This document contains corrections to a notice of proposed rulemaking and notice of public hearing (REG-100420-03, 2005-24 I.R.B. 1236) that was published in the Federal Register on Tuesday, May 24, 2005 (70 FR 29663). The proposed regulations provide guidance regarding elective safe harbor for dealers and traders in securities and commodities.
Marsha A. Sabin or John W. Rogers III (202) 622-3950 (not a toll-free number).
The notice of proposed rulemaking (REG-100420-03) that is the subject of these corrections is under section 475 of the Internal Revenue Code.
The notice of proposed rulemaking (REG-100420-03) contains errors that may prove to be misleading and are in need of clarification.
Accordingly, the notice proposed rulemaking (REG-100420-03), that was the subject of FR Doc. 05-10167, is corrected as follows:
1. On page 29666, column 2, under paragraph heading “Record Retention and Production; Use of Different Values”, first paragraph, lines 15 through 18 from the bottom of the paragraph, the language “such as the Schedule M-1, “Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More,” Schedule M-3, “Net” is corrected to read “such as the Schedule M-1, “Reconciliation of Income (Loss) per Books With Income per Return”, Schedule M-3, “Net”.
2. On page 29670, column 3, §1.475(a)-4(k)(2)(i)(A), lines 11 through 13 from the top of the column, the language, “Schedule M-1, “Net Income (Loss) Reconciliation for Corporations With Total Assets of $10 Million or More” is corrected to read “Schedule M-1, “Reconciliation of Income (Loss) per Books With Income per Return”.
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