SECTION 1. PURPOSE

This revenue procedure provides an automatic consent procedure that permits a taxpayer who has claimed less than the depreciation or amortization allowable to change the taxpayer’s method of accounting to claim allowable depreciation or amortization. The omitted depreciation or amortization from years prior to the year of change will be taken into account through a § 481(a) adjustment. The taxpayer has the option of either making the method change under this revenue procedure or requesting permission to make the method change under Rev. Proc. 92– 20, 1992–1 C.B. 685 (or any successor).