SECTION 8. EFFECTIVE DATE

.01 In general . This revenue procedure is effective May 13, 1996.

.02 Form 3115 already pending with the Service .

(1) In general . The provisions of this revenue procedure apply to a taxpayer with a Form 3115 (including a Form 3115 filed under the early application provision of section 5.01(3) of Rev. Proc. 92–20) timely filed with the Service as of May 13, 1996, for a method change for depreciation to which this revenue procedure applies. Therefore, the taxpayer has the option to make the method change under this revenue procedure or to request permission to make the method change under Rev. Proc. 92–20 (or any successor). In this regard, the taxpayer must notify the national office, in writing, on or before August 15, 1996, as to the taxpayer’s decision. If the national office is not notified by August 15, 1996, the Form 3115 will be treated as filed under Rev. Proc. 92–20.

(2) Manner of effecting automatic change . If the taxpayer makes the method change under this revenue procedure, the taxpayer’s Form 3115 timely filed as of May 13, 1996, will be treated as being timely filed with the national office under this revenue procedure. The original of the Form 3115 will be retained by the national office. The national office will return a copy of the Form 3115 to the taxpayer so that, as required, the taxpayer can attach the copy to the taxpayer’s timely filed (including extensions) original federal income tax return, or to an amended return, for the year of change. The receipt of this copy is not an opinion of the Commissioner regarding the propriety of the taxpayer’s proposed method of accounting. See section 4.02 of this revenue procedure.

If all of the property subject to the Form 3115 appears to be within the

scope of this revenue procedure and the taxpayer notifies the national office in a timely manner that the taxpayer is making the method change under this revenue procedure, any user fee submitted with the Form 3115 will be returned to the taxpayer.

(3) Year of change . For a taxpayer with a Form 3115 timely filed as of May 13, 1996, the taxpayer may make the method change under this revenue procedure either for the year of change originally requested on the Form 3115 (or if this year is a closed year, for the first subsequent open year) or for the taxpayer’s taxable year beginning in 1995 or 1996. If the taxpayer modifies the year of change, the taxpayer must submit a letter to the national office, stating the new year of change and any revised information on the taxpayer’s Form 3115 to reflect the new year of change (for example, the revised § 481(a) adjustment for the year of change). This letter must be submitted on or before August 15, 1996, to the national office. If the national office is not notified by August 15, 1996, the year of change is the one originally requested on the taxpayer’s Form 3115 (or if this year is a closed year, the first subsequent open year).

If the taxpayer makes the method change under this revenue procedure for under-depreciated property but the Form 3115 also includes items of property for which the taxpayer, under the taxpayer’s present method of accounting, claimed more than the depreciation allowable, the year of change for the over-depreciated property will be the same as the year of change for the under-depreciated property.

(4) Submission of additional infor- mation . The additional information requested in section 8.02(1) and (3) of this revenue procedure must be accompanied by the following penalties of perjury statement: ‘‘Under penalties of perjury, I declare that I have examined this request, including accompanying documents, and to the best of my knowledge and belief, the facts presented in support of the requested Form 3115 are true, correct, and complete.’’ This penalties of perjury statement must be signed and dated by the taxpayer, not the taxpayer’s representative. Also, a stamped signature is not permitted.

The additional information (including the penalties of perjury statement) must

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be addressed to the Commissioner of Internal Revenue, Attn: CC:DOM: P&SI:6, Room 5112, P.O. Box 7604, Ben Franklin Station, Washington, DC 20044.