Revenue Procedure With Guidelines on Obtaining Relief Involving a Mutual Agreement Procedure Article Is Available

SECTION 1. PURPOSE

This revenue procedure prescribes additional conditions associated with obtaining relief otherwise available under Rev. Proc. 65-17, 1965-1 C.B. 833.

SEC. 2. BACKGROUND

Rev. Rul 82-80, 1982-1 C.B. 89, and Rev. Proc. 65-17, 1965-1 C.B. 833, as amplified, amended and clarified by Rev. Proc. 65-31, 1965-2 C.B. 1024, Rev. Proc. 65-17 Amendment I, 1966-2 C.B. 1211, Rev. Proc. 65-17 Amendment II, 1974-1 C.B. 411, Rev. Proc. 7023, 1970-2 C.B. 505, Rev. Proc. 71-35, 1971-2 C.B. 573, Rev. Proc. 72-48, 1972-2 C.B. 829, and Rev. Proc. 72-53, 1972-2 C.B. 833, generally provide for the tax-free repatriation of certain amounts following an allocation of income between related U.S. and foreign corporations under section 482 of the Internal Revenue Code. In order to obtain the treatment provided by Rev. Proc. 65-17, the taxpayer must timely file a written statement requesting such relief with the appropriate district director.

SEC. 3. PROCEDURE FOR OBTAINING REV. PROC. 65-17 RELIEF IN CERTAIN TREATY SETTINGS

In situations involving a country with which the United States has an income tax convention in force and which contains a mutual agreement procedure article, Rev. Proc. 65-17 relief is available only in conjunction with a request for assistance from the U.S. competent authority pursuant to Rev. Proc. 91-23, this Bulletin, with respect to the underlying matter.

SEC. 4. EFFECTIVE DATE

This revenue procedure is effective for requests for Rev. Proc. 65-17 relief filed after March 18, 1991, the date of publication of this revenue procedure in the Internal Revenue Bulletin.

SEC. 5. EFFECT ON OTHER DOCUMENTS

Rev. Rul. 82-80, 1982-1 C.B. 89, and Rev. Proc. 65-17, 1965-1 C.B. 833, as amplified, amended and clarified by Rev. Proc. 65-31, 1965-2 C.B. 1024, Rev. Proc. 65-17 Amendment I, 1966-2 C.B. 1211, Rev. Proc. 65-17 Amendment II, 1974-1 C.B. 411, Rev. Proc. 70-23, 1970-2 C.B. 505, Rev. Proc. 71-35, 1971-2 C.B. 573, Rev. Proc. 72-48, 1972-2 C.B. 829, and Rev. Proc. 72-53, 1972-2 C.B. 833, are modified.

DRAFTING INFORMATION

The principal author of this revenue procedure is Eric P. Turner of the Office of Associate Chief Counsel (International). For further information regarding this revenue procedure, contact Mr. Turner on (202) 377-9493 (not a toll-free call).