SECTION 6. EFFECTIVE DATE OF

REGULATIONS

The provisions of this Notice are effective for purposes of applying the final regulations as of November 14, 1997, the effective date of those regulations. Because some withholding agents may require additional time to adjust their business practices to implement the provisions of the final regulations and this Notice, a withholding agent can elect to defer the application of the final regulations, other than Treas. Reg. § 1.864–5(b)(2)(ii), and this Notice until January 1, 1998. A withholding agent makes such an election by attaching a statement to such effect to a timely filed tax return (Form 1042) for the period that includes November 14, 1997, or if no such return is otherwise required for the period including that date, on a timely filed return (Form 1042) for the period that includes January 1, 1998. Withholding agents making this election must apply the provisions of the final regulations and this Notice for substitute payments made after December 31, 1997.