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Administrative: Notice 99-19
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PURPOSE
This notice invites public comment on possible changes to published guidance concerning accounting period changes. Among possible changes under consideration are: (1) revising the criteria used to establish a substantial business purpose, including what constitutes a natural business year; and (2) allowing more accounting period changes to be made automatically.
BACKGROUND
Section 441 of the Internal Revenue Code provides that taxable income must be computed on the basis of the taxpayer's taxable year. In general, the term "taxable year" means the taxpayer's annual accounting ...
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