SECTION 8. TRANSITION RULES

FOR SOME ELECTIONS AND CONSENTS THAT ARE REQUESTED TO BECOME EFFECTIVE DURING 2002

.01 Certain Monthly Closing Elections Filed During 2002 . If, using March 1, 2002, as the test date, a partnership is an eligible partnership, or is an existing but ineligible partnership, and, at any time during 2002, the partnership files the statement described in section 5.01 of this revenue procedure, then, in addition to the permissible effective dates described in section 5.01(4) of this revenue procedure, the partnership may request that the Monthly Closing Election become effective for any month in 2002 in which the partnership is an eligible partnership.

.02 Certain Monthly Closing Consents Provided to an Eligible Partnership Dur- ing 2002 . In the case of any eligible partnership that is described in section 8.01 of this revenue procedure and that files its Monthly Closing Election during 2002, any RIC that is an eligible partner of that partnership at any time during 2002 may effect a Monthly Closing Consent by either:

(1) Complying with the procedures set forth in section 6 of this revenue procedure; or

(2) Satisfying section 6.01 of this revenue procedure at any time during 2002. In this case, the consent is effective for the month in which the partner provides the statement of consent to the cus

2002–9 I.R.B. 574 March 4, 2002

long as their contents may become material in the administration of any internal revenue law. Generally tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.