SECTION 5. ACCOUNTING — Internal Revenue Bulletin 2001-47

	Statute or Regulation	Act Postponed
7.	Treas. Reg. § 1.461- 1(c)(3)(ii)	A taxpayer may elect, with the consent of the Commissioner, to accrue real property taxes ratably in accordance with section 461(c). A written request for permission to make such an election must be submitted within 90 days after the beginning of the taxable year to which the election is first applicable. Rev. Proc. 83–77 provides an automatic 90-day extension.
8.	Sec. 461(h)(3)	A taxpayer may elect the recurring item exception method of accounting under which certain items that are recurring in nature (for example, rebates, prizes, and provision of services under warranty contracts) are treated as incurred during a taxable year if, (among other requirements) for each such item, economic performance occurs within 8½-months after the close of the taxable year.
9.	Treas. Reg. § 1.7519- 2T(a)(2),(3) and (4)	A partnership or S corporation must file the Form 8752, Required Payment or Refund Under Section 7519, if the taxpayer has made an election under section 444 to use a taxable year other than its required taxable year and the election is still in effect. The Form 8752 must be filed and any required payment must be made by the date stated in the instructions to Form 8752.
10.	Rev. Proc. 87-32, 1987-2 C.B. 396	Certain partnerships, S corporations, corporations electing to be S corporations, or personal service corporations that desire to change or retain a tax year that is its natural business year, as defined in section 4.01(1) of Rev. Proc. 87–32, and S corporations or corporations electing to be S corporations that desire to change to a tax year that meets the “ownership tax year test” set forth in section 4.02, must file Form 1128, Application to Adopt, Change, or Retain a Tax Year, with the Service Center on or before the 15th day of the second calendar month following the close of the short period for which a return is required. If a partnership, S corporation or a personal service corporation desires to retain a tax year not described in Rev. Proc. 87–32, then the taxpayer should request permission to retain its tax year by filing Form 1128 on or before the 75th day of the tax year for which the reten- tion is to apply. An electing S corporation that desires to adopt, change to, or retain a tax year not described in Rev. Proc. 87–32 must request permission by filing Form 2553, Election by a Small Business Corporation, when the election to be an S corporation is filed.
11.	Rev. Proc. 92-29, section 6.02	A developer of real estate requesting the Commissioner’s consent to use the alternative cost method must file a private letter ruling request within 30 days after the close of the taxable year in which the first benefitted property in the project is sold. The request must include a consent extending the period of limitation on the assessment of income tax with respect to the use of the alternative cost method.

�� �� ��