ADMINISTRATIVE

Notice 2002–36, page 1029. Contingent convertible debt instruments . This notice requests comments and suggestions for change in the relative tax treatment of straight convertible debt instruments and contingent convertible debt instruments. Rev. Rul. 2002–31 sets forth the tax treatment of contingent convertible debt instruments under current law.

Rev. Proc. 2002–37, page 1030. Changes in accounting periods; automatic approval for corporations . Procedures are provided by which certain corporations may obtain automatic approval of the Commissioner to change their annual accounting period under section 442 of the Code. Rev. Proc. 2000–11 modified, amplified, and superseded.

Rev. Proc. 2002–38, page 1037. Changes in accounting periods; automatic approval for flowthrough entities . Procedures are provided by which partnerships, S corporations, electing S corporations, and personal service corporations may obtain automatic approval of the Commissioner to adopt, change, or retain an annual accounting period under sections 441 and 442 of the Code. Rev. Proc. 87–32 clarified, modified, amplified, and superseded.

(Continued on the next page) Finding Lists begin on page ii. Index for January through May begins on page vi.

Rev. Proc. 2002–39, page 1046. Annual accounting periods; prior approval . Procedures are provided under sections 441 and 442 of the Code to establish a business purpose and request the prior approval of the Commissioner to adopt, change, or retain an annual accounting period. Rev. Procs. 85–16 and 74–33 superseded.

June 3, 2002 2002–22 I.R.B.