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64. Mark-to-market (section 475) — for accounting for

78. Costs of intangibles and certain transactions (section

securities or commodities by commodities dealers, securities

263(a)) — for amounts paid or incurred to acquire or create

traders, and commodities traders, to the mark-to-market

intangibles, or to facilitate an acquisition of a trade or business,

method under section 475(e) or (f). An election statement must

a change in the capital structure of a business entity, and

be filed earlier than the due date of Form 3115. See Rev. Proc.

certain other transactions, to a method of accounting provided

99-17, 1999-1 C.B. 503, for rules relating to this statement. See

in Regulations sections 1.263(a)-4, 1.263(a)-5, and

section 23.01 in the Appendix of Rev. Proc. 2008-52.

1.167(a)-3(b). Complete Schedule E of Form 3115 for changes

to a method of accounting provided in Regulations section

65. Dealer status changes (section 475) — for an applicant

1.167(a)-3(b). See Rev. Proc. 2006-12, 2006-1 C.B. 310, as

electing out of certain exemptions from securities dealer status,

modified by Rev. Proc. 2006-37, 2006-2 C.B. 499 and section

to the mark-to-market method. This change does not fall under

the procedures of Rev. Proc. 2008-52. Instead, see Rev. Proc.

10.05 in the Appendix of Rev. Proc. 2008-52.

97-43, 1997-2 C.B. 494.

79. REMIC inducement fees (sections 860A-860G) — for

66. Bank reserves for bad debts (section 585) — for a bank

an inducement fee received in connection with becoming the

(as defined in section 581, including a bank for which a qualified

holder of a noneconomic residual interest in a REMIC, to a safe

subchapter S subsidiary (QSub) election is filed) to change

harbor method provided under Regulations section

from the section 585 reserve method to the section 166

1.446-6(e)(1) or (e)(2). See Rev. Proc. 2004-30, 2004-1 C.B.

specific charge-off method. See section 24.01 in the Appendix

950, and section 27.01 in the Appendix of Rev. Proc. 2008-52.

to Rev. Proc. 2008-52.

80. All events test method for credit card annual fees

(section 451) — to a method that satisfies the all events test in

67. Insurance company premium acquisition expenses

accordance with Rev. Rul. 2004-52, 2004-1 C.B. 973. See

(section 832) — for certain insurance companies, to a safe

section 15.05 in the Appendix of Rev. Proc. 2008-52.

harbor method of accounting for premium acquisition expenses

set forth in Rev. Proc. 2002-46, 2002-2 C.B. 105. See section

81. Ratable inclusion method for credit card annual fees

25.01 in the Appendix of Rev. Proc. 2008-52.

(section 446) — to the ratable inclusion method for credit card

68. Discounted unpaid losses (section 846) — for

annual fees. See section 15.05 in the Appendix of Rev. Proc.

insurance companies other than life insurance companies

2008-52.

computing discounted unpaid losses, to the composite method

82. Credit card late fees (section 451) — to a method that

or to alternative methods set forth in Notice 88-100, 1988-2

treats credit card late fees as interest income that creates or

C.B. 439, and Rev. Proc. 2002-74, 2002-2 C.B. 980. See

increases OID on the pool of credit card loans to which the fees

section 26.01 in the Appendix of Rev. Proc. 2008-52.

relate. See section 15.06 in the Appendix of Rev. Proc.

69. Obsolete.

2008-52.

70. Functional currency (section 985) — to the use of

83. Full inclusion method for certain advance payments

another functional currency for the applicant or its qualified

(section 451) — to the full inclusion method as described in

business unit (QBU), other than a QBU described in Regulation

section 5.01 of Rev. Proc. 2004-34, 2004-1 C.B. 991. The

section 1.985-1(b)(1)(iii). See section 29.01 in the Appendix of

applicant must be using, or changing to, an overall accrual

Rev. Proc. 2008-52.

method of accounting. See section 15.07 in the Appendix of

71. Rule of 78s (section 1272) — for stated interest on

Rev. Proc. 2008-52, as clarified and modified by Rev. Proc.

certain short-term consumer loans, from the Rule of 78s

2009-39.

method to the constant yield method. See section 14.05 in the

84. Deferral method for certain advance payments

Appendix of Rev. Proc. 2008-52.

