Bulletin No. 1997–33 August 18, 1997

engaged in the trade or business of retail sales of new automobiles or new light-duty trucks.

Rev. Proc. 97–37, page 18. Methods of accounting; automatic consent. Procedures are provided under which a taxpayer may obtain automatic consent of the Commissioner to change certain methods of accounting.

Rev. Proc. 97–38, page 43. Warranty contracts; methods of accounting. Procedures are provided under which accrual method manufacturers, wholesalers, and retailers of motor vehicles or other durable consumer goods may, in certain specified and limited circumstances, include a portion of an advance payment related to the sale of a multi-year service warranty contract in gross income generally over the life of the service warranty obligation.

Rev. Proc. 97–39, page 48. Original issue discount; methods of accounting. Taxpayers are allowed to use an aggregate method of accounting, termed the “principal-reduction” method, for de minimis original issue discount on certain loans originated by the taxpayer.

Rev. Proc. 97–40, page 50. Late S corporation elections. If an S corporation election is filed late for a current taxable year, Rev. Proc. 97–40 provides a special procedure to permit taxpayers to request relief instead of applying for a private letter ruling.

Rev. Proc. 97–42, page 57. Low-income housing tax credit. This procedure publishes the amounts of unused housing credit carryovers allocated to qualified states under section 42(h)(3)(D) of the Code for calendar year 1997.

Announcement 97–77, page 58. This announces that the Internal Revenue Service will eliminate Form 4782, Employee Moving Expense Information, effective for tax year 1998.