Code of Federal Regulations Title 26. Internal Revenue § 26.1.467–9 Effective/applicability dates and automatic method changes for certain agreements

(1) Disqualified leasebacks and long-term agreements entered into after June 3, 1996;  and

(2) Rental agreements not described in paragraph (a)(1) of this section that are entered into after May 18, 1999.

(e) Change in method of accounting—(1) In general. For the first taxable year ending after May 18, 1999, a taxpayer is granted consent of the Commissioner to change its method of accounting for rental agreements described in paragraph (a)(2) of this section to comply with the provisions of §§ 1.467–1 through 1.467–7.

(2) Application of regulation project IA–292–84. For the first taxable year ending after May 18, 1999, a taxpayer is granted consent of the Commissioner to change its method of accounting for any rental agreement described in paragraph (c) of this section to comply with the provisions of regulation project IA–292–84 (1996–2 C.B. 462) (see § 601.601(d)(2) of this chapter).

(3) Automatic change procedures. A taxpayer changing its method of accounting in accordance with this paragraph (e) must follow the automatic change in accounting method provisions of Rev. Proc. 98–60 (see § 601.601(d)(2) of this chapter) except, for purposes of this paragraph (e), the scope limitations in section 4.02 of Rev. Proc. 98–60 are not applicable. A method change in accordance with paragraph (e)(1) of this section is made on a cut-off basis so no adjustment under section 481(a) is required.