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Article: Rev. Proc. 2006-46
- Article from:
- United States. Internal Revenue Bulletin
- Article date:
- November 6, 2006
- Author:
CopyrightCopyright Superintendent of Documents Nov 6, 2006. Provided by ProQuest LLC. (Hide copyright information)
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SECTION 1. PURPOSE
This revenue procedure provides the exclusive procedures for a partnership (as defined in section 5.02 of this revenue procedure), S corporation, electing S corporation (as defined in section 5.03 of this revenue procedure), personal service corporation (PSC) (as defined in section 5.04 of this revenue procedure), or trust within its scope - to obtain automatic approval to adopt, change, or retain its annual accounting period under § 442 of the Internal Revenue Code and § 1.442-1(b) of the Income Tax Regulations. This revenue procedure clarifies, modifies, amplifies, and supersedes Rev. Proc. 2002-38, 2002-1 C.B. 1037. A partnership, S corporation, electing S ...