INCOME TAX

REG–106917–99, page 4. Proposed regulations relate to certain adoptions, changes, and retentions of annual accounting periods. The proposed regulations primarily affect taxpayers that want to adopt an annual accounting period under section 441 of the Code or that must receive approval from the Commissioner to adopt, change, or retain their annual accounting periods under section 442 of the Code. Rev. Ruls. 57–589, 65–316, 68–125, 69–563, 74–326, and 78–179 obsoleted. A public hearing is scheduled for October 2, 2001.