On February 28, the IRS issued new guidance that allows taxpayers to claim a loss on structural components of buildings retired in prior years. Rev. Proc. 2014-17 provides updated automatic consent procedures for accounting method changes, which allows taxpayers to make a late partial disposition election accounting method change. The guidance also allows taxpayers to revoke any general asset account elections made under the temporary regulations. Rev. Proc. 2014-17 supersedes Rev. Proc. 2012-20.