Transcription of Part III Administrative, Procedural, and …
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part III administrative , procedural , and Miscellaneous 26 CFR : Changes in accounting periods and in methods of accounting. (Also part I, Sections 446, 451; , ) Rev. Proc. 2004-34 SECTION 1. PURPOSE This revenue procedure allows taxpayers a limited deferral beyond the taxable year of receipt for certain advance payments. Qualifying taxpayers generally may defer to the next succeeding taxable year the inclusion in gross income for federal income tax purposes of advance payments (as defined in section 4 of this revenue procedure) to the extent the advance payments are not recognized in revenues (or, in certain cases, are not earned) in the taxable year of receipt.
3 The following definitions apply solely for purposes of this revenue procedure -- .01 Advance Payment.Except as provided in section 4.02 of this revenue procedure, a payment received by a taxpayer is an Aadvance payment@ if --
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