SECTION 6. TRANSITION RULE

The Service will not challenge a RIC partner’s tax treatment for purposes of an asset determination, provided that—

(1) The asset determination is made as of a date that is in a taxable year beginning before January 1, 2004;

(2) The partnership would be an eligible partnership as defined in Rev. Proc. 2002–68; (3) The RIC partner’s inclusion of income, gain, loss, deduction, and credits is consistent with that permitted under that revenue procedure; and

(4) The RIC partner’s tax treatment is consistent with an election under § 761(a) to be excluded from the provisions of subchapter K.

DRAFTING INFORMATION

The principal author of this revenue procedure is Susan Thompson Baker of the Office of the Associate Chief Counsel (Financial Institutions & Products). For further information regarding this revenue procedure, contact her at (202) 622–3940 (not a toll-free call).

26 CFR 601.201: Rulings and determination letters. (Also Part I, §§ 338; 1.338–2, 1.338(h)(10)–1, 301.9100–3.)

Rev. Proc. 2003–33