Part I. Rulings and Decisions Under the Internal Revenue Code of 1986

method of accounting for the income from an advance payment related to the sale of a multi-year service warranty contract. See Rev. Proc. 97–37, page 18.

Section 454.—Obligations Issued at a Discount

26 CFR § 1.454–1: Obligations issued at a discount.

What procedures must a taxpayer use to obtain automatic consent of the Commissioner to change its method of accounting for the interest income on Series E or EE U.S. savings bonds. See Rev. Proc. 97–37, page 18.

Section 455.—Prepaid Subscription Income

26 CFR § 1.455–6: Time and manner of making election.

What procedures must a taxpayer use to obtain automatic consent of the Commissioner to change its method of accounting for prepaid subscription income. See Rev. Proc. 97–37, page 18.

Section 461.—General Rule for Taxable Year of Deduction

26 CFR § 1.461–4: Economic performance.

What procedures must a taxpayer use to obtain automatic consent of the Commissioner to change its method of accounting. See Rev. Proc. 97–37, page 18.

Section 471.—General Rule for Inventories

26 CFR § 1.471–1: Need for inventories;

26 CFR § 1.471–2: Valuation of inventories;

26 CFR § 1.471–3: Inventories at cost.

What procedures must a taxpayer use to obtain automatic consent of the Commissioner to change its method of accounting for certain cash discounts. See Rev. Proc. 97–37, page 18.

Section 472.—Last-in, First-out Inventories

26 CFR 1.472-1: Last-in, first-out inventories.

LIFO; price indexes; department stores. The June 1997 Bureau of Labor Statistics price indexes are accepted for use by department stores employing the retail inventory and last-in, first-out inventory methods for valuing inventories for tax years ended on, or with reference to, June 30, 1997.