T owns a series EE savings bond.In previous years, he elected to report the interest income from the bond (i.e., the annual increase in redemption value) when he redeemed the bond rather than currently.This year, T decided that he would be better off to report the income annually rather than defer it.To accomplish this objective, T must seek the approval of the IRS.

Question

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To change the method of reporting interest income from deferring until redemption to reporting annually, T must obtain IRS approval because it involves a change in accounting method.

T Owns a Series EE Savings Bond