SECTION 13. EFFECTIVE DATE

.01 In general . Except as provided in sections 13.02 and 13.03 of this revenue procedure, this revenue procedure is effective for taxable years ending on or after January 7, 2002. The Service will return any application that is filed on or after December 31, 2001, if the application is filed with the national office pursuant to the Code, regulations, or administrative guidance other than this revenue procedure and the change in method of accounting is within the scope of this revenue procedure.

.02 Transition rules . If a taxpayer filed an application or ruling request with the

January 22, 2002 345 2002–3 I.R.B.

information regarding this revenue procedure, contact Mr. Anderson at (202) 622– 4930 (not a toll-free call). For further information regarding the APPENDIX of this revenue procedure, contact the following individuals (calls are not tollfree): (1) for changes in method of accounting under sections 1A.03 and 3.03 of the APPENDIX of this revenue procedure, Merrill D. Feldstein of the Office of Associate Chief Counsel (Income Tax & Accounting) at (202) 622–4950; (2) for changes in method of accounting under section 1A.05 of the APPENDIX of this revenue procedure, Kimberly L. Koch of the Office of Associate Chief Counsel (Income Tax and Accounting) at (202) 622–5020; (3) for changes in method of accounting under section 1A.06 of the APPENDIX of this revenue procedure, Angella L. Warren of the Office of the Associate Chief Counsel (Income Tax and Accounting) at (202) 622–4950; (4) for changes in methods of accounting under sections 1C.01 and 12A.01 of the APPENDIX of this revenue procedure, Christina Morrison of the Office of Associate Chief Counsel (Financial Institutions and Products) at (202) 622–3950; (5) for changes in methods of accounting under sections 2.01, 2.02, 2.04 and 2B of the APPENDIX of this revenue procedure, Douglas Kim of the Office of Associate Chief Counsel (Passthroughs and Special Industries) at (202) 622–3110; (6) for changes in methods of accounting under section 2A.01 of the APPENDIX of this revenue procedure, Lisa Shuman of the Office of Associate Chief Counsel (Passthroughs and Special Industries) at (202) 622–3120; (7) for changes in methods of accounting under section 4B of the APPENDIX of this revenue procedure, Norm Paul of the Office of the Division Counsel/Associate Chief Counsel (Tax Exempt and Government Entities) at (202) 622–6060; (8) for changes in methods of accounting under sections 5.04, 6, 12, and 13 of the APPENDIX of this revenue procedure, William E. Blanchard of the Office of Associate Chief Counsel (Financial Institutions and Products) at (202) 622–3950; (9) for changes in method of accounting under sections 5.05 and 9.03, Cheryl Lynn Oseekey of the Office of Associate Chief Counsel (Income Tax and Accounting) at (202) 622–4960; (10) for changes in methods of

national office to make a change in method of accounting described in the APPENDIX of this revenue procedure for a year of change for which this revenue procedure is effective (see section 13.01 of this revenue procedure), and the application or ruling request is pending with the national office on January 7, 2002, the taxpayer may make the change under this revenue procedure. However, the national office will process the application or ruling request in accordance with the authority under which it was filed, unless prior to the later of February 15, 2002, or the issuance of the letter ruling granting or denying consent to the change, the taxpayer notifies the national office that it wants to make the change under this revenue procedure. If the taxpayer timely notifies the national office that it wants to make the method change under this revenue procedure, the national office will require the taxpayer to make appropriate modifications to the application or ruling request to comply with the applicable provisions of this revenue procedure. In addition, any user fee that was submitted with the application or ruling request will be returned to the taxpayer.

.03 Special rules .

(1) Certain uniform capitalization (UNICAP) methods used by taxpayers in a farming business . For a change in method of accounting described in section 4.03 of the APPENDIX of this revenue procedure, this revenue procedure is effective for the taxpayer’s first taxable year ending after August 21, 2000 (in the case of property that is not inventory in the hands of the taxpayer), or the first taxable year beginning after August 21, 2000 (in the case of property that is inventory in the hands of the taxpayer), whichever is applicable.

(2) Stated interest on short-term loans of cash banks . For a change in method of accounting described in section 13.02(1)(a) of the APPENDIX of this revenue procedure, this revenue procedure is effective for taxable years ending on or after December 31, 2001, and for any taxable year ending before December 31, 2000, for which the requirements of section 13.02(2) of the APPENDIX of this revenue procedure are satisfied.

.01 Rev. Proc. 99–49 is clarified, modified, amplified, and superseded.

.02 Reserved