TITLE

SECTION 8. EFFECT OF CONSENT

PUB. DATE
September 2008
SOURCE
Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p617
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article discusses the section eight of the U.S. Revenue Procedure (Rev. Proc.) 2008-52 concerning the effect of consent. It requires taxpayer that changes to a method of accounting under the Rev. Proc. to modify the method due to the enactment of legislation, a decision of the Supreme Court, and the issuance of revenue ruling. It also illustrates that the modification will not be applied retroactively, provided that there has been no misstatement of material facts.
ACCESSION #
34390631

 

Related Articles

  • SECTION 1. PURPOSE.  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p606 

    The article discusses the section one of the U.S. Revenue Procedure (Rev. Proc.) 2008-52. It provides a process by which a taxpayer may obtain automatic consent for changes of several methods of accounting that were published subsequent to the publication of Rev. Proc. 2002-9. It also offers...

  • SECTION 4. BAD DEBTS (§ 166).  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p623 

    The article discusses the changes in methods of accounting on bad debts to which revenue procedure (Rev. Proc.) 2008-52 applies in the U.S. It illustrates that the change applies to a taxpayer that wants to change its accounting methods for bad debts from a reserve method to a specific...

  • SECTION 5. AMORTIZABLE BOND PREMIUM (§ 171).  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p623 

    The article discusses the changes in methods of accounting for amortization bond premium to which revenue procedure (Rev. Proc.) 2008-52 applies in the U.S. The change applies to a taxpayer who wants to change the method by revoking its section 171(c) election to amortize any bond premium in...

  • SECTION 6. DEPRECIATION OR AMORTIZATION (§ 56(a)(1).  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p623 

    The article discusses the changes in methods of accounting for depreciation or amortization to which revenue procedure (Rev. Proc.) 2008-52 applies in the U.S. It relates that the change applies to a taxpayer who wants to change from an impermissible to a permissible method of accounting for...

  • SECTION 7. RESEARCH AND EXPERIMENTAL EXPENDITURES (§ 174).  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p636 

    The article discusses the changes in methods of accounting concerning research and experimental expenditures (REE) to which revenue procedure (Rev. Proc.) 2008-52 applies in the U.S. It relates that the change applies to a taxpayer who wants to change the treatment of expenditures that qualify...

  • SECTION 8. ELECTIVE EXPENSING PROVISIONS (§§ 179B(a), 181, and 194(b)).  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p637 

    The article discusses the changes in methods of accounting for elective expensing provisions to which revenue procedure (Rev. Proc.) 2008-52 applies in the U.S. The change applies to a taxpayer who wants to elect under section 181 to treat the production costs of any qualified film or television...

  • SECTION 9. COMPUTER SOFTWARE EXPENDITURES (§§ 162, 167, and 197.  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p638 

    The article discusses the changes in methods of accounting for computer software expenditures to which revenue procedure (Rev. Proc.) 2008-52 applies in the U.S. It relates that the change applies to all costs of computer software as defined in section two of Rev. Proc. 2000-50, however, it does...

  • SECTION 21. INVENTORIES (§ 471).  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p662 

    The article discusses the changes in methods of accounting for inventories to which revenue procedure (Rev. Proc.) 2008-52 applies in the U.S. The change applies to a taxpayer who wants to change the method for cash discounts from consistent price of goods to a method of reducing the cost of...

  • SECTION 23. MARK-TO-MARKET ACCOUNTING METHOD FOR DEALERS IN SECURITIES (§ 475).  // Internal Revenue Bulletin;9/8/2008, Vol. 2008 Issue 36, p671 

    The article discusses the changes in methods of accounting for securities dealers to which revenue procedure (Rev. Proc.) 2008-52 applies in the U.S. It relates that the change applies to taxpayers that have elected to use the mark-to-market method of accounting under section 475(e) or (f). It...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics