SECTION 1. PURPOSE

This revenue procedure provides the exclusive procedures for certain corporations to obtain automatic approval to change their annual accounting period under § 442 of the Internal Revenue Code and § 1.442–1(b) of the Income Tax Regulations. This revenue procedure modifies, amplifies, and supersedes Rev. Proc. 2000–11, 2000–3 C.B. 309. A corporation complying with all the applicable provisions of this revenue procedure will be deemed to have established a business purpose and obtained the approval of the Commissioner of the Internal Revenue Service to change its annual accounting period under § 442 and the regulations thereunder.