SECTION 3. SCOPE

This revenue procedure applies to United States possession organizations exempt under section 501(a) of the Code (other than private foundations) that normally do not have more than $25,000 in annual gross re

(b) In lieu of the label required by section 6.02(4) of Rev. Proc. 2002–9, taxpayers are instructed to write “Filed under Rev. Proc. 2003–20” at the top of the form; and

(c) Taxpayers making concurrent changes under subsections (2) or (3) of this section should include the concurrent change with the change to the CAV method in a single application.

(2) Change from cost to LCM . An automatic change in method of accounting to the CAV method under this revenue procedure also includes, where applicable, a concurrent change from the cost method to the LCM method.

(3) Change from LIFO. An automatic change in method of accounting to the CAV method under this revenue procedure also includes a concurrent change from the LIFO method to a permitted method for identification as determined and defined in section 10.01(1)(b) of the APPENDIX of Rev. Proc. 2002–9. A taxpayer that desires to discontinue LIFO to use the CAV method must make a concurrent change from its cost method to the LCM method.