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EFFECTIVE DATES AND TAXPAYER CHOICES

March 18, 2002

--Taxpayers who have already changed their 2001 accounting methods have until September 10 to amend their returns to claim a one-year adjustment.

--Taxpayers who have extended returns or have not yet filed for their changes for 2001 have until April 15 to file for an automatic method change if they want to use a four-year spread for a negative adjustment; otherwise the one-year spread is automatic.

--Taxpayers looking to make a method change for 2002 have until April 15 to file a change using a four-year negative spread; otherwise, they will be required to use a one-year adjustment.

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