Title 27: Alcohol, Tobacco and Firearms
PART 70—PROCEDURE AND ADMINISTRATION
Subpart D—Collection of Excise and Special (Occupational) Tax
Interest
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§ 70.94 Interest compounded daily.
(a) General rule. Effective for interest accruing after December 31, 1982, in computing the amount of any interest required to be paid under any provision of 26 U.S.C. or under 28 U.S.C. 1961(c)(1) or 2411, by the appropriate TTB officer or by the taxpayer, or in computing any other amount determined by reference to such amount of interest, or by reference to the interest rate established under 26 U.S.C. 6621, such interest or such other amount shall be compounded daily by dividing such rate of interest by 365 (366 in a leap year) and compounding such daily interest rate each day.
(b) Applicability to unpaid amounts on December 31, 1982. The unpaid interest (or other amount) that shall be compounded daily includes the interest (or other amount) accrued but unpaid on December 31, 1982.
(26 U.S.C. 6622)
[T.D. ATF–301, 55 FR 47614, Nov. 14, 1990]
