SECTION 8. EFFECTIVE DATE AND

TRANSITION RULE

. 01 Effective date . This revenue procedure generally is effective for all changes in annual accounting periods for which the short period ends on or after January 18, 2000. However, if the time period set forth in section 6.02(2) of this revenue procedure for filing a Form 1128 with respect to a short period has not yet expired, a corporation or consolidated group meeting the scope of this revenue procedure may elect early application of the procedure by providing the notification set forth in section 6.02(3) on the top of page 1 of Form 1128 and by satisfying the other procedural requirements of section 6.

.02 Transition rule . If a corporation or consolidated group within the scope of this revenue procedure filed an application with the National Office to make a change in annual accounting period and the application is pending with the National Office on January 18, 2000, the corporation or consolidated group may make the change under this revenue procedure. However, the National Office will process the application in accordance with the authority under which it was filed, unless prior to the later of March 3, 2000, or the issuance of the letter ruling granting or denying consent to the change, the corporation or consolidated group notifies the National Office that it wants to make the change under this revenue procedure. If the corporation or consolidated group timely notifies the National Office that it wants to make the change under this revenue procedure, the National Office will require the corporation or consolidated group to make appro

priate modifications to the application to comply with the applicable provisions of this revenue procedure. In addition, any user fee that was submitted with the application will be refunded to the corporation or consolidated group.