Rev. Proc. 2014-17 - Changes in accounting periods, methods of accounting for tangible property 

February 28:  The IRS today released an advance copy of Rev. Proc. 2014-17 that describes the accounting method changes under the proposed disposition regulations that are eligible to be filed under the automatic consent procedures in Rev. Proc. 2011-14.

Rev. Proc. 2014-17 [PDF 206 KB] modifies certain changes that may be filed under the temporary regulations and adds new changes with respect to the proposed disposition regulations.

Specifically, today’s 91-page revenue procedure:

  • Continues to allow late general asset account elections through 2013 for assets currently owned
  • Removes the ability to file late general asset account elections for assets not currently owned
  • Allows a late partial disposition election under the proposed regulations to be treated as a change in method of accounting for a limited period of time
  • Will continue to allow a method change for a “ghost” unit of property (basis is being depreciated but physical asset is gone)—this change does not apply if the disposition involves only part of the unit of property
  • Provides the ability to revoke a general asset account election

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