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Internal Revenue Code

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USC Title 26 enacted through 2008

§ 1283. Definitions and special rules

For purposes of this subpart -
Short-term obligation
In general
Except as provided in subparagraph (B), the term "short-term obligation" means any bond, debenture, note, certificate, or other evidence of indebtedness which has a fixed maturity date not more than 1 year from the date of issue.
Exceptions for tax-exempt obligations
The term "short-term obligation" shall not include any tax-exempt obligation (as defined in section 1275(a)(3)).
Acquisition discount
The term "acquisition discount" means the excess of -
the stated redemption price at maturity (as defined in section 1273), over
the taxpayer's basis for the obligation.
Daily portion
For purposes of this subpart -
Ratable accrual
Except as otherwise provided in this subsection, the daily portion of the acquisition discount is an amount equal to -
the amount of such discount, divided by
the number of days after the day on which the taxpayer acquired the obligation and up to (and including) the day of its maturity.
Election of accrual on basis of constant interest rate (in lieu of ratable accrual)
In general
At the election of the taxpayer with respect to any obligation, the daily portion of the acquisition discount for any day is the portion of the acquisition discount accruing on such day determined (under regulations prescribed by the Secretary) on the basis of -
the taxpayer's yield to maturity based on the taxpayer's cost of acquiring the obligation, and
compounding daily.
Election irrevocable
An election under subparagraph (A), once made with respect to any obligation, shall be irrevocable.
Special rules for nongovernmental obligations
In general
In the case of any short-term obligation which is not a short-term Government obligation (as defined in section 1271(a)(3)(B)) -
sections 1281 and 1282 shall be applied by taking into account original issue discount in lieu of acquisition discount, and
appropriate adjustments shall be made in the application of subsection (b) of this section.
Election to have paragraph (1) not apply
In general
A taxpayer may make an election under this paragraph to have paragraph (1) not apply to all obligations acquired by the taxpayer on or after the first day of the first taxable year to which such election applies.
Period to which election applies
An election under this paragraph shall apply to the taxable year for which it is made and for all subsequent taxable years, unless the taxpayer secures the consent of the Secretary to the revocation of such election.
Other special rules
Basis adjustments
The basis of any short-term obligation in the hands of the holder thereof shall be increased by the amount included in his gross income pursuant to section 1281.
Double inclusion in income not required
Section 1281 shall not require the inclusion of any amount previously includible in gross income.
Coordination with other provisions
Section 454(b) and paragraphs (3) and (4) of section 1271(a) shall not apply to any short-term obligation to which section 1281 applies.

Tax Code (Internal Revenue Code) Section Index

U.S. GAAP by Codification Topic
105 GAAP Hierarchy
105 GAAP History

205 Presentation of Financial Statements
205-20 Discontinued Operations
210 Balance Sheet
210-20 Offsetting
220 Comprehensive Income
225 Income Statement
225-20 Extraordinary and Unusual Items
230 Statement of Cash Flows
250 Accounting Changes and Error Corrections
260 Earnings per Share
270 Interim Reporting

310 Impairment of a Loan
320 Investment Securities
320 Other-Than-Temporary Impairments, FSP FAS 115-2
320-10-05 Overview of Investments in Other Entities
320-10-35 Reclassification of Investments in Securities
323-10 Equity Method Investments
323-30 Investments in Partnerships and Joint Ventures
325-20 Cost Method Investments
330 Inventory

340-20 Capitalized Advertising Costs
350-20 Goodwill
350-30 Intangibles Other than Goodwill
350-40 Internal-Use Software
350-50 Website Development Costs
360 Property, Plant and Equipment
360-20 Real Estate Sales

410 Asset Retirement and Environmental Obligations
420 Exit or Disposal Cost Obligations
450 Contingencies
450-20 Loss Contingencies
450-30 Gain Contingencies
480 Redeemable Financial Instruments

505-20 Stock Dividends, Stock Splits
505-30 Treasury Stock

605 SEC Staff Accounting Bulletin, Topic 13
605-25 Revenue Recognition - Multiple Element Arrangements

715-30 Defined Benefit Plans - Pension
718 Share-Based Payment
730 Research and Development
730-20 Research and Development Arrangements

805 Business Combinations
810 Consolidation
810 Noncontrolling Interests
810 Consolidation of Variable Interest Entities, SFAS 167

815 Derivatives and Hedging Overview

820 Fair Value Measurements
820 Fair value when the markets are not active, FSP FAS 157-4
825 Fair Value Option

830 Foreign Currency Matters
830-20 Foreign Currency Transactions
830-30 Translation of Financial Statements
835 Interest
835-20 Capitalization of Interest
835-30 Imputation of Interest

840 Leases
840-20 Operating Leases
840-30 Capital Leases
840-40 Sale-Leaseback Transactions
845 Nonmonetary Transactions

855 Subsequent Events
860-20 Sale of Financial Assets, SFAS 166
860-50 Servicing Assets and Liabilities, SFAS 156

985-20 Costs of software to be sold

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