§ 1283. Definitions and special rules
(a)
Definitions
For purposes of this subpart—
(1)
Short-term obligation
(b)
Daily portion
For purposes of this subpart—
(1)
Ratable accrual
Except as otherwise provided in this subsection, the daily portion of the acquisition discount is an amount equal to—
(2)
Election of accrual on basis of constant interest rate (in lieu of ratable accrual)
(c)
Special rules for nongovernmental obligations
(1)
In general
In the case of any short-term obligation which is not a short-term Government obligation (as defined in section
1271
(a)(3)(B))—
(d)
Other special rules
(1)
Basis adjustments
The basis of any short-term obligation in the hands of the holder thereof shall be increased by the amount included in his gross income pursuant to section
1281.
(2)
Double inclusion in income not required
Section
1281 shall not require the inclusion of any amount previously includible in gross income.