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 July 7, 2003. However, if the time period for filing Form 1128 with respect to a taxable year

2003-32 I.R.B. 303 August 11, 2003

set forth in section 7.02(2) of this revenue procedure has not yet expired, an individual 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 an individual within the scope of this revenue procedure filed an application with the national office and the application is pending with the national office on July 7, 2003, the individual 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 August 21, 2003, or the issuance of the letter ruling granting or denying approval for the change, the individual notifies the national office that the individual wants to use this revenue procedure. If the individual timely notifies the national office that the individual wants to use this revenue procedure, the national office may require the individual 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 individual.