SECTION 1. PURPOSE

This revenue procedure provides the exclusive procedures under § 442 of the Internal Revenue Code and § 1.442–1(b) of the Income Tax Regulations for individuals within its scope filing federal income tax returns on a fiscal year basis to obtain automatic approval to change their annual accounting periods to a calendar year. This revenue procedure modifies, amplifies, and supersedes Rev. Proc. 66–50, 1966–2 C.B. 1260, and modifies and supersedes Rev. Proc. 81–40, 1981–2 C.B. 604. An individual that complies with all of the applicable provisions of this revenue procedure will be deemed to have established a business purpose and to have obtained the approval of the Commissioner of the Internal Revenue Service to change the individual’s annual accounting period to a calendar year under § 442 and the regulations thereunder.