(section 451) — to the deferral method as described in section

72. Original issue discount (sections 1272 and 1273) — to

5.02 of Rev. Proc. 2004-34, 2004-1 C.B. 991 (except as

the principal-reduction method for de minimis original issue

provided in section 8.03 and 8.04(2) of Rev. Proc. 2004-34).

discount (OID). See section 31.01 in the Appendix of Rev. Proc.

The applicant must be using, or changing to, an overall accrual

2008-52.

method of accounting. See section 15.07 in the Appendix of

73. Market discount bonds (section 1278) — from

Rev. Proc. 2008-52, as clarified and modified by Rev. Proc.

including market discount currently in income for the tax year to

2009-39.

which the discount is attributable to including market discount in

85. Film producer’s treatment of certain creative property

income for the tax year of disposition or partial principal

costs (section 446) — to account for creative property costs

payment (revoking the section 1278(b) election). See section

under the safe harbor method provided in Rev. Proc. 2004-36,

32.01 in the Appendix of Rev. Proc. 2008-52.

2004-1 C.B. 1063. See section 14.06 in the Appendix of Rev.

74. Interest income on short-term obligations (section

Proc. 2008-52.

1281) — to currently including accrued interest and discount in

86. Timber fertilization costs (section 162) — for costs

income (to comply with section 1281). See section 33.01 in the

incurred by a timber grower for the post-establishment

Appendix of Rev. Proc. 2008-52.

fertilization of an established timber stand, to treat such costs

75. Stated interest on short-term loans (section

as ordinary and necessary business expenses deductible under

1281) — for a bank using the cash receipts and disbursements

section 162. See section 3.04 in the Appendix of Rev. Proc.

method of accounting, from accruing stated interest on

2008-52.

short-term loans made in the ordinary course of business to

87. Change in general asset account treatment due to a

using the cash method to report such interest. See section

change in the use of MACRS property (section 168) — to the

33.02 in the Appendix of Rev. Proc. 2008-52.

method of accounting provided in Regulations sections

76. Sales of mortgage loans (section 1286) — for

1.168(i)-1(c)(2)(ii)(E) and 1.168(i)-1(h)(2). Complete Schedule E

accounting for certain sales of mortgage loans in which the

of Form 3115. See Regulations section 1.168(i)-1(1)(2)(ii) and

seller also enters into a contract to service the mortgages in

section 6.09 in the Appendix of Rev. Proc. 2008-52.

consideration for amounts received from interest payments,

88. Change in method of accounting for depreciation due

from a method that is inconsistent with Rev. Rul. 91-46, 1991-2

to a change in the use of MACRS property (section

C.B. 358, to a method that is consistent with Rev. Rul. 91-46.

168) — to the method of accounting provided in Regulations

However, the change is only an automatic accounting method

section 1.168(i)-4 or revoke the election provided in Regulations

change for certain taxpayers who are under examination. This

section 1.168(i)-4(d)(3)(ii) to disregard a change in use of

change does not fall under the procedures of Rev. Proc.

MACRS property. Complete Schedule E of Form 3115. See

2008-52. Instead, see Rev. Proc. 91-51, 1991-2 C.B. 779.

Regulations section 1.168(i)-4(g)(2) and section 6.10 in the

77. Environmental remediation costs (section 263A) — for

Appendix of Rev. Proc. 2008-52.

costs incurred to clean up land that a taxpayer contaminated

89. Depreciation of qualified non-personal use vans and

with hazardous waste from the taxpayer’s manufacturing

light trucks (section 280F) — for certain vehicles placed in

operations, to capitalizing such costs in inventory costs under

service before July 7, 2003, to a method of accounting in

section 263A. See section 11.05 in the Appendix of Rev. Proc.

accordance with Regulations section 1.280F-6(f)(2)(iv).

2008-52.

Complete Schedule E of Form 3115. See Regulations section

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Instructions For Form 3115 - Application For Change In Accounting Method - Internal Revenue Service - 2009 Page 13

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