SECTION 5. ACCOUNTING METHODS AND PERIODS—CONTINUED

Statute or Regulation Act Postponed 10. 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.