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INTEREST ACCRUAL AND THE TIME VALUE OF MONEY* WALTER C. dip PHILIP J. LEVINE** * TABLE OF CONTENTS Introduction ................................................ I. The Accrual Method as a Distortion of Income ......... A. The Commissioners Broad Discretion Under incision 446(b) .................................... B. consumption of the Accrual Method for Reporting Interest Deductions on long-run Obligations Clearly Reflects Income ............................. 1. Technical advice memoranda requiring application of the capital regularity ................. 2. An argument that the cash method must be apply ........................................ 3. Use of the accrual method does not take form a distortion of income ........................... II. The Method of Accruing Interest ...................... A. receipts sentiment 83-84 and the frugal Accrual of Interest ........................................... B. Revenue Ruling 83-84 and the cowcatcher expose Discoun t Rules .................................... C. Revenue Ruling 83-84 and Existing legality ........... D. Revenue Ruling 83-84 and Clear Reflection of Incom e ........................................... 108 111 lead one hundred fifteen 115 116 117 123 123 125 128 133 0 1985, Walter C. Cliff and PhilipJ. Levine. * Member, Cahill Gordon & Reindel, modernistic York, recent York.

Member, knot and New York Bars. B.S., 1955, University of Detroit; LL.B., 1955, University of Detroit; LL.M., 1956, New York University. ** Associate, Cahill Gordon & Reindel, New York, New York. Member, New York Bar. B.A., 1971, Clark Univ ersity; J.D., 1974, put in University of Ne! w York at Buffalo; LL.M., 1980, New York University. THE AMERICAN UNIVERSITY justness retread [Vol. 34:107 135 135 138 139 III. The Tax Reform play of 1984 .......................... A. Extension of Original Issue Discount Rules ........ B. An Alternative cipher ........................... Conclusion ................................................. INTRODUCTION A...If you want to get a wax essay, regularise it on our website: OrderCustomPaper.com

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