SECTION 1. PURPOSE

.01 This revenue procedure modifies Rev. Proc. 97–44, 1997–41 I.R.B. 8, which provides relief for automobile and light-duty truck dealers that elected the last-in, first-out (LIFO) inventory method and violated the LIFO conformity requirement of § 472(c) or (e)(2) of the Internal Revenue Code by providing, for credit purposes, an income statement prepared in a format required by the franchisor or on a pre-printed form supplied by the franchisor (an automobile manufacturer), covering any taxable year ended on or before October 14, 1997, that fails to reflect the LIFO inventory method.

.02 Rev. Proc. 97–44 is modified to extend the relief provided in that revenue procedure to medium- and heavy-duty truck dealers that comply with Rev. Proc. 97–44 as modified herein. In addition, Rev. Proc. 97–44 is modified to extend the due dates for medium- and heavy-duty truck dealers to make installment payments of the settlement amount computed in accordance with that revenue procedure.