[Federal Register Volume 59, Number 39 (Monday, February 28, 1994)]
[Unknown Section]
[Page ]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-4494]


[Federal Register: February 28, 1994]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8491]
RIN 1545-AN15


Regulations Under Section 446 of the Internal Revenue Code of 
1986; Application of Section 446 With Respect to Notional Principal 
Contracts; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correction to final regulations.

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SUMMARY: This document contains corrections to the final regulations 
(TD 8491), which were published in the Federal Register for Thursday, 
October 14, 1993 (58 FR 53125). The final regulations relate to the 
timing of income and deductions with respect to notional principal 
contracts.

EFFECTIVE DATE: October 14, 1993.

FOR FURTHER INFORMATION CONTACT: Alan B. Munro, (202) 622-3950 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of these corrections are 
under sections 446(b) (relating to general rules for methods of 
accounting) and 1092(d) (relating to definitions and special rules with 
respect to straddles) of the Internal Revenue Code of 1986.

Need for Correction

    As published, TD 8491 contains errors which may prove to be 
misleading and are in need of clarification.

Correction of Publication

    Accordingly, the publication of final regulations (TD 8491), which 
were the subject of FR Doc. 93-25192, is corrected as follows:
    1. On page 53132, Sec. 1.446-3(f)(4), the last table on the page 
following paragraph (a) of Example 6, in the last column under the 
column heading ``Principal component'', the language

------------------------------------------------------------------------
                                                Time value    Principal 
                Loan balance                    component     component 
------------------------------------------------------------------------
                                                                        
                                                                        
                                  *****                                 
                                              .............   $6,105,100
------------------------------------------------------------------------

is corrected to read

------------------------------------------------------------------------
                                                Time value    Principal 
                Loan balance                    component     component 
------------------------------------------------------------------------
                                              .............           $0
                                              .............            0
                                                                        
                                  *****                                 
                                              .............            0
                                              .............            0
                                              .............    6,105,100
------------------------------------------------------------------------

    2. On page 53135, column 2, Sec. 1.446-3(h)(5), paragraph (b) of 
Example 3, second line from the bottom of the paragraph, the language 
``unamortized payment with respect the'' is corrected to read 
``unamortized payment with respect to the''.
Cynthia E. Grigsby,
Chief, Regulations Unit, Assistant Chief Counsel (Corporate).
[FR Doc. 94-4494 Filed 2-25-94; 8:45 am]
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