[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]
BILLING CODE 4830-01-U
