SECTION 3. MODIFICATIONS TO

REV. PROC. 2018–29 AND REV. PROC. 2018–31

.01 Modifications to Rev. Proc. 2018– 29 . Section 5.01 of Rev. Proc. 2018–29 is modified to read as follows:

.01 In general . Except as otherwise provided under this section, this revenue procedure is effective on May 10, 2018, and applies to taxable years ending on or before May 10, 2021.

.02 Modifications to Rev. Proc. 2018– 31 . Rev. Proc. 2018–29 modified Rev. Proc. 2018–31 to add new section 16.11 to the List of Automatic Changes. This revenue procedure also modifies Rev. Proc. 2018–31 to be consistent with the modification made to Rev. Proc. 2018–29.

(1) Section 16.11(4) is modified to read as follows:

(4) Time for making change . The change under this section 16.11 may only be made for a taxable year ending on or before May 10, 2021.

(2) Section 16.11(6) is modified to read as follows:

(6) Certain eligibility rule inapplicable . The eligibility rule in section 5.01(1)(f) of Rev. Proc. 2015–13 does not apply to this change for a taxable year ending on or before May 10, 2021.