SECTION 3. SIGNIFICANT CHANGES

Significant changes to Rev. Proc. 92–13 made by this revenue procedure include:

.01 Section 4.01(2) provides that this revenue procedure applies to a corporation that wants to change from a 52–53–week taxable year to a taxable year that ends with reference to the same month, and vice versa;

.02 Section 4.01(3) adds a provision whereby a controlled foreign corporation (CFC) may revoke its one-month deferral election under § 898(c)(1)(B) and automatically change its taxable year to the majority United States shareholder year (as defined in § 898(c)(1)(C));

.03 Section 4.02(1) provides certain exceptions to the 6-year waiting period between automatic period changes, such as for changes to or from a 52-53-week taxable year referencing the same month;

.04 Section 4.02(2) adds three exceptions to the scope restrictions applicable to an automatic period change for a corporation that is a member of a partnership or a beneficiary of a trust or estate;

.05 Section 4.02(3) adds two exceptions to the scope restrictions applicable to an automatic period change for a corporation that is a shareholder of a foreign sales corporation (FSC) or an interest charge domestic international sales corporation (IC-DISC);

.06 Section 4.02(6) eliminates the prohibition of an automatic period change for

26 CFR 601.204: Changes in accounting periods and in methods of accounting. (Also Part I, sections 442, 706, 898, 1502; 1.442–1, 1.706–1T, 1.1502–76.)

Rev. Proc. 2000–11

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