Part III. Administrative, Procedural, and Miscellaneous
SECTION 7. METHOD OF
Internal Revenue Bulletin 1998-37 · 2026-10-03 edition · updated 2026-10-04 · United States
ACCOUNTING
The selection of a new consumer or producer price index for a specific inventory item to compute an inventory price index as a result of revisions to the CPI or PPI as described in section 2.07 of this revenue procedure will not be treated as a
change in method of accounting. Any other change in the selection of a consumer or producer price index for a specific inventory item is a change in method of accounting for which the taxpayer must secure the consent of the Commissioner as provided in § 446(e). See § 1.472– 8(e)(3)(iii)(B).
DRAFTING INFORMATION
The principal author of this revenue procedure is Jeffery G. Mitchell of the Office of Assistant Chief Counsel (Income Tax and Accounting). For further information regarding this revenue procedure, contact Mr. Mitchell on (202) 622-4970 (not a toll free call).
September 14, 1998 12 1998–37 I.R.B.
Rev. Proc. 98–52
26 CFR 601.602: Tax forms and instructions.
TABLE OF CONTENTS
PART A. GENERAL
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