SECTION 3. SCOPE

This revenue procedure applies to a domestic corporation that meets the following requirements:

.01 It is registered as an open-end management investment company under the 1940 Act and elects to be treated as a RIC under subchapter M, part I, of the Code.

.02 It is a publicly offered RIC as defined in § 67(c)(2)(B) of the Code and § 1.67–2T(g)(3)(iii) of the regulations.

.03 It invests substantially all its assets in one or more Master Partnerships that are registered as management companies under the 1940 Act.

.04 Except as required by § 1.704–3 of the regulations, its allocable share of each item of the Master Partnership’s income, gain, loss, deduction, and credit is proportionate to its percentage of ownership of the capital interests in the Master Partnership.