TD 8929 Correction 2

18190 Federal Register / Vol. 66, No. 67 / Friday, April 6, 2001 / Rules and Regulations

corrected by adding two entries in numerical order to read as follows:

Section Remove Add

_{* * * * * * *}

1.6045–1(g)(1)(i), first sentence ....................... or presumed to be made to a foreign payee under § 1.6049–5(d)(2), (3), (4), or (5).

or presumed to be made to a foreign payee under § 1.6049–5(d)(2) or (3).

_{* * * * * * *}

1.6049–5(b)(12), first sentence ......................... or presumed to be made to a foreign payee under paragraph (d)(2), (3), (4), or (5) of this section.

or presumed to be made to a foreign payee under paragraph (d)(2) or (3) of this section

_{* * * * * * *}

LaNita VanDyke,

Acting Chief, Regulations Unit, Office of Special Counsel (Modernization & Strategic Planning).

[FR Doc. 01–8136 Filed 4–5–01; 8:45 am]

BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY Internal Revenue Service

26 CFR Part 1

[TD 8933]

RIN 1545–AX33

Qualified Transportation Fringe

Benefits; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains corrections to final regulations that were published in the Federal Register on Thursday, January 11, 2001 (66 FR

2241), that ensure that transportation benefits provided to employees are excludable from gross income.

DATES: This correction is effective

January 11, 2001.

FOR FURTHER INFORMATION CONTACT: John Richards at (202) 622–6040 (not a toll- free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the subject of these corrections are under section 132(f) of the Internal Revenue Code.

Need for Correction

As published, the final regulations (TD 8933), do not address what taxable year is used for purposes of the applicability dates in the regulations. These final regulations are being corrected to clarify that the applicability dates in the regulations are based on the

employee taxable year and that, for this purpose, an employer may assume that the employee taxable year is the calendar year.

Correction of Publication

Accordingly, the publication of the final regulations (TD 8933), which were the subject of FR Doc. 01–294, is corrected as follows:

§ 1.132–9 [Corrected]

1. On page 2251, column 3, § 1.132–

9(b), paragraph (a) of A–25, last two lines of the paragraph, the language

‘‘section is applicable for taxable years beginning after December 31, 2001.’’ is corrected to read ‘‘section is applicable for employee taxable years beginning after December 31, 2001. For this purpose, an employer may assume that the employee taxable year is the calendar year.’’.

2. On page 2251, column 3, § 1.132–

9(b), paragraph (b) of A–25, last three lines of the paragraph, the language

‘‘transit passes are readily available) is effective for taxable years beginning

after December 31, 2003.’’ is corrected to read ‘‘transit passes are readily

available) is applicable for employee taxable years beginning after December

31, 2003. For this purpose, an employer may assume that the employee taxable year is the calendar year.’’.

LaNita Van Dyke,

Acting Chief, Regulations Unit, Office of Special Counsel (Modernization & Strategic Planning).

[FR Doc. 01–8137 Filed 4–5–01; 8:45 am]

BILLING CODE 4830–01–U

DEPARTMENT OF THE TREASURY Internal Revenue Service

26 CFR Part 1

[TD 8929]

RIN 1545–AQ30

Accounting for Long-Term Contracts; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains corrections to final regulations (TD

8929) which were published in the

Federal Register on Thursday, January

11, 2001 (66 FR 2219). The final regulations provide guidance on methods of accounting for long-term contracts.

DATES: This correction is effective

January 11, 2001.

FOR FURTHER INFORMATION CONTACT: Leo F. Nolan II (202) 622–4960 (not a toll- free number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are subject to these corrections are under section

460 of the Internal Revenue Code.

Need for Correction

As published, final regulations (TD

8929) contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of final regulations (TD 8929), which were the subject of FR Doc. 01–6, is corrected as follows:

1. On page 2222, column 1, in the

preamble under the paragraph heading

‘‘Unique Items’’, first paragraph, last 3 lines of the paragraph, the language

‘‘taxpayer must allocate all

Federal Register / Vol. 66, No. 67 / Friday, April 6, 2001 / Rules and Regulations

18191

customization costs to the first unit manufactured under the contract.’’ is corrected to read ‘‘taxpayer must allocate all customization costs necessary to manufacture the first unit manufactured under the contract to that first unit.’’.

§ 1.460–2 [Corrected]

2. On page 2230, column 2, § 1.460–

2(b)(2)(ii), second line from the bottom of the paragraph, the language ‘‘the item must be allocated to the first’’ is corrected to read ‘‘the first unit of the item must be allocated to that first’’.

3. On page 2230, column 2, § 1.460–

2(c)(1), fourth line from the bottom of

the column, the language ‘‘time required to design and’’ is corrected to read ‘‘time normally required to design and’’.

§ 1.460–4 [Corrected]

4. On page 2232, column 2, § 1.460–

4(b)(3), line 9, the language ‘‘the treatment of post-completion costs,’’ is corrected to read ‘‘the treatment of post- completion-year costs,’’.

