IRS ADDS TO PARTNERSHIP NO-RULE LIST.

Rev. Proc. 92-87

SECTION 1. BACKGROUND

Rev. Proc. 92-88 page 39, this Bulletin, provides guidance regarding the classification of limited partnerships.

Rev. Proc. 92-3, 1992-1 I.R.B. 55, sets forth areas of the Internal Revenue Code under the jurisdiction of the Associate Chief Counsel (Technical) in which the Internal Revenue Service will not issue advance rulings or determination letters. Section 4 of Rev. Proc. 92-3 lists areas in which rulings or determination letters will not ordinarily be issued.

Rev. Proc. 89-12, 1989-1 C.B. 798, specifies the conditions under which the Internal Revenue Service will consider a ruling request that relates to classification of an organization, for federal tax purposes, as a partnership.

SEC. 2. PROCEDURE

Rev. Proc. 92-3 is amplified by adding to section 4 the following:

Section 7701. -- Definitions. -- Whether a limited partnership lacks the corporate characteristics of limited liability and continuity of life if the limited partnership (1) is formed pursuant to a state limited partnership act that the Service has determined in a revenue ruling is a statute that corresponds to the Uniform Limited Partnership Act, and (2) meets the other requirements contained in Rev. Proc. 92-88, page 39.

SEC. 3. EFFECTIVE DATE

This revenue procedure will apply to all ruling requests received in the National Office after October 19, 1992, the date of publication of this revenue procedure.

SEC. 4. EFFECT ON OTHER REVENUE PROCEDURES

Rev. Proc. 92-3 is amplified.

Rev. Proc. 89-12 is modified.

DRAFTING INFORMATION

The principal author of this revenue procedure is Stephen J. Coleman of the Office of the Assistant Chief Counsel (Passthroughs and Special Industries). For further information regarding this revenue procedure contact Stephen J. Coleman on (202) 622-3060 (not a toll-free call).