Irc Section 448

448 d 7 coordination with section 481 any change in method of accounting made pursuant to this section shall be treated for purposes of section 481 as initiated by the taxpayer and made with the consent of the secretary.

Irc section 448. Limitation on use of cash method of accounting text contains those laws in effect on september 28 2020 from title 26 internal revenue code subtitle a income taxes chapter 1 normal taxes and surtaxes subchapter e accounting periods and methods of accounting part ii methods of accounting subpart a methods of accounting in general. The net amount of the adjustments required to be taken into account by the taxpayer under section 481 of the internal revenue code of 1986 shall be taken into account over a period of 4 years or if less the number of taxable years that the taxpayer used the method permitted under section 448 d 5 of such code as in effect before the date of the enactment of this act beginning with such first taxable year. 448 d 8 use of related parties etc.

Notwithstanding any other procedure published prior to january 7 1991 concerning changes from the cash method any taxpayer to whom section 448 applies must change its method of accounting in accordance with the provisions of this paragraph g and paragraph h of this section. Limitation on use of cash method of accounting on westlaw findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system.