26 U.S.C. § 463
26 U.S.C. § 463
Section, added Pub. L. 93-625, §4(a), Jan. 3, 1974, 88 Stat. 2109; amended Pub. L. 94-455, title XIX, §1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1834; Pub. L. 98-369, div. A, title V, §561(a), July 18, 1984, 98 Stat. 901; Pub. L. 99-514, title XI, §1165(a), Oct. 22, 1986, 100 Stat. 2511, related to deduction allowable for accrual basis taxpayers under section 162(a) of this title with respect to vacation pay.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF REPEALRepeal applicable to taxable years beginning after Dec. 31, 1987, see section 10201(c)(1) of Pub. L. 100-203, set out as an Effective Date of 1987 Amendment note under section 404 of this title.
CHANGE IN METHOD OF ACCOUNTING REQUIRED BY PUB. L. 100-203Pub. L. 100-203, title X, §10201(c)(2), Dec. 22, 1987, 101 Stat. 1330-388, provided that: "In the case of any taxpayer who elected to have section 463 of the Internal Revenue Code of 1986 apply for such taxpayer's last taxable year beginning before January 1, 1988, and who is required to change his method of accounting by reason of the amendments made by this section [amending sections 404, 419, and 461 of this title, repealing sections 81 and 463 of this title, and enacting provisions set out as a note under section 404 of this title]- "(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 such Code to be taken into account by the taxpayer-"(i) shall be reduced by the balance in the suspense account under section 463(c) of such Code as of the close of such last taxable year, and"(ii) shall be taken into account over the 4-taxable year period beginning with the taxable year following such last taxable year as follows:
| "In the case of the: | The percentage taken intoaccount is: |
| 1st year | 25 |
| 2nd year | 5 |
| 3rd year | 35 |
| 4th year | 35. |
- 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.