SECTION 3. SCOPE

.01 This revenue procedure applies to a taxpayer that seeks, for the taxpayer’s first taxable year ending on or after December 31, 2003, to change to a method of accounting provided in the final regulations.

.02 This revenue procedure also applies to a taxpayer that, for the taxpayer’s first taxable year ending on or after December 31, 2003, in addition to seeking a change to a method of accounting provided in the final regulations, also seeks to change its method of accounting to utilize the 3 ¹ /2 month rule authorized by § 1.461–4(d)(6)(ii) or to utilize the recurring item exception authorized by § 1.461–5.