SECTION 1. PURPOSE

This revenue procedure provides an automatic consent procedure allowing a taxpayer to make a change in method of accounting under § 446(e) of the Internal Revenue Code for depreciable or amortizable property after its disposition. This revenue procedure also waives the application of the two-year rule set forth in Rev. Rul. 90–38, 1990–1 C.B. 57, for certain changes in depreciation or amortization. Finally, this revenue procedure modifies Rev. Proc. 2002–9, 2002–1 C.B. 327 (as modified by Rev. Proc. 2002–54, 2002–2 C.B. 432, Rev. Proc. 2002–19, 2002–1 C.B. 696, Rev. Proc. 2002–33, 2002–1 C.B. 963, and as modified and clarified by Announcement 2002–17, 2002–1 C.B. 561), and other revenue procedures to conform with § 1.446–1T(e)(2)(ii)( d ) of the temporary Income Tax Regulations.