Part I. Rulings and Decisions Under the Internal Revenue Code of 1986

Section 162.—Trade or business expenses

Procedures are provided permitting small business taxpayers to make certain tangible property changes in methods of accounting with an adjustment under § 481(a) of the Internal Revenue Code that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014. In addition, for their first taxable year that begins on or after January 1, 2014, small business taxpayers are permitted to make certain tangible property changes without filing a Form 3115. See Rev. Proc. 2015–20, page 694.

Section 263.—Capital expenditures

Procedures are provided permitting small business taxpayers to make certain tangible property changes in methods of accounting with an adjust

ment under § 481(a) of the Internal Revenue Code that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014. In addition, for their first taxable year that begins on or after January 1, 2014, small business taxpayers are permitted to make certain tangible property changes without filing a Form 3115. See Rev. Proc. 2015–20, page 694.

Section 263A.— Capitalization and inclusion in inventory costs of certain expenses

Procedures are provided permitting small business taxpayers to make certain tangible property changes in methods of accounting with an adjustment under § 481(a) of the Internal Revenue Code that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning

on or after January 1, 2014. In addition, for their first taxable year that begins on or after January 1, 2014, small business taxpayers are permitted to make certain tangible property changes without filing a Form 3115. See Rev. Proc. 2015–20, page 694.

Section 481.—Adjustments required by changes in method of accounting

Procedures are provided permitting small business taxpayers to make certain tangible property changes in methods of accounting with an adjustment under § 481(a) of the Internal Revenue Code that takes into account only amounts paid or incurred, and dispositions, in taxable years beginning on or after January 1, 2014. In addition, for their first taxable year that begins on or after January 1, 2014, small business taxpayers are permitted to make certain tangible property changes without filing a Form 3115. See Rev. Proc. 2015–20, page 694.

March 2, 2015 686 Bulletin No. 2015–9