diff --git a/django/contrib/contenttypes/models.py b/django/contrib/contenttypes/models.py
index 6d919b4..6e99632 100644
--- a/django/contrib/contenttypes/models.py
+++ b/django/contrib/contenttypes/models.py
@@ -17,11 +17,7 @@ class ContentTypeManager(models.Manager):
         return ct
 
     def _get_opts(self, model):
-        opts = model._meta
-        while opts.proxy:
-            model = opts.proxy_for_model
-            opts = model._meta
-        return opts
+        return model._meta.concrete_class._meta
 
     def _get_from_cache(self, opts):
         key = (opts.app_label, opts.object_name.lower())
diff --git a/django/db/models/base.py b/django/db/models/base.py
index ebd67be..1810abd 100644
--- a/django/db/models/base.py
+++ b/django/db/models/base.py
@@ -122,9 +122,10 @@ class ModelBase(type):
             if (new_class._meta.local_fields or
                     new_class._meta.local_many_to_many):
                 raise FieldError("Proxy model '%s' contains model fields." % name)
-            while base._meta.proxy:
-                base = base._meta.proxy_for_model
             new_class._meta.setup_proxy(base)
+            new_class._meta.concrete_class = base._meta.concrete_class
+        else:
+            new_class._meta.concrete_class = new_class
 
         # Do the appropriate setup for any model parents.
         o2o_map = dict([(f.rel.to, f) for f in new_class._meta.local_fields
@@ -149,9 +150,7 @@ class ModelBase(type):
                                         (field.name, name, base.__name__))
             if not base._meta.abstract:
                 # Concrete classes...
-                while base._meta.proxy:
-                    # Skip over a proxy class to the "real" base it proxies.
-                    base = base._meta.proxy_for_model
+                base = base._meta.concrete_class
                 if base in o2o_map:
                     field = o2o_map[base]
                 elif not is_proxy:
diff --git a/django/db/models/options.py b/django/db/models/options.py
index 0cd52a3..ba3685a 100644
--- a/django/db/models/options.py
+++ b/django/db/models/options.py
@@ -40,7 +40,16 @@ class Options(object):
         self.abstract = False
         self.managed = True
         self.proxy = False
+        # For any class which is a proxy (including automatically created
+        # classes for deferred object loading) the proxy_for_model tells
+        # which class this model is proxying. Note that proxy_for_model
+        # can create a chain of proxy models. For non-proxy models the
+        # variable is always None.
         self.proxy_for_model = None
+        # For any non-abstract class the concrete class is the model
+        # in the end of the proxy_for_model chain. In particular, for
+        # concrete models the concrete_model is always the class itself.
+        self.concrete_class = None
         self.parents = SortedDict()
         self.duplicate_targets = {}
         self.auto_created = False
diff --git a/django/db/models/sql/query.py b/django/db/models/sql/query.py
index a78df34..f7cac1e 100644
--- a/django/db/models/sql/query.py
+++ b/django/db/models/sql/query.py
@@ -575,10 +575,9 @@ class Query(object):
             return
         orig_opts = self.model._meta
         seen = {}
-        if orig_opts.proxy:
-            must_include = {orig_opts.proxy_for_model: set([orig_opts.pk])}
-        else:
-            must_include = {self.model: set([orig_opts.pk])}
+        # NOTE: This does what the previous code did. Is this correct? The
+        # code below is a bit hard to grasp...
+        must_include = {orig_opts.concrete_class: set([orig_opts.pk])}
         for field_name in field_names:
             parts = field_name.split(LOOKUP_SEP)
             cur_model = self.model
@@ -586,7 +585,7 @@ class Query(object):
             for name in parts[:-1]:
                 old_model = cur_model
                 source = opts.get_field_by_name(name)[0]
-                cur_model = opts.get_field_by_name(name)[0].rel.to
+                cur_model = source.rel.to
                 opts = cur_model._meta
                 # Even if we're "just passing through" this model, we must add
                 # both the current model's pk and the related reference field
@@ -1992,9 +1991,4 @@ def add_to_dict(data, key, value):
         data[key] = set([value])
 
 def get_proxied_model(opts):
-    int_opts = opts
-    proxied_model = None
-    while int_opts.proxy:
-        proxied_model = int_opts.proxy_for_model
-        int_opts = proxied_model._meta
-    return proxied_model
+    return opts.concrete_class
diff --git a/tests/modeltests/proxy_models/tests.py b/tests/modeltests/proxy_models/tests.py
index 3ec8465..15c5dc0 100644
--- a/tests/modeltests/proxy_models/tests.py
+++ b/tests/modeltests/proxy_models/tests.py
@@ -232,6 +232,9 @@ class ProxyModelTests(TestCase):
         resp = [u.name for u in UserProxyProxy.objects.all()]
         self.assertEqual(resp, ['Bruce'])
 
+    def test_proxy_for_model(self):
+        self.assertEquals(UserProxy, UserProxyProxy._meta.proxy_for_model)
+
     def test_proxy_delete(self):
         """
         Proxy objects can be deleted
