Par. 9. Section 1.898-4, as proposed to be added at 58 FR 297, January 5, 1993, is amended by adding paragraph (c)(3)(iv) to read as follows:
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(c) * * *
(3) * * *
(iv) Recognition of income and deductions. See § 1.441-2(e) for rules regarding the recognition of income and deductions (e.g., amounts includible in gross income pursuant to sections 951(a) or 553) if either the majority United States shareholder, or the specified foreign corporation, or both, elect to use a 52-53-week taxable year under this paragraph (c)(3).
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