SECTION 2. CORRECTIONS — Internal Revenue Bulletin 2015-13

.01 The loss discount factor for Tax Year 2016 and later years in the table for Auto Physical Damage provided in section 3.04 of Rev. Proc. 2014–59 was incorrect. The revenue procedure incorrectly stated that it is 98.1168 percent. The revenue procedure should have stated that it is 99.1168 percent.

.02 The composite method loss discount factor language in the table for Auto Physical Damage provided in section 3.04 of Rev. Proc. 2014–59 misstated that it applied to losses incurred in 2013 and prior years. The last sentence in the table for Auto Physical Damage provided in section 3.04 of the revenue procedure should have stated:

Taxpayers that use the composite method of Notice 88–100 should use 99.1168 percent to discount unpaid losses incurred in this [the Auto Physical Damage] line of business in 2014 and prior years and that are outstanding at the end of the 2016 taxable year.

.03 The composite method loss discount factor language in the table for Composite provided in section 3.04 of Rev. Proc. 2014–59 misstated that it applied to losses incurred in 2013 and prior years. The last sentence in the table for Composite provided in section 3.04 of the revenue procedure should have stated:

Taxpayers that use the composite method of Notice 88–100 should use 94.8470 percent to discount unpaid losses incurred in this [the Composite] line of business in 2014 and prior years and that are outstanding at the end of the 2024 taxable year.

.04 The composite method loss discount factor language in the table for Financial Guaranty/Mortgage Guaranty provided in section 3.04 of Rev. Proc. 2014–59 provided the wrong discount factor for 2014 and prior years that are outstanding at the end of the 2016 taxable year. The revenue procedure incorrectly stated that it is 98.1168 percent. The last sentence in the table for Financial Guaranty/Mortgage Guaranty provided in sec

tion 3.04 of the revenue procedure should have stated that it is 99.1168 percent.

.05 The loss discount factor for Tax Year 2021 in the table for International (Composite) provided in section 3.04 of Rev. Proc. 2014–59 was incorrect. The revenue procedure incorrectly stated that it is 91.5719 percent. The revenue procedure should have stated that it is 92.5719 percent.