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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.