• Subject: Re: IRS Ruling Offers Choice on Y2K Tax Treatment
  • From: mcrump@xxxxxxxxxxxxxx
  • Date: Wed, 29 Oct 1997 06:26:38 -0500

>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.

You can find this at the ITAA site (www.itaa.org) in the Y2K section.
Specifically you can find this text at:


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