Rev. Proc. 72-53
Rev. Proc. 72-53; 1972-2 C.B. 833
- Cross-Reference
26 CFR 601.105: Examination of returns and claims for refund, credit,
or abatement; determination of correct tax liability.
(Also Part I, Sections 61, 482; 1.61-1, 1.482-1.)
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
Superseded by Rev. Proc. 99-32 Modified by Rev. Proc. 96-14 Modified by Rev. Proc. 91-23
The provisions of Revenue Procedure 65-17, C.B. 1965-1, 833, as amplified and amended which provide the procedure governing the adjustment of accounts and the transfer of amounts as the result of allocation of income or deductions made pursuant to section 482 of the Internal Revenue Code of 1954, are also applicable to situations where adjustments have been made under section 61 of the Code provided that such adjustments could also have been made under section 482 of the Code, and provided, further, that for taxable years beginning after December 31, 1964, it is determined by the Internal Revenue Service that the transactions giving rise to the potential section 482 adjustment did not have as one of their principal purposes the avoidance of Federal income tax.
Revenue Procedure 65-17 is amplified.
- Cross-Reference
26 CFR 601.105: Examination of returns and claims for refund, credit,
or abatement; determination of correct tax liability.
(Also Part I, Sections 61, 482; 1.61-1, 1.482-1.)
- Code Sections
- LanguageEnglish
- Tax Analysts Electronic Citationnot available
