94-309. Capitalization of Certain Policy Acquisition Expenses; Correction

[Federal Register Volume 59, Number 5 (Friday, January 7, 1994)]
[Rules and Regulations]
[Page 947]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-309]


[[Page Unknown]]

[Federal Register: January 7, 1994]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[T.D. 8456]
RIN 1545-AQ14

 

Capitalization of Certain Policy Acquisition Expenses; Correction

AGENCY: Internal Revenue Service, Treasury.

ACTION: Correcting amendment.

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SUMMARY: This document contains a correction to the final regulations 
(T.D. 8456), which were published Tuesday, December 29, 1992 (57 FR 
61813), relating to the requirement that insurance companies capitalize 
specified policy acquisition expenses for tax purposes.

EFFECTIVE DATE: December 29, 1992.

FOR FURTHER INFORMATION CONTACT: Gary Geisler [phone], (not a 
toll-free call).

SUPPLEMENTARY INFORMATION:

Background

    The final regulations that are the subject of this correction 
contains final income tax regulations under section 848 of the Internal 
Revenue Code.

Need for Correction

    As published, T.D. 8456 contains an error which 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.

PART 1--INCOME TAX; TAXABLE YEARS BEGINNING AFTER DECEMBER 31, 1953

    Accordingly, 26 CFR part 1 is corrected by making the following 
correcting amendment:
    Paragraph 1. The authority citation for part 1 continues to read in 
part as follows:

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

    Par. 2. In Sec. 1.848-2(i)(4)(iii)(C), the language ``Calculate the 
ratio between the results in paragraphs (i)(4)(ii) (A) and (B) of this 
section for each agreement;'' is removed and the language ``Calculate 
the ratio between the results in paragraphs (i)(4)(iii) (A) and (B) of 
this section for each agreement;'' is added in its place.
Jacquelyn B. Burgess,
Alternate Federal Register Liaison Officer, Assistant Chief Counsel 
(Corporate).
[FR Doc. 94-309 Filed 1-6-94; 8:45 am]
BILLING CODE 4830-01-U