Bulletin No. 2001–10 March 5, 2001

than the date the review is completed. However, the provisions related to internal-use computer software (including any revisions) generally will be applicable to taxable years beginning after December 31, 1985. Comments should be submitted by April 2, 2001.

Rev. Proc. 2001–23, page 784. Dollar-value LIFO; used vehicles. This procedure provides an optional LIFO inventory computation method for taxpayers who sell used automobiles or used light-duty trucks. The link-chain, dollar-value LIFO inventory method is designed to simplify the dollar-value LIFO computations of used vehicle dealers. Rev. Proc. 99–49 modified and amplified.

Rev. Proc. 2001–24, page 788. Change in method of accounting. This procedure allows an insurance company to obtain automatic consent to change its method of accounting for cash advances on commissions paid to its agents, from deducting cash advances in the taxable year paid to an agent to deducting cash advances in the taxable year earned by the agent. Rev. Proc. 99–49 modified and amplified.

Announcement 2001–23, page 791. The Service announces supplements to Publication 575, Pension and Annuity Income, and Publication 590, Individual Retirement Arrangements, that take into account proposed regulations (REG–130477–00; REG–130481–00) substantially simplifying the calculation of minimum required distributions from qualified plans, IRAs, and other related retirement savings vehicles.

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