Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred Original Issue Discount Deductions; Correction
other · IRS · Rule · Published 2013-08-09 · Effective 2013-08-09 · 78 FR 48606
Document
Document number
2013-19227
Federal Register citation
78 FR 48606
CFR reference
26 CFR 1
Type
Rule
Action
Correcting amendments.
Category
other
Sub-agency
IRS
Publication date
2013-08-09
Effective date
2013-08-09
Treasury docket
TD 9622
Abstract
This document contains corrections to final regulations and removal of temporary regulations (TD 9622) that were published in the Federal Register on Wednesday, July 3, 2013 (78 FR 39984). The final regulations provide necessary guidance regarding the accelerated inclusion of deferred discharge of indebtedness (also known as cancellation of debt (COD)) income (deferred COD income) and the accelerated deduction of deferred original issue discount (OID) (deferred OID deductions) under section 108(i)(5)(D) (acceleration rules), and the calculation of earnings and profits as a result of an election under section 108(i). In addition, these regulations provide rules applicable to all taxpayers regarding deferred OID deductions under section 108(i) as a result of a reacquisition of an applicable debt instrument by an issuer or related party.