SECTION 9. EFFECTIVE DATE AND

TRANSITION RULE

.01 Effective Date . This revenue procedure generally is effective for all changes in annual accounting periods for which the first effective year ends on or after May 10, 2002. However, if the time period for filing Form 1128 with respect to a taxable year set forth in section 7.02(2) of this revenue procedure has not yet expired, a corporation within the scope of this revenue procedure may elect early application of the revenue procedure by providing the notification set forth in section 7.02(3) on the top of page 1 of Form 1128 and by satisfying the other procedural requirements of section 7. .02 Transition Rule . If a corporation within the scope of this revenue procedure filed an application with the national office and the application is pending with the national office on May 10, 2002, the corporation may obtain approval under this revenue procedure. However, the national office will process the application in accordance with the authority under which it was filed, unless by the later of June 25, 2002, or the issuance of the letter ruling granting or denying

approval for the change, the corporation notifies the national office that it wants to use this revenue procedure. If the corporation timely notifies the national office that it wants to use this revenue procedure, the national office will require the corporation to make appropriate modifications to the application to comply with the applicable provisions of this revenue procedure. In addition, any user fee that was submitted with the application will be refunded to the corporation.