Safe Harbor for Valuation Under Section 475; Correction

---
identifier: "/us/fr/05-13382"
source: "fr"
legal_status: "authoritative_unofficial"
title: "Safe Harbor for Valuation Under Section 475; Correction"
title_number: 0
title_name: "Federal Register"
section_number: "05-13382"
section_name: "Safe Harbor for Valuation Under Section 475; Correction"
positive_law: false
currency: "2005-07-11"
last_updated: "2005-07-11"
format_version: "1.1.0"
generator: "[email protected]"
agency: "Treasury Department"
document_number: "05-13382"
document_type: "proposed_rule"
publication_date: "2005-07-11"
agencies:
  - "Treasury Department"
  - "Internal Revenue Service"
cfr_references:
  - "26 CFR Part 1"
rin: "1545-BB90"
fr_citation: "70 FR 39695"
fr_volume: 70
docket_ids:
  - "REG-100420-03"
fr_action: "Correction to notice of proposed rulemaking and notice of public hearing."
---


#  [Corrected]

**AGENCY:**

Internal Revenue Service (IRS), Treasury.

**ACTION:**

Correction to notice of proposed rulemaking and notice of public hearing.

**SUMMARY:**

This document contains corrections to a notice of proposed rulemaking and notice of public hearing 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.

**FOR FURTHER INFORMATION CONTACT:**

Marsha A. Sabin or John W. Rogers III (202) 622-3950 (not a toll-free number).

**SUPPLEMENTARY INFORMATION:**

**Background**

The notice of proposed rulemaking (REG-100420-03) that is the subject of these corrections is under section 475 of the Internal Revenue Code.

**Need for Correction**

The notice of proposed rulemaking (REG-100420-03) contains errors that may prove to be misleading and are in need of clarification.

**Correction of Publication**

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”.

§ 1.475(a)-4

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”.

Cynthia E. Grigsby,

Acting Chief, Publications and Regulations Branch, Legal Processing Division, Associate Chief Counsel, (Procedure and Administration).