# National Principal Contracts; Contingent Nonperiodic Payments; Correction
**AGENCY:**
Internal Revenue Service (IRS), Treasury.
**ACTION:**
Correction to a correction notice for proposed regulations.
**SUMMARY:**
This document contains a correction to a correction notice for proposed regulations that were published in the *Federal Register* on March 23, 2004 (69 FR 13498) relating to the inclusion into income or deduction of a contingent nonperiodic payment provided for under a notional principal contract (NPC).
**FOR FURTHER INFORMATION CONTACT:**
Kate Sleeth, (202) 622-3920 (not a toll free number).
**SUPPLEMENTARY INFORMATION:**
**Background**
The correction notice that is the subject of this document is under section 446 of the Internal Revenue Code.
**Need for Correction**
As published, the correction notice (REG-166012-02), contains an error that may prove to be misleading and is in need of clarification.
**Correction of Publication**
Accordingly, the correction notice (REG-166012-02), which was the subject of FR Doc. 04-6468, is corrected as follows:
On page 13498, columns 1 and 2, under the paragraph heading “Correction of Publication”, number 1 is corrected to read as follows:
1. On page 8886, column 1, in the heading, the subject line “National Principal Contracts; Contingent Nonperiodic Payments” is corrected to read “Notional Principal Contracts; Contingent Nonperiodic Payments''.
Cynthia Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedures and Administration).