Bulletin No. 2004-22 June 1, 2004

Rev. Proc. 2004–31, page 986. Changes in method of accounting for transfers to trusts under section 461(f). This document provides procedures for taxpayers to change their method of accounting for deducting under section 461(f) of the Code amounts transferred to trusts in transactions described in Notice 2003–77, 2003–49 I.R.B. 1182.

Rev. Proc. 2004–32, page 988. This document provides automatic consent procedures for taxpayers to change their method of accounting to a method that complies with Rev. Rul. 2004–52, in this Bulletin, or to the Ratable Inclusion Method for Credit Card Annual Fees described in this revenue procedure. Rev. Proc. 2002–9 modified and amplified.

Rev. Proc. 2004–33, page 989. This procedure describes conditions under which the Commissioner will allow a taxpayer to treat its income from credit card late fees as interest income on a pool of credit card loans. This document also provides automatic consent procedures for a taxpayer to change its method of accounting for credit card late fee income to a method that treats these fees as interest that creates or increases the amount of OID on a pool of credit card loans to which the fees relate. Rev. Proc. 2002–9 modified and amplified.