Internal Revenue Bulletin:  2003-51 

December 22, 2003 

Announcement 2003-86

Limitation on Use of the Nonaccrual-Experience Method of Accounting Under Section 448(d)(5); Correction


AGENCY:

Internal Revenue Service (IRS), Treasury.

ACTION:

Correction to temporary regulations.

SUMMARY:

This document contains corrections to temporary regulations (T.D. 9090, 2003-43 I.R.B. 891 [68 FR 52496]) that were published in the Federal Register on September 4, 2003, that revises temporary income tax regulations providing guidance regarding the use of a nonaccrual-experience method of accounting by taxpayers using an accrual method of accounting and performing services.

Dates:

This correction is effective September 4, 2003.

FOR FURTHER INFORMATION CONTACT:

Terrance McWhorter (202) 622-4970 (not a toll-free number).

SUPPLEMENTARY INFORMATION:

Background

These temporary regulations that are the subject of these corrections are under section 448 of the Internal Revenue Code.

Need for Correction

As published, this temporary regulation (T.D. 9090) contain errors that may prove to be misleading and are in need of clarification.

Correction of Publication

Accordingly, the publication of temporary regulations (T.D. 9090), which were the subject of FR Doc. 03-22458, is corrected as follows:

§ 1.448-2T [Corrected]

1. On page 52502, column 3, § 1.448-2T(e)(6)(iv), second to last line of the paragraph, the language “self-test), as applicable, of this section” is corrected to read “self test, as applicable,”.

2. On page 52503, column 1, § 1.448-2T(e)(6)(vii), in the paragraph heading, the language “Recapture—(1) In general.” is corrected to read “Recapture.”

Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch,
Legal Processing Division,
Associate Chief Counsel
(Procedure and Administration).

Note

(Filed by the Office of the Federal Register on November 4, 2003, 8:45 a.m., and published in the issue of the Federal Register for November 5, 2003, 68 F.R. 62516)


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