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Revenue Procedure 201647Waiver of 60Day Rollover Requirement Rev. Pro. 201647; 2016 IRB LEXIS 509; 201637 I.R.B. 346August 24, 2016 ×1 TEXT:SECTION 1. Purposes revenue procedure provides guidance
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Revenue Procedure 47 outlines the requirements and procedures for certain taxpayers to initiate changes in accounting methods.
Taxpayers who want to make changes in their accounting methods are required to file revenue procedure 47.
Revenue procedure 47 can be filled out by following the instructions provided in the document and providing all the necessary information regarding the requested accounting method change.
The purpose of revenue procedure 47 is to ensure that taxpayers follow the correct procedures when making changes in their accounting methods.
Revenue procedure 47 requires taxpayers to report detailed information about the proposed change in accounting method, including the reason for the change and the impact on the taxpayer's income.
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