§10121

on 463 and make no change in section 404(a)(5) as it then stood. In so doing, the House Ways and Means Committee and the Senate Finance Committee discussed the proposed action in the following identical language: 7. Reserve for accrued vacation pay (sec. 10121 of the bill and sec. 463 of the Code) Present Law Under present law, an accrual-method taxpayer generally is permitted a deduction in the taxable year in which all the events have occurred that determine the fact of a liability and the amo