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SERVICE WILL NOW RULE ON FOREIGN LLC'S CLASSIFICATION AS A PARTNERSHIP.

NOV. 1, 1993

Rev. Proc. 93-44; 1993-2 C.B. 545

DATED NOV. 1, 1993
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Code Sections
  • Subject Areas/Tax Topics
  • Index Terms
    business organizations, classification
    limited liability companies
  • Jurisdictions
  • Language
    English
  • Tax Analysts Electronic Citation
    93 TNT 224-11
Citations: Rev. Proc. 93-44; 1993-2 C.B. 545

Rev. Proc. 93-44

SECTION 1. PURPOSE

This revenue procedure modifies Rev. Proc. 93-7, 1993-1 I.R.B. 170, by deleting section 3.01.4.

SEC. 2. BACKGROUND

Section 3 of Rev. Proc. 93-7, sets forth areas in which the Internal Revenue Service will not issue advance rulings or determination letters. Section 3 of Rev. Proc. 93-7 is entitled "AREAS IN WHICH LETTER RULINGS OR DETERMINATION LETTERS WILL NOT BE ISSUED." Section 3.01.4 of Rev. Proc. 93-7 provides that the Service will not issue rulings or determination letters concerning whether a foreign limited liability company will be classified as a partnership, if a taxpayer who holds an interest therein seeks the partnership classification and (1) the taxpayer is a corporation and independent parties hold less than 20 percent of the interests in the limited liability company, or (2) the taxpayer is not a corporation and independent parties hold only a nominal interest in the company.

SEC. 3. CHANGE

Rev. Proc. 93-7 is modified by deleting section 3.01.4.

SEC. 4. EFFECT ON OTHER REVENUE PROCEDURES

Rev. Proc. 93-7 is modified.

SEC. 5. EFFECTIVE DATE

This revenue procedure is effective as of November 1, 1993, the date of publication of this revenue procedure in the Internal Revenue Bulletin.

DRAFTING INFORMATION

The principal author of this revenue procedure is Gerard Traficanti of the Office of Associate Chief Counsel (International). For further information regarding this revenue procedure contact Gerard Traficanti on (202) 622-3830 (not a toll-free call).

DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Code Sections
  • Subject Areas/Tax Topics
  • Index Terms
    business organizations, classification
    limited liability companies
  • Jurisdictions
  • Language
    English
  • Tax Analysts Electronic Citation
    93 TNT 224-11
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