# Materials and supplies.
**AGENCY:**
Internal Revenue Service (IRS).
**ACTION:**
Notice of proposed rulemaking; correcting amendment.
**SUMMARY:**
This document contains corrections to a notice of proposed rulemaking (REG-168745-03), which was published in the *Federal Register* relating to sections 162, and 263, providing guidance on the deduction and capitalization of expenditures related to tangible property.
**DATES:**
*Effective Date:* March 27, 2012 and is applicable on or after December 27, 2011.
**FOR FURTHER INFORMATION CONTACT:**
Merrill Feldstein at (202) 622-4950, not a toll-free number.
**SUPPLEMENTARY INFORMATION:**
**Background**
The notice of proposed rulemaking that is the subject of these corrections are under sections 162, 167, 168, and 263 of the Internal Revenue Code.
**Need for Correction**
As published on December 27, 2011 (76 FR 81128), the notice of proposed rulemaking (REG-168745-03), contains errors which may prove to be misleading and are in need of clarification.
**Correction of Publication**
Accordingly, the publication of the notice of proposed rulemaking (REG-168745-03), which were the subject of FR. Doc. 2011-32024, is corrected as follows:
**List of Subjects in 26 CFR part 1**
Income taxes, Reporting and recordkeeping requirements.
Accordingly, 26 CFR part 1 is corrected my making the following correcting amendment:
**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 1.162-3 is corrected to read as follows:
§ 1.162-3
§ 1.162-3
[The text of the proposed amendments to § 1.163-3 (a) through (j) is the same as the text of § 1.163-3T(a) through (j) published elsewhere in this issue of the *Federal Register.* ]
Guy R. Traynor,
Federal Register Liaison, Publications and Regulations, Legal Processing Division, Associate Chief Counsel, Procedure and Administration.