26 CFR § 31.3406(a)-3 - Scope and extent of accounts subject to backup withholding.

A payor who is required to withhold under § 31.3406(a)–1 must withhold—

(a) On the accounts subject to withholding under § 31.3406(a)–1 (b)(1)(i) or (b)(2)(ii); and

(b) On the accounts subject to withholding under § 31.3406(a)–1(b)(1)(ii) or (b)(2)(i), as described under § 31.3406(d)–5 (relating to notification of incorrect TIN) or § 31.3406(c)–1 (relating to notified payee underreporting), respectively.

[T.D. 8637, 60 FR 66114, Dec. 21, 1995]