72 FR 185 pg. 54350 - Corporate Estimated Tax; Correction
Type: RULEVolume: 72Number: 185Page: 54350
Docket number: [TD 9347]
FR document: [FR Doc. E7-18807 Filed 9-24-07; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9347]
RIN 1545-AY22
Corporate Estimated Tax; Correction
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Correcting amendment.
SUMMARY:
This document contains a correction to final regulations (TD 9347) that were published in the Federal Register on Tuesday, August 7, 2007 (72 FR 44338) providing guidance to corporations with respect to estimated tax requirements.
DATES:
The correction is effective September 25, 2007.
FOR FURTHER INFORMATION CONTACT:
Timothy Sheppard at (202) 622-4910(not a toll-free number).
SUPPLEMENTARY INFORMATION:
Background
The final regulations that are the subject of this correction are under sections 6425 and 6655 of the Internal Revenue Code.
Need for Correction
As published, final regulations (TD 9347) contain an error that may prove to be misleading and is in need of clarification.
List of Subjects in 26 CFR Part 1
Income taxes, Reporting and recordkeeping requirements.
Correction of Publication
Accordingly, 26 CFR part 1 is corrected by making the following amendments:
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 1.6655-2 is amended by revising the fifth sentence of paragraph (g)(2) Example. to read as follows:
§ 1.6655-2 Annualized income installment method.
(g) * * *
(2) * * *
Example. * * * For the first installment period in 2008, ABC is permitted to recognize a deduction under section 199 of $3,000 ($50,000 × .06 = $3,000) subject to the wage limitation of $5,000 (50 percent of $10,000 of W-2 wages incurred during the first installment period). * * *
LaNita Van Dyke,
Chief, Publications and Regulations Branch,Legal Processing Division,Associate Chief Counsel(Procedure and Administration).
[FR Doc. E7-18807 Filed 9-24-07; 8:45 am]
BILLING CODE 4830-01-P