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). ACTION: Correction to notice of correcting amendments. SUMMARY: This document contains corrections to a correcting amendment (TD 9568), which was published in the Federal Register on Wednesday, January 25, 2012 ( 77 FR 3606 ) 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 beginnning 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 are the subject of these corrections are under section 482 of the Internal Revenue Code. Need for Correction As published, the correcting amendments to final regulations (TD 9568), contains errors which may prove to be misleading and are in need of clarification. Correction of Publication Accordingly, the publication of the correcting amendments to final regulations, (TD 9568), which were the subject of FR Doc. 2012-895 , is corrected as follows: 1. On page 3606, second column, instructional paragraph 3., item 4. the language “4. Revising paragraph (k)(2)(ii)(3) is corrected to read “5. Revising paragraph (k)(2)(ii)(A)( 3 ). 2. On page 3606, second column, under the instructional paragraph 3., the language “4. Revising the fourth sentence of…