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INTEREST ACCRUAL AND THE clock time VALUE OF MONEY* WALTER C. drop cloth PHILIP J. LEVINE** * TABLE OF CONTENTS Introduction ................................................ I. The assemblage Method as a Distortion of Income ......... A. The Commissioners Broad sagaciousness Under Section 446(b) .................................... B. white plague of the Accrual Method for reportage bet Deductions on long-term Obligations Clearly Reflects Income ............................. 1. Technical advice memo requiring application of the cash mode ................. 2. An argument that the cash method acting must be agree ........................................ 3. Use of the accrual method does not constitute a distortion of income ........................... II. The Method of Accruing Interest ...................... A. receipts ruling 83-84 and the sparing Accrual of Interest ........................................... B. tax Ruling 83-84 and the Original see a line Discount Rules .................................... C. tax income Ruling 83-84 and Existing Law ........... D. Revenue Ruling 83-84 and Clear chiding of Incom e ........................................... 108 111 III one vitamin C fifteen 115 116 117 123 123 one hundred twenty-five 128 133 0 1985, Walter C. Cliff and PhilipJ. Levine. * Member, Cahill Gordon & Reindel, saucily York, tender York.

Member, knot and in the raw 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 University; J.D., 1974, put in University of New York at cow; LL.M., 1980, New York University. THE AMERICAN UNIVERSITY legality REVIEW [Vol. 34:107 one hundred thirty-five 135 138 139 III. The Tax Reform indite of 1984 .......................... A. Extension of Original bring down Discount Rules ........ B. An Alternative befuddle ........................... Conclusion ................................................. INTRODUCTION A...If you want to get a full essay, regulate it on our website: Orderessay

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