Pub. L. 93–625, § 4(a)88 Stat. 2109 Pub. L. 94–455, title XIX, § 1906(b)(13)(A)90 Stat. 1834 Pub. L. 98–369, div. A, title V, § 561(a)98 Stat. 901 Pub. L. 99–514, title XI, § 1165(a)100 Stat. 2511 section 162(a) of this titleSection, added , , ; amended , , ; , , ; , , , related to deduction allowable for accrual basis taxpayers under with respect to vacation pay.
Statutory Notes and Related Subsidiaries
Effective Date of Repeal
section 10201(c)(1) of Pub. L. 100–203section 404 of this titleRepeal applicable to taxable years beginning after , see , set out as an Effective Date of 1987 Amendment note under .
Change in Method of Accounting Required by Pub. L. 100–203
Pub. L. 100–203, title X, § 10201(c)(2)101 Stat. 1330–388
section 404 of this title“In the case of any taxpayer who elected to have section 463 of the Internal Revenue Code of 1986 apply for such taxpayer’s last taxable year beginning before , and who is required to change his method of accounting by reason of the amendments made by this section [amending sections 404, 419, and 461 of this title, repealing sections 81 and 463 of this title, and enacting provisions set out as a note under ]—“(A) “(B) “(C)“(i) “(ii)
shall be taken into account over the 4-taxable year period beginning with the taxable year following such last taxable year as follows:
, , , provided that:
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 such Code to be taken into account by the taxpayer—
shall be reduced by the balance in the suspense account under section 463(c) of such Code as of the close of such last taxable year, and
“In the case of the: | The percentage taken into account is: |
|---|---|
1st year | 25 |
2nd year | 5 |
3rd year | 35 |
4th year | 35. |
Notwithstanding subparagraph (C)(ii), if the period the adjustments are required to be taken into account under section 481 of such Code is less than 4 years, such adjustments shall be taken into account ratably over such shorter period.”