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Article: Proposed regulations concerning the economic performance requirement under Section 461(h) of the Internal Revenue Code.
- Article from:
- Tax Executive
- Article date:
- November 1, 1990
- Author:
CopyrightCOPYRIGHT 1990 Tax Executives Institute, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Proposed Regulations Concerning the Economic Performance Requirement under Section 461(h) of the Internal Revenue Code
On June 6, 1990, the Internal Revenue Service issued proposed regulations under section 461(h) of the Internal Revenue Code, relating to the requirement that "economic performance" occur in order for an amount to be incurred by a taxpayer using an accrual method of accounting. The proposed regulations (IA-258-84) were published in the Federal Register on June 7, 1990--55 Fed. Reg. 23235--and in the July 2, 1990, issue of the Internal Revenue Bulletin (1990-27 I.R.B. 22).
For simplicity's sake, the proposed regulations are generally ...