26 U.S.C. § 466
26 U.S.C. § 466
Section, added Pub. L. 95-600, title III, §373(a), Nov. 6, 1978, 92 Stat. 2863; amended Pub. L. 96-222, title I, §103(a)(16), Apr. 1, 1980, 94 Stat. 214, related to qualified discount coupons redeemed after close of taxable year.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF REPEALPub. L. 99-514, title VIII, §823(c), Oct. 22, 1986, 100 Stat. 2374, provided:"(1) IN GENERAL.-The amendments made by this section [amending section 461 of this title and repealing this section] shall apply to taxable years beginning after December 31, 1986. "(2) 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 January 1, 1987, and is required to change its method of accounting by reason of the amendments made by this section for any taxable year-"(A) such change shall be treated as initiated by the taxpayer,"(B) such change shall be treated as having been made with the consent of the Secretary, and"(C) 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-"(i) 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"(ii) be taken into account over a period not longer than 4 years."
- Internal Revenue Code of 1986
- The term "Internal Revenue Code of 1986" means this title, and the term "Internal Revenue Code of 1939" means the Internal Revenue Code enacted February 10, 1939, as amended.
- Secretary
- The term "Secretary" means the Secretary of the Treasury or his delegate.
- taxable year
- The term "taxable year" means the calendar year, or the fiscal year ending during such calendar year, upon the basis of which the taxable income is computed under subtitle A. "Taxable year" means, in the case of a return made for a fractional part of a year under the provisions of subtitle A or under regulations prescribed by the Secretary, the period for which such return is made.
- taxpayer
- The term "taxpayer" means any person subject to any internal revenue tax.