5. On page 2235, column 2, § 1.460–

4(g), lines 2 through 5, the language

‘‘that uses the PCM, EPCM, CCM, PCCM, or elects the 10-percent method or special AMTI method (or changes to another method of accounting with the Commissioner’s consent) must apply the’’ is corrected to read ‘‘that uses the PCM, EPCM, CCM, or PCCM, or elects the 10-percent method or special AMTI method (or changes to another method of accounting with the Commissioner’s consent) must apply the’’.

LaNita VanDyke,

Acting Chief, Regulations Unit, Office of Special Counsel (Modernization & Strategic Planning).

[FR Doc. 01–8135 Filed 4–5–01; 8:45 am]

BILLING CODE 4830–01–P

Dust (29 CFR 1910.1043) to add cotton washed in a batch kier system to the other types of washed cotton that are partially exempt from the cotton dust standard (65 FR 76563). That rule followed the recommendation of the Task Force for Byssinosis Prevention, which studied the health effects associated with the processing and use of washed cotton. OSHA has concluded that this amendment is not controversial. It created no new requirements for industry but did provide an additional protective option for employers to achieve partial exemption from the cotton dust standard.

OSHA stated in the December 7, 2000

Federal Register Notice that it would withdraw the amendment if negative comments were received within 60 days of publication of the notice. No comments were received. Accordingly, OSHA is confirming the effective date of the amendment, which will

permanently amend the Cotton Dust

Standard (29 CFR 1910.1043).

DATES: The amendment is effective

April 6, 2001.

ADDRESSES: In compliance with 28

U.S.C. 2112(a), petitions for review of this amendment should be sent to the Associate Solicitor for Occupational Safety and Health; Office of the Solicitor, U.S. Department of Labor,

Room S–4004; 200 Constitution Avenue, NW., Washington, DC 20210.

For additional copies of the

amendment or this publication contact

OSHA, Office of Publications, Room N–

3101; 200 Constitution Avenue, NW., Washington, DC 20210; telephone (202)

693–1883, Fax (202) 693–2448.

FOR FURTHER INFORMATION CONTACT: Direct press inquiries to: Bonnie Friedman, Director, Office of Information and Consumer Affairs,

cotton dust standard. Other methods of achieving partial exemption had been added to the standard in 1985.

Washing raw cotton following certain specific protocols substantially reduces or eliminates the ability of that cotton to cause byssinosis in textile workers

when the cotton is opened, spun or woven. See the December 7, 2000

Federal Register document for the regulatory text of the amendment and a complete discussion.

OSHA finds that this amendment is

not controversial. The amendment is supported by extensive scientific research and is recommended by the Task Force for Byssinosis Prevention, formerly known as the Industry/ Government/Union Task Force for Washed Cotton Evaluation. It is also supported by the National Cotton Council, the American Textile Manufacturers Institute, the National Institute for Occupational Safety and Health, the U.S. Department of Agriculture and the Union of Needletrades, Industrial and Textile Employees.

The washed cotton issue was raised

when OSHA reviewed the Cotton Dust Standard pursuant to the ‘‘Lookback Review’’ requirements of Section 610 of the Regulatory Flexibility Act. OSHA conducted this review in 1998 and 1999 and issued a report in 2000. That review involved requesting comments on the Cotton Dust Standard in the Federal Register and holding public meetings. All comments received in the

‘‘Lookback Review’’ on extending the washed cotton exemption were supportive.

OSHA finds that it is appropriate to

issue this amendment by direct final rule. The amendment provides an additional method for the textile industry to achieve a partial exemption from the cotton dust standard but does

^{OSHA, U.S. Department of Labor, Rm.}

N3637, 200 Constitution Avenue, NW.,

so without in any way diminishing the protections provided to workers. Textile

^{DEPARTMENT OF LABOR}

Occupational Safety and Health

Administration

29 CFR Part 1910 [Docket No. H–052G] RIN 1218–AB90

Occupational Exposure to Cotton Dust

AGENCY: Occupational Safety and Health

Administration (OSHA), Labor.

ACTION: Direct final rule; confirmation of effective date.

SUMMARY: On December 7, 2000, OSHA issued a direct final rule amending its occupational health standard for Cotton

^{Washington, DC 20210, telephone (202)}

693–1999, Fax (202) 693–1634. Direct technical inquiries to: Dr. Steven Bayard, Director of the Office of Risk Assessment, Occupational Safety and

Health Administration, U.S. Department of Labor, Room N3718, 200 Constitution Avenue, NW., Washington, DC 20210, telephone (202) 693–2275.

SUPPLEMENTARY INFORMATION: On December 7, 2000, at 65 FR 76563, OSHA issued a direct final rule amending paragraph (n) of 29 CFR

1910.1043, the cotton dust standard. The amendment added one additional method of washing raw cotton, the batch kier method, to the washing methods covered employers may use to achieve partial exemption from the

employers may continue to comply with the standard’s existing requirements if they do not find the batch kier method

of washing cotton more cost-effective than compliance with the full standard or utilizing other permitted washing methods.

OSHA provided the public 60 days to

comment on the amendment and stated that it would withdraw the rule if negative comments were received. No such comments were received.

OSHA also stated it would publish a

Federal Register document to either confirm the effective date or withdraw the amendment. Because no comments have been received, OSHA is publishing this document to confirm April 6, 2001 as the effective date of this amendment.