[Federal Register Volume 69, Number 143 (Tuesday, July 27, 2004)]
[Rules and Regulations]
[Pages 44596-44597]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-17078]


=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8408]
RIN 1545-BH32


Economic Performance Requirement; Correction

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Correcting amendment.

-----------------------------------------------------------------------

SUMMARY: 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.

DATES: This correction is effective April 10, 1992.

FOR FURTHER INFORMATION CONTACT: Robert M. Casey, (202) 622-4950 (not a 
toll-free number).

SUPPLEMENTARY INFORMATION:

Background

    The final regulation (TD 8408) that is the subject of this 
correction is under

[[Page 44597]]

section 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.

List of Subjects in 26 CFR Part 1

    Income taxes, Reporting and recordkeeping requirements.

Correction of Publication

0
Accordingly, 26 CFR Part 1 is corrected by making the following 
correcting amendment:

PART 1--INCOME TAXES

0
Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

    Authority: 26 U.S.C. 7805 * * *


Sec.  1.461-4  [Corrected]

0
Par. 2. Section 1.461-4(d)(4)(i) is amended by revising the first 
sentence to read as follows:


Sec.  1.461-4  Economic performance.

* * * * *
    (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 
Sec.  1.446-1(c)(1)(ii)) in connection with the satisfaction of the 
liability. * * *
* * * * *

Cynthia Grigsby,
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