INCOME TAX

Notice 2011–32, page 737. Japan earthquake and tsunami in 2011. This notice designates the Japan earthquake and tsunami occurring in March 2011 as a qualified disaster for purposes of section 139 of the Code.

Rev. Proc. 2011–22, page 737. This procedure provides a safe harbor method of accounting for determining the recovery periods for depreciation of certain tangible assets used by wireless telecommunications carriers. The procedure also explains how a taxpayer may obtain automatic consent from the Commissioner of Internal Revenue to change to the safe harbor method of accounting provided. Rev. Proc. 2011–14 modified and amplified.

Rev. Proc. 2011–27, page 740. This procedure provides two alternative safe harbor approaches that taxpayers may use to determine whether expenditures to maintain, replace, or improve wireline network assets must be capitalized under section 263(a) of the Code: a network asset maintenance allowance method or a units of property method. This procedure also provides procedures for obtaining automatic consent to change to either safe harbor method. A companion revenue procedure (Rev. Proc. 2011–28) provides similar safe harbor approaches that may be used for wireless network assets. Rev. Proc. 2011–14 modified.

Rev. Proc. 2011–28, page 743. This procedure provides two alternative safe harbor approaches that taxpayers may use to determine whether expenditures to maintain, replace, or improve wireless network assets must be capitalized under section 263(a) of the Code:

Finding Lists begin on page ii.