SECTION 4. PROCEDURE

For purposes of qualifying as a RIC under section 851(b)(3), for purposes of the payment of exempt-interest dividends under section 852(b)(5), and for purposes of the passthrough of the foreign tax credit under section 853, a domestic corporation meeting the requirements of Section 3 of this procedure is treated as if it

2001–50 I.R.B 578 December 10, 2001

directly invested in the assets held by the Master Partnership in which it invests. For these purposes, its interest in Master Partnership assets is determined in accordance with its percentage of ownership of the capital interests in the Master Partnership.