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IRS issues a revenue procedure describing a book safe harbor method of accounting for taxpayers using the nonaccrual-experience (NAE) method of accounting. Rev. Proc. 2011-46 lays out the procedures taxpayers may use to obtain automatic consent to change the safe harbor method and to make certain changes within that method. It applies to taxpayers that are eligible to use the NAE method of accounting under Section 448(d)(5) and have an applicable financial statement.
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