SECTION 3. SCOPE

This revenue procedure modifies and supersedes Rev. Proc. 2002–15 by, in particular, extending the time for filing a late initial entity classification election from six months to the due date for the federal tax return (excluding extensions) of the entity’s desired classification for the year of the entity’s formation. The tax return due date for an entity desiring to be disregarded as an entity separate from its owner is the due date for its sole owner’s tax return for the taxable year in which the entity was formed. An initial classification election is an election by an eligible entity newly formed under local law to be classified effective on the date of its formation as other than its default classification under § 301.7701– 3(b)(1) and (2). This procedure is in lieu of the letter ruling procedure that is used to obtain relief for a late entity classification election under § 301.9100–1 through § 301.9100–3. Accordingly, user fees do not apply to corrective action under this revenue procedure. An entity that is not eligible for relief under this revenue procedure, or is denied relief by the service center, may request relief by applying for a letter ruling. The procedural requirements for requesting a letter ruling are described in Rev. Proc. 2002–1, 2002–1 I.R.B. 1 (or its successor). This revenue procedure does not apply to a subsequent election to change the classification of an entity.

26 CFR 601.201: Rulings and determinations letters. (Also Part I, §§ 7701; 301.7701–1, 301.7701–2, 301.7701–3, 301.9100–1, 301.9100–3.)

Rev. Proc. 2002–59