Existing partnership
(b) Existing partnership(1) In general. For purposes of 1.7704-2, the term existing partnership means any partnership if (i) The partnership was a publicly traded partnership (within the meaning of section 7704(b)) on December 17, 1987; (ii) A registration statement indicating that the partnership was to be a publicly traded partnership was filed with the Securities and Exchange Commission (SEC) with respect to the partnership on or before December 17, 1987; or (iii) With respect to the partnership, an application was filed with a state regulatory commission on or before December 17, 1987, seeking permission to restructure a portion of a corporation as a publicly traded partnership. (2) Changed status of an existing partnership. A partnership will not qualify as an existing partnership after a new line of business is substantial.