Internal Revenue Bulletin: 2005-17
April 25, 2005
Table of Contents
This document contains a correction to T.D. 8408, 1992-1 C.B. 155, which was published in the Federal Register on Friday, April 10, 1992 (57 FR 12411) relating to the requirement that economic performance occur in order for an amount to be incurred with respect to any item of a taxpayer using an accrual method of accounting.
The final regulation (T.D. 8408) that is the subject of this correction is under section 461 of the Internal Revenue Code.
Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendment:
Paragraph 1. The authority citation for part 1 continues to read in part as follows:
Authority: 26 USC 7805 * * *
Par. 2. Section 1.461-4(d)(4)(i) is amended by revising the first sentence to read as follows:
* * * * *
(d) * * *
(4) * * *(i) In general. Except as otherwise provided in paragraph (d)(5) of this section, if the liability of a taxpayer requires the taxpayer to provide services or property to another person, economic performance occurs as the taxpayer incurs costs (within the meaning of §1.446-1(c)(1)(ii)) in connection with the satisfaction of the liability. * * *
* * * * *
Acting Chief, Publications and Regulations Branch,
Legal Processing Division,
Associate Chief Counsel
(Procedure and Administration).
(Filed by the Office of the Federal Register on July 26, 2004, 8:45 a.m., and published in the issue of the Federal Register for July 27, 2004, 69 F.R. 44596)
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