Page 550 - Large Business IRS Training Guides
P. 550
New IRC § 451(c)
Deferral
• The statute permits deferral of advance payments
received to the extent, in the year of receipt, the
amount is not required to be included in income
under section 451(b).
• The amounts not included in gross income in the year
of receipt must be included in gross income in the
next taxable year.
• Consistent with the 1-year deferral provided in Rev.
Proc. 2004-34.
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