Part II, Section O-R is filled out if you elect a tax year that is a fiscal tax year or a 52-53 week year with an ending month that isn't December. See Part I, F and click my screenshot below for a visual reference.
Part II, Section O-R needs to be completed only if you checked boxes 2 or 4 in part I, F.
If you want to select a fiscal tax year or a 52-53 week year with an ending month that isn't December, you need to tell IRS why you are able to do so in Part II, Section O-R. Part II Section O-R lists IRS rules/reasons why you are able to do so.