SECTION 3. ELECTRONIC

FURNISHING OF SCHEDULE K–1

.01 A person required by section 6031(b) to furnish a written statement on Schedule K–1 (furnisher) to the person to whom it is required to be furnished (recipient) may furnish the Schedule K–1 in an electronic format in lieu of a paper format. A furnisher who meets the requirements of Sections 4 through 10 of this revenue procedure will be treated as furnishing the Schedule K–1 in a timely manner and complying with the provisions of this revenue procedure.