Reg. § 1.467-9 Effective/applicability dates and automatic method changes for certain agreements.
(a) In general Sections through 1.467-7 are applicable for—
(1) Disqualified leasebacks and long-term agreements entered into after June 3, 1996; and
(2) Rental agreements not described in of this section that are entered into after May 18, 1999.
(b) Automatic consent for certain rental agreements applies only to rental agreements described in .
(c) Application of regulation project IA-292-84 to certain leasebacks and long-term agreements In the case of any leaseback or long-term agreement (other than a disqualified leaseback or long-term agreement) entered into after June 3, 1996, and on or before May 18, 1999, a taxpayer may choose to apply the provisions of regulation project IA-292-84 (1996-2 C.B. 462)(see ).
(d) Entered into For purposes of this section and , a rental agreement is entered into on its agreement date (within the meaning of and, if applicable, ).
(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 of this section to comply with the provisions of through .
(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 of this section to comply with the provisions of regulation project IA-292-84 (1996-2 C.B. 462) (see ).
(3) Automatic change procedures A taxpayer changing its method of accounting in accordance with this must follow the automatic change in accounting method provisions of Rev. Proc. 98-60 (see ) except, for purposes of this , the scope limitations in of Rev. Proc. 98-60 are not applicable. A method change in accordance with of this section is made on a cut-off basis so no adjustment under section is required.
(f) Application of section 1022 The provisions of and relating to section are effective on and after January 19, 2017.
[T.D. 8820, 64 FR 26875, May 18, 1999, as amended by T.D. 9811, 82 FR 6238, Jan. 19, 2017]