SECTION 1. PURPOSE

This revenue procedure modifies the procedures in Rev. Proc. 2012–20, 2012–14 I.R.B. 700, and Rev. Proc. 2011–14, 2011–4 I.R.B. 330, regarding certain changes in method of accounting for dispositions of tangible depreciable property. This revenue procedure supersedes Rev. Proc. 2012–20 and provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue to change to the methods of accounting provided in §§ 1.167(a)–4 and 1.168(i)–7 of the Income Tax Regulations, §§ 1.167(a)–4T, 1.168(i)–1T, 1.168(i)–7T, and 1.168(i)–8T of the temporary regulations, and §§ 1.168(i)–1, 1.168(i)–7, and 1.168(i)–8 of the proposed regulations. This revenue procedure also modifies Rev. Proc. 2011–14 and allows a late partial disposition election under Prop. Reg. § 1.168(i)–8 or a revocation of a general asset account election under § 1.168(i)–1T or Prop. Reg. § 1.168(i)–1 to be treated as a change in method of accounting for a limited period of time. Finally, this revenue procedure modifies section 6.01 of the APPENDIX of Rev. Proc. 2011–14 to waive a scope limitation in certain circumstances.