|Organization:||Massachusetts Department of Revenue|
|Referenced Sources:||Massachusetts General Laws|
In the Line Instructions for Question 3 for Form 3F (2001), Regulated Investment Companies (RICs) are required to file informational returns. This notice clarifies those instructions. For tax year 2001 and all preceding tax years, RICs are required to file informational returns only in the year the RIC makes its election to be a RIC ( See I.R.C., § 851(b)(1)), and in the final year that it exists as a qualified RIC under I.R.C., § 851. The informational return shall be in the form described in the Form 3F Instructions. The Department is currently reviewing whether for tax year 2002 it will require RICs to follow this revised instruction in DD 02-10 or the original instruction for Question 3 for Form 3F.
Commissioner of Revenue
September 11, 2002