SECTION 5. ACCOUNTING — Internal Revenue Bulletin 2001-47

	Statute or Regulation	Act Postponed
1.	Chapter 1, Subchapter E of the Code	Any act relating to the adoption, election, retention, or change of any accounting method or accounting period, or to the use of an accounting method or accounting period, that is required to be performed on or before the due date of a tax return (including extensions). Examples of such acts are (a) the requirement in Rev. Proc. 2000–11, section 6.02, that Form 1128 must be filed with the Director, Internal Revenue Service Center, on or before the due date of the tax return for the short period required to effect the change in account- ing period; and (b) the requirement in Rev. Proc. 99–49, section 6.02, that a copy of Form 3115 must be filed with the national office no later than when the original Form 3115 is filed with the timely filed tax return for the year of the accounting method change.
2.	Treas. Reg. § 1.381(c)(4)-1 (d)(2)	If the acquiring corporation is not permitted to use the method of accounting used by the acquiring corporation, the method of accounting used by the distributor/transferor corpora- tion, or the principal method of accounting; or if the corporation wishes to use a new method of accounting, then the acquiring corporation must apply to the Commissioner to use another method. Treas. Reg. § 1.381(c)(4)–1(d)(2) requires applications to be filed not later than 90 days after the date of distribution or transfer. Rev. Proc. 83–77, 1983-2 C.B. 594, provides an automatic 90–day extension.
3.	Treas. Reg. § 1.381(c)(5)-1 (d)(2)	If the acquiring corporation is not permitted to use the inventory method used by the ac- quiring corporation, the inventory method used by the distributor/transferor corporation, or the principal method of accounting, or wishes to use a new method of accounting, then the acquiring corporation must apply to the Commissioner to use another method. Treas. Reg. § 1.381(c)(5)–1(d)(2) requires applications to be filed not later than 90 days after the date of distribution or transfer. Rev. Proc. 83–77 provides an automatic 90-day extension.
4.	Treas. Reg. § 1.442- 1(b)(1)	In order to secure prior approval of an adoption, change or retention of a taxpayer’s annual accounting period, the taxpayer generally must file an application on Form 1128, Applica- tion to Adopt, Change, or Retain a Tax Year, with the Commissioner. The application must be filed on or before the 15th day of the second calendar month following the close of the short period. (But see Rev. Proc. 2001–11, 2000-3 I.R.B. 309, for automatic changes in annual accounting period that can be made with the return.)
5.	Treas. Reg. § 1.444- 3T(b)(1)	A section 444 election must be made by filing Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, with the Service Center. Generally, Form 8716 must be filed by the earlier of (a) the 15th day of the fifth month following the month that includes the first day of the taxable year for which the election will first be effective, or (b) the due date (without regard to extensions) of the income tax return resulting from the section 444 election.
6.	Treas. Reg. § 1.446- 1(e)(3)(i)	To secure the Commissioner’s consent to a change in method of accounting, the taxpayer must file an application on Form 3115, Application for Change in Accounting Method, with the Commissioner during the taxable year in which the taxpayer desires to make the change in method of accounting (i.e., must be filed by the last day of such taxable year). This filing requirement is also in Rev. Proc. 97–27, 1997-1 C.B. 680. (But see Rev. Proc. 99–49, 1999-2 C.B. 725, for automatic changes in method of accounting that can be made with the return.)

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