SECTION 1. PURPOSE

.01 This revenue procedure provides the exclusive procedure 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 period 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 Internal Revenue to change the individual's annual accounting period to a calendar year under § 442 and the regulations thereunder.

August 11, 2003 300 2003-32 I.R.B.

1128 under this automatic revenue procedure to the due date of the individual's federal income tax return (including extensions) for the first effective year, as defined in section 5.03.