SECTION 3. SCOPE

.01 In General . This revenue procedure provides guidance on the classification for federal tax purposes of a business entity that is a qualified entity (as defined in section 3.02 of this revenue procedure) and is in lieu of the letter ruling process ordinarily used to obtain relief for a late change of entity classification election filed pursuant to §§ 301.7701–3(c), 301.9100–1, and 301.9100–3. Accordingly, user fees do not apply to corrective actions under this revenue procedure.

.02 Qualified Entity . For purpose of this revenue procedure, a business entity is a “qualified entity” if the following conditions are satisfied:

(1) The business entity is an eligible entity under § 301.7701–3(a);

(2) The business entity is foreign under § 301.7701–5(a);

(3) The classification of the business entity, either by default under § 301.7701–3(b)(2)(i)(B) for a newly formed or newly relevant eligible entity, or by election under § 301.7701–3(c) for an

September 7, 2010 321 2010–36 I.R.B.

The statement “FILED PURSUANT TO REVENUE PROCEDURE 2010–32” must be included across the top of the corrected Form 8832. Additionally, the corrected Form 8832 must satisfy the requirements of § 301.7701–3(c)(2)(i).