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

Rev. Proc. 93-45

SECTION 1. PURPOSE

This revenue procedure modifies Rev. Proc. 93-3, 1993-1 I.R.B. 71, 77, by deleting section 3.01(47).

SEC. 2. BACKGROUND

Section 3 of Rev. Proc. 93-3, sets forth areas in which the Internal Revenue Service will not issue advance rulings or determination letters. Section 3 of Rev. Proc. 93-3 is entitled "AREAS IN WHICH RULINGS OR DETERMINATION LETTERS WILL NOT BE ISSUED." Section 3.01(47) of Rev. Proc. 93-3 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 (i) the taxpayer is a corporation and independent parties hold less than 20 percent of the interests in the limited liability company, or (ii) the taxpayer is not a corporation and independent parties hold only a nominal interest in the company.

SEC. 3. CHANGE

Rev. Proc. 93-3 is modified by deleting section 3.01(47).

SEC. 4. EFFECT ON OTHER REVENUE PROCEDURES

Rev. Proc. 93-3 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 Stephen J. Coleman of the Office of 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).