SECTION 1. PURPOSE

This revenue procedure amplifies and supersedes Rev. Proc. 2003–32, 2003–1 C.B. 803, to take into account that Rev. Proc. 2002–68, 2002–2 C.B. 753, was modified and superseded by Rev. Proc. 2003–84, 2003–2 C.B. 1159, and describes conditions under which a regulated investment company (RIC) that holds a partnership interest is treated, for purposes of qualifying as a RIC under § 851(b)(3) of the Internal Revenue Code of 1986 and for purposes of eligibility to pay exempt-interest dividends under § 852(b)(5), as if it directly invested in the assets held by the partnership.