Treasury Regulations · 26 CFR
§ 1.9002-3. Election to have the provisions of section 481 of the Internal Revenue Code of 1954 not apply.
Regulation text, no changes From the eCFR, current as of October 15, 2026. The eCFR is an authoritative but unofficial editorial compilation of the Code of Federal Regulations; the official text is the annual CFR on govinfo. Compare it with this section on ecfr.gov (external site) or the official annual CFR on govinfo (external site).
Regulation under 26 U.S.C. § 9002
Cite as 26 CFR § 1.9002-3
At a glance
Read from the text and its source citation. Not part of the regulation.
- Status
- In the current eCFR
- Issued
- September 1, 1960 by T.D. 6490
- Issued under
- 26 U.S.C. § 9002
- Length
- 198 words · about 1 min to read
- Cross-references
- cites 1 Code section and 0 regulations; cited by 0
Section 4(a) of the Act provides that in the treatment of dealer reserve income by the taxpayer is changed to a method proper under the accrual method of accounting, then the taxpayer may elect to have such change treated as not a change in method of accounting to which the provisions of section 481 of the Internal Revenue Code of 1954 apply. This election shall apply to all taxable years ending on or before June 22, 1959, for which the assessment of any deficiency, or for which refund or credit of any overpayment, was not prevented on June 21, 1959, by the operation of any law or rule of law. This election may be made only if the alternative election under section 3(a) of the Act has not been exercised. If an election is made under section 4(a) of the Act, taxable income (or net income in the case of a taxable year to which the Internal Revenue Code of 1939 applies) shall be recomputed under a proper method of accounting for dealer reserve income for each taxable year to which the election applies, without regard to section 481.
[T.D. 6490, 25 FR 8372, Sept. 1, 1960]
Cross-references
Computed from the citations in the text of 26 CFR.
Code sections it cites
Amendment history
From the source citation at the end of the section, newest first. T.D. is a Treasury decision; FR is the Federal Register.
- Issued by T.D. 6490 (25 FR 8372)
Where it sits in 26 CFR
- Subchapter A Income tax
- Part 1 Income taxes
- General actuarial valuations
Nearby sections
- § 1.9001-4 Adjustments required in computing excess-profits credit.
- § 1.9002 Statutory provisions; Dealer Reserve Income Adjustment Act of 1960 (74 Stat. 124).
- § 1.9002-1 Purpose, applicability, and definitions.
- § 1.9002-2 Election to have the provisions of section 481 of the Internal Revenue Code of 1954 apply.
- § 1.9002-3 Election to have the provisions of section 481 of the Internal Revenue Code of 1954 not apply.
- § 1.9002-4 Election to pay net increase in tax in installments.
- § 1.9002-5 Special rules relating to interest.
- § 1.9002-6 Acquiring corporation.
- § 1.9002-7 Statute of limitations.