[Code of Federal Regulations]
[Title 26, Volume 18]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR301.6316-2]

[Page 213-214]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 301_PROCEDURE AND ADMINISTRATION--Table of Contents
 
                               Collection
 
Sec. 301.6316-2  Definitions.

    For purposes of Sec. Sec. 301.6316-1 to 301.6316-9, inclusive:
    (a) The term tax, as used in Sec. Sec. 301.6316-1, 301.6316-3, 
301.6316-4, 301.6316-5, and 301.6316-6 means the income tax imposed for 
the taxable year by chapter 1 of the Internal Revenue Code of 1954, and 
as used in Sec. 301.6316-7 means the Federal Insurance Contributions 
Act taxes imposed by chapter 21 of the Code (or by the corresponding 
provisions of the Internal Revenue Code of 1939). The term ``tax'', as 
used in Sec. Sec. 301.6316-3 and 301.6316-9 shall relate to either of 
such taxes, whichever is appropriate.

[[Page 214]]

    (b) The term nonconvertible foreign currency means currency of the 
government of a foreign country which, owing to (1) monetary, exchange, 
or other restrictions imposed by the foreign country, (2) an agreement 
entered into with the United States of America, or (3) the terms and 
conditions of the U.S. Government grant, is not convertible into U.S. 
dollars or into other money which is convertible into U.S. dollars. The 
term shall not, however, include currency which, notwithstanding such 
restrictions, agreement, terms, or conditions, is in fact converted into 
U.S. dollars or into property which is readily disposable for U.S. 
dollars.
    (c) If the taxpayer computes taxable income under the accrual 
method, then the term received shall be construed to mean ``accrued.''