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New Rev. Proc. Facilitates and Extends Relief
Rev. Proc. 2013-30 facilitates the grant of relief to taxpayers that request relief previously provided in numerous other rev. procs. by consolidating the provisions of those rev. procs. into one rev. proc. and extending relief in certain circumstances.
This new rev. proc. modifies and supersedes rev. procs. 2003-43, 2004-48 and 2007-62 for taxpayers to make: late S Corp elections, Electing Small Business Trust (ESBT) elections, Qualified Subchapter S Trust (QSST) elections, Qualified Subchapter S Subsidiary (QSub) elections and late corporate classification elections which the taxpayer intended to take effect on the same date that the taxpayer intended that an S Corp election for the entity should take effect.
Rev. Proc. 2013-30 also incorporates certain refief provisions included in Rev. Proc. 97-48 and supersedes the relief provided in Situation 1 of that rev. proc. It further obsoletes the relief provided in Rev. Proc. 97-48, Situation 2, because such relief is no longer available.
In addition, Rev. Proc 2013-30 incorporates certain relief provisions contained in Rev. Proc. 2004-49 and modifies and supersedes the relief provided in sections 4.01 and 4.02 of that rev. proc. Moreover, it obsoletes the relief provided in Rev. Proc. 2004-49, Section 4.03, because the time for its narrow scope of relief expired.
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