Repeal applicable to taxable years beginning after Dec. 31, 1987, see section 10201(c)(1) ofPub. L. 100–203, set out as an Effective Date of 1987 Amendment note under section
404 of this title.
Change in Method of Accounting Required by Pub. L. 100–203
Pub. L. 100–203, title X, § 10201(c)(2),Dec. 22, 1987, 101 Stat. 1330–388, provided that: “In the case of any taxpayer who elected to have section 463 of the Internal Revenue Code of 1986 apply for such taxpayer’s last taxable year beginning before January 1, 1988, and who is required to change his method of accounting by reason of the amendments made by this section [amending sections
461 of this title, repealing sections
463 of this title, and enacting provisions set out as a note under section
404 of this title]—
“(A) such change shall be treated as initiated by the taxpayer,
“(B) such change shall be treated as having been made with the consent of the Secretary, and
“(C) the net amount of adjustments required by section 481 of such Code to be taken into account by the taxpayer—
“(i) shall be reduced by the balance in the suspense account under section 463(c) of such Code as of the close of such last taxable year, and
“(ii) shall be taken into account over the 4-taxable year period beginning with the taxable year following such last taxable year as follows:
The percentage taken
“In the case of the:
into account is:
Notwithstanding subparagraph (C)(ii), if the period the adjustments are required to be taken into account under section 481 of such Code is less than 4 years, such adjustments shall be taken into account ratably over such shorter period.”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Description of Change
Statutes at Large
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