Final, temporary, and proposed regulations under section 7701 of the Code provide that an eligible entity that makes a timely and valid election to be classified as an S corporation will be deemed to have elected to be classified as an association taxable as a corporation.

Final, temporary, and proposed regulations under section 7701 of the Code provide that an eligible entity that makes a timely and valid election to be classified as an S corporation will be deemed to have elected to be classified as an association taxable as a corporation.

This procedure allows taxpayers additional time to file the written statement required by Rev. Proc. 2004-23, 2004-16 I.R.B. 785, relating to changes in methods of accounting for costs to acquire or create intangible assets. Rev. Proc. 2004-23 modified.

This document contains corrections to proposed regulations (REG-150562-03, 2004-32 I.R.B. 175) relating to the application of section 1045 of the Code to partnerships and their partners.