MyVeryOwnSelf wrote:
- quote -

automatic approval to revoke your election to amortize.
http://www.irs.gov/pub/irs-drop/rp-08-52.pdf

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Does "automatic consent" cover a taxpayer changing his decision to amortize
premiums for taxable bonds? If so, how does the procedure work? Has anybody
out there done this, and can tell about potential problems?


Background:

On tax returns, I currently amortize the premium for taxable bonds
purchased at a premium.

According to IRS publication 550:

"You can change your decision to amortize bond premium only with the
written approval of the IRS. To request approval, use Form 3115,
Application for Change in Accounting Method."

I’m considering this change in order to simplify my record-keeping.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

- quote -

to the transition rules of Rev. Proc. 2008-52, which
updates the procedures by which taxpayers may obtain
automatic consent to change certain methods of
accounting.

Announcement 2008-54 will appear in IRB 2008-38.
September 22, 2008.

This message came with a link to:
http://www.irs.gov/pub/irs-drop/a-08-84.pdf

Dick

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >