Repealed. Pub. L. 99–514, title VIII, § 823(a), Oct. 22, 1986, 100 Stat. 2373]
Notes
Effective Date of Repeal
In general.—
The amendments made by this section [amending section 461 of this title and repealing this section] shall apply to taxable years beginning after
Change in method of accounting.—
In the case of any taxpayer who elected to have section 466 of the Internal Revenue Code of 1954 [now 1986] apply for such taxpayer’s last taxable year beginning before
such change shall be treated as initiated by the taxpayer,
such change shall be treated as having been made with the consent of the Secretary, and
the net amount of adjustments required by section 481 of the Internal Revenue Code of 1986 to be taken into account by the taxpayer shall—
be reduced by the balance in the suspense account under section 466(e) of such Code as of the close of such last taxable year, and
be taken into account over a period not longer than 4 years.”