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The IRS announced the release of Form 8832, Entity Classification Election, in the Internal Revenue Bulletin dated January 21. This form effectuates the entity classification regulations finalized late in December 1996 that permit unincorporated entities to elect whether or not to be taxable as corporations. The regulations establish default classifications for unincorporated entities.

Form 8832 is to be used to elect treatment other than the default or to change a previous election. Practitioners can obtain the form from the IRS's web page, http://www.irs.ustreas.gov, by modem by calling (703) 321-8020, or directly by calling (800) TAX-FORM.

Source: IRS Announcement 97-5, 1997-3 I.R.B_(1/21/1997) *

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