[Federal Register Volume 68, Number 229 (Friday, November 28, 2003)]
[Rules and Regulations]
[Pages 66707-66708]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-29727]


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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:

------------------------------------------------------------------------
                                                              Bad debts
                                                   Total       adjusted
                 Taxable year                     accounts       for
                                                 receivable   recoveries
------------------------------------------------------------------------
                                * * * * *
2002..........................................       90,000       16,800
                                * * * * *
------------------------------------------------------------------------

    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