• Subject: IRS Ruling Offers Choice on Y2K Tax Treatment
  • From: Glenn Ericson <Glenn-Ericson@xxxxxxx>
  • Date: Tue, 28 Oct 1997 17:18:45 -0500

A  snipplet of the article. 
Glenn

ITAA's Year 2000 Outlook
October 24, 1997                                                             

IRS Ruling Offers Choice on Y2K Tax Treatment
The Internal Revenue Service (IRS) has issued a ruling allowing the
amortization of Y2K conversion costs (The ruling will appear an  Internal
Revenue Bulletin  on November 10, 1997).   According to Rev. Proc. 97-50,
Part III, Section 3, the IRS has established guidelines allowing a
taxpayer, in its trade or business, to amortize the costs of conversion or
replacement of computer software to recognize dates beginning in the Year
2000.   Such accounting for Y2K software costs, whether purchased,
developed, leased or converted, will fall "within the purview of Rev. Proc.
69-21."

<snip>

How do you  think this will  change your efforts or plans on Y2K?


Glenn
___________________________________________________
Glenn Ericson,          Phoenix Consulting                      
P O Box 701164   East Elmhurst NY 11370-3164 USA                            
Ph. 718 898 9805         Fx. 718 446 1150
AS/400 & Year 2000- - Solutions Specialists
  1997copyright,  all rights reserved
____________________________________________________


 
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