[Federal Register: November 28, 2003 (Volume 68, Number 229)]
[Rules and Regulations]
[Page 66707-66708]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28no03-8]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
26 CFR Part 1
[TD 9090]
RIN 1545-BC31
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.
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SUMMARY: This document contains corrections to temporary regulations
that were published in the Federal Register on September 4, 2003 (68 FR
52496) that revises temporary income tax regulations to providing
guidance regarding the use of a nonaccrual-experience method of
accounting by taxpayers using an accrual method of accounting and
performing services.
EFFECTIVE DATE: This correction is effective September 4, 2003.
FOR FURTHER INFORMATION CONTACT: Terrance McWhorter (202) 622-4970 (not
a toll free number).
SUPPLEMENTARY INFORMATION:
[[Page 66708]]
Background
The 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 (TD 9090) contain errors
that may prove to be misleading and are in need of clarification.
Correction of Publication
Accordingly, the publication of temporary regulations (TD 9090),
which were the subject of FR Doc. 03-22458, is corrected as follows:
1. On page 52504, column 1, Sec. 1.448-2T(f)(c) T3Example 4, the
sixth entry in the table is corrected to read as follows:
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Bad debts
Total adjusted
Taxable year accounts for
receivable recoveries
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* * * * *
2002.......................................... 90,000 16,800
* * * * *
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2. On page 52504, column 1, Sec. 1.448-2T(f)(c), Example 4 (ii),
third line, the language ``Assume that $49,300 of the total $80,000
of'' is corrected to read ``Assume that $49,300 of the total $90,000
of''.
Cynthia E. Grigsby,
Acting Chief, Publications and Regulations Branch, Legal Processing
Division, Associate Chief Counsel, (Procedure and Administration).
[FR Doc. 03-29727 Filed 11-26-03; 8:45 am]
BILLING CODE 4830-01-P