Internal Revenue Service (IRS), Treasury.
This document contains a correction to TD 8408 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.
This correction is effective April 10, 1992.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Robert M. Casey, (202) 622-4950 (not a toll-free number).End Further Info End Preamble Start Supplemental Information
The final regulation (TD 8408) that is the subject of this correction is under Start Printed Page 44597section 461 of the Internal Revenue Code.
Need for Correction
As published, TD 8408, contains an error that may prove to be misleading and is in need of clarification.Start List of Subjects
List of Subjects in 26 CFR Part 1
- Income taxes
- Reporting and recordkeeping requirements
Correction of PublicationStart Amendment Part
Accordingly, 26 CFR Part 1 is corrected by making the following correcting amendment:End Amendment Part Start Part
PART 1—INCOME TAXESEnd Part Start Amendment Part
Paragraph 1. The authority citation for part 1 continues to read in part as follows:End Amendment Part
Par. 2. Section 1.461-4(d)(4)(i) is amended by revising the first sentence to read as follows:End Amendment Part
(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, (Procedures and Administration).
[FR Doc. 04-17078 Filed 7-26-04; 8:45 am]
BILLING CODE 4830-01-P