SECTION 10. EFFECTIVE DATE AND

TRANSITION RULE

.01 In General . Except as provided in section 10.02 of this revenue procedure, this revenue procedure is effective for applications filed on or after May 10, 2002. .02 Transition Rule for Pending Appli- cations . If a taxpayer filed an application before May 10, 2002, and the application is pending with the national office on May 10, 2002, the taxpayer may request that the application be processed in accordance with this revenue procedure. However, the national office will process applications filed before May 10, 2002, in accordance with prior authorities unless, prior to the later of June 25, 2002, or the issuance of the letter ruling granting or denying consent to the adoption, change, or retention, the taxpayer notifies the national office that it requests that its

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DRAFTING INFORMATION

The author of this revenue procedure is Martin Scully, Jr. of the Office of Associate Chief Counsel (Income Tax and Accounting). For further information regarding this revenue procedure, contact Mr. Scully at (202) 622–4960 (not a tollfree call).

The estimated total annual reporting burden for the requirements contained in sections 6.01(5), 6.01(6), 7.04, and 10.02 of this revenue procedure is 600 hours: the estimated average annual burden per respondent is 1.2 hours; the estimated number of respondents is 500; and the estimated frequency of response is on occasion.

Books or records relating to a collection of information must be retained as 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.

2002–22 I.R.B. 1059 June 3, 2002