ADMINISTRATIVE

Rev. Proc. 2002–17, page 676. Inventories; replacement cost; automobile dealers. A safe harbor method of accounting (the “replacement cost method”) is provided for automobile dealers to approximate the cost of their vehicle parts inventory using the replacement cost of the parts. Procedures are also provided for automobile dealers to obtain the automatic consent of the Commissioner to change to the replacement cost method. Rev. Proc. 2002–9 modified and amplified.

Rev. Proc. 2002–18, page 678. Changes in method of accounting; examinations. Procedures are provided under section 446 of the Code for changes in method of accounting imposed by the Service. Procedures are also provided for resolving accounting method issues on a nonaccounting-method basis.

and also affect purchasers of the stock of members of a con- Rev. Proc. 2002–19, page 696. solidated group. A public hearing on the proposed regulations Changes in method of accounting; prior consent; auto- is scheduled for July 17, 2002. matic consent. Rev. Procs. 97–27 and 2002–9 are modified

to (1) allow certain taxpayers under examination or before

Announcement 2002–34, page 702. appeals or a federal court to change their method of accountExtension of time to file Forms 1042-S. The Service ing prospectively without audit protection, (2) reduce from 4 announces an extension of time to file 2001 Form(s) 1042-S years to 1 year the adjustment period for prospective changes from March 15, 2002, to May 15, 2002. resulting in a net negative adjustment under section 481(a) of

the Code, and (3) make certain other conforming changes. Rev. Procs. 97–27 and 2002–9 modified and amplified. Finding Lists begin on page ii. Index for January through March begins on page v.

Announcement 2002–34, page 702. Extension of time to file Forms 1042-S. The Service announces an extension of time to file 2001 Form(s) 1042-S from March 15, 2002, to May 15, 2002.