Re: IRS Ruling Offers Choice on Y2K Tax Treatment

>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."

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

http://www.itaa.org/script/2000let2.cfm?IssueID=105






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