[Code of Federal Regulations]
[Title 27, Volume 1]
[Revised as of April 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR70.94]

[Page 956]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS
 
 CHAPTER I--ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE 
                                TREASURY
 
PART 70--PROCEDURE AND ADMINISTRATION--Table of Contents
 
     Subpart D--Collection of Excise and Special (Occupational) Tax
 
Sec. 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 ATF 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]

   Additions to the Tax, Additional Amounts, and Assessable Penalties

               Additions to the Tax and Additional Amounts