATION: Background The final regulations that is the subject of these corrections are under section 482 of the Internal Revenue Code. Need for Correction As published, final regulations (TD 9568), contains errors which may prove to be misleading and are in need of clarification. List of Subjects in 26 CFR Part 1 Income taxes Reporting and recordkeeping requirements Correction of Publication Accordingly, the final regulations (TD 9568) that was the subject of FR Doc. 2012-895 is corrected to read as follows: 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 * * * PART 1—[Corrected] Par. 2. Section 1.482-7 is amended by: 1. Revising the title of the table of paragraph (g)(4)(viii), Example 2 (ii). 2. Revising the fourth se…