IRS issues accounting method change procedures for dispositions of tangible depreciable property

February 2014


The IRS today released Rev. Proc. 2014-17, which provides rules pursuant to which taxpayers may make accounting method changes related to dispositions of tangible depreciable property under the proposed regulations issued on September 13, 2013 (REG-110732-13, 2013-43 IRB 404, 78 Fed. Reg. 57547) (the 2013 proposed regulations). This revenue procedure modifies/supersedes Rev. Proc. 2012-20, which was issued over a year ago regarding certain changes in method of accounting for dispositions of tangible depreciable property under the temporary regulations (T.D. 9564, 2012-14 IRB 614, 76 Fed. Reg. 81060) (the temporary disposition regulations). 

Rev. Proc. 2014-17 also modifies certain sections of Rev. Proc. 2011-14, which provides the procedures for automatic changes in method of accounting. Rev. Proc. 2014-17 is designed to help taxpayers further analyze their current methods of accounting and implement any needed changes.

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