Revenue Procedure 2014-17 modifies the procedures in Rev. Proc. 2012-20, 2012-14 I.R.B. 700, and Rev. Proc. 2011-14, 2011-4 I.R.B. 330, regarding certain changes in method of accounting for dispositions of tangible depreciable property.

This revenue procedure supersedes Rev. Proc. 2012-20 and provides the procedures by which a taxpayer may obtain the automatic consent of the Commissioner of Internal Revenue to change to the methods of accounting provided in §§ 1.167(a)-4 and 1.168(i)-7 of the Income Tax Regulations, §§ 1.167(a)-4T, 1.168(i)-1T, 1.168(i)-7T, and 1.168(i)-8T of the temporary regulations, and §§ 1.168(i)-1, 1.168(i)-7, and 1.168(i)-8 of the proposed regulations.

This revenue procedure also modifies Rev. Proc. 2011-14 and allows a late partial disposition election under Prop. Reg. § 1.168(i)-8 or a revocation of a general asset account election under § 1.168(i)-1T or Prop. Reg. § 1.168(i)-1 to be treated as a change in method of accounting for a limited period of time.  Finally, this revenue procedure modifies section 6.01 of the APPENDIX of Rev. Proc. 2011-14 to waive a scope limitation in certain circumstances.

Revenue Procedure 2014-23 provides guidance with respect to the United States and area median gross income figures that are to be used by issuers of qualified mortgage bonds, as defined in § 143(a) of the Internal Revenue Code, and issuers of mortgage credit certificates, as defined in § 25(c), in computing the housing cost/income ratio described in § 143(f)(5).