SECTION 7. EFFECTIVE DATE

This revenue procedure is effective for Forms 1042-S, forms in the series 1098, 1099, and 5498, and Forms W-2G filed after December 31, 1999. In addition, if a successor filed forms on or before December 31, 1999, in the circumstances described in section 3 of this revenue procedure, the predecessor’s filing obligations are deemed to have been satisfied with respect to amounts shown on those forms if the predecessor and successor have substantially complied with all the requirements of section 5 of this revenue procedure (except for the statement requirement of section 5.05).