Form 3115 Part II
7a. Does audit protection apply to the applicant's requested change in method of accounting?
If "No." attach an explanation.
I read the instructions several times but could not get it.
My guess is the answer could be "No". Then an explanation is required. What will the explanation look like?
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Have you previously filed a statement? You might want to read the information at the link below.
You need to indicate that you have filed your Election Statement in compliance with section 5.03(1) of Rev. Proc. 99-17 on Form 3115.
See Internal Revenue Bulletin: 2023-28 | Internal Revenue Service
Scroll down to Section 24.
Read the posts in this thread: https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/3115-mark-to-mark-day...
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likesky1010
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likesky1010
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