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Strategies & Market Trends : IRS, Tax related strategies--Traders -- Ignore unavailable to you. Want to Upgrade?

To: Kaye Thomas who wrote (480)	8/30/1998 10:58:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 1383

Kaye, Off Topic - Thanks for the input! You said ...the area of electing METHODS OF ACCOUNTING, there's a uniform rule against permitting retroactive elections,... . As a matter of interest, would this mean that a change in the method of accounting as described under Rev Proc 96-31 (allowing a current pick up of all the allowable but undeducted depreciation from prior years) if NOT made timely pursuant to the Rev Proc (i.e. within the first 180 days of the taxable year of the change) -- would then NOT be available by filing a Sec 446(e) request "DELIQUENTLY", under Reg 301.9100? . What I have in mind is a non-filer from 1993, who could use the depreciation expense in 1993 when he files the return. . Your thoughts... are we talking a snowball's chance in hell, or something with half a chance? . Colin