SECTION 8. EFFECTIVE DATE

In general . This revenue procedure is effective for taxable years ending on or after December 31, 2001.

Form 3115 pending with the Ser- vice . If a taxpayer filed a Form 3115 with the national office to make the change in method of accounting authorized by this revenue procedure, and this Form 3115 is pending with the national office on April 3, 2002, the taxpayer may make the change under this revenue procedure. However, the national office will process the Form 3115 in accordance with the authority under which it was filed unless the taxpayer notifies the national office by July 2, 2002, that it intends to make the method 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, any user fee submitted with the Form 3115 will be returned to the taxpayer.