Income Tax

REV. PROC. 2018–44, page 426. Rev. Proc. 2018–44 modifies Rev. Proc. 2018–31, 2018–22 I.R.B. 637, to provide that an eligible terminated S corporation, as defined in § 481(d)(2), required to change from the overall cash receipts and disbursements method of accounting (cash method) to an overall accrual method of accounting (accrual method) as a result of a revocation of its S corporation election, and that makes this change in method of accounting for the C corporation’s first taxable year after such revocation, is required to take into account the resulting positive or negative adjustment required by § 481(a)(2) ratably during the six-year period beginning with the year of change. This revenue procedure also provides that an eligible terminated S corporation that is permitted to continue to use the cash method after the revocation of its S corporation election and that changes to an overall accrual method for the C corporation’s first taxable year after such revocation, may take into account the resulting positive or negative adjustment required by § 481(a)(2) ratably during the six-year period beginning with the year of change.

REV. PROC. 2018–45, page 428. Revenue Procedure 2018–45 provides domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their minimum effec

Finding Lists begin on page ii.