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TREAS/IRS | RIN: 1545-BN62 | Publication ID: Fall 2018 |
Title: Accounting Periods and Methods of Accounting; Advance Payments for Goods and Long-Term Contracts | |
Abstract:
These proposed regulations provide guidance under section 451 regarding the taxable year of inclusion of revenue that has been deferred from inclusion in gross income under section 1.451-5 of the Income Tax Regulations. If a taxpayer has deferred revenue from gross income inclusion under section 1.451-5, and a controlling interest of its stock is acquired by an unrelated corporation that writes down any part of the deferred revenue for financial purposes, the taxpayer must include in gross income the amount of the deferred revenue that is written down in the year of the write-down. |
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Agency: Department of the Treasury(TREAS) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 Designation: Other | |
CFR Citation: 26 CFR 1.451-5 | |
Legal Authority: 26 U.S.C. 7805 26 U.S.C. 451 |
Legal Deadline:
None |
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Timetable:
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Additional Information: REG-125136-16 Drafter attorney: Sharon Horn (202) 317-7003 Reviewer attorney: Norma Rotunno (202) 317-7003 Treasury attorney: Christopher Call (202) 622-6865 CC:ITA | |
Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: Businesses | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Sharon Y. Horn Attorney Department of the Treasury Internal Revenue Service 1111 Constitution Avenue NW., Washington, DC 20224 Phone:202 317-4426 |