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

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

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”.

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”.