Pub. L. 95–600, title III, § 373(a)92 Stat. 2863Pub. L. 96–222, title I, § 103(a)(16)94 Stat. 214Section, added , , ; amended , , , related to qualified discount coupons redeemed after close of taxable year.
Statutory Notes and Related Subsidiaries
Effective Date of Repeal
Pub. L. 99–514, title VIII, § 823(c)100 Stat. 2374
In general .—
section 461 of this titleThe amendments made by this section [amending 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 , and is required to change its method of accounting by reason of the amendments made by this section for any taxable year—
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.”