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What is a form 8883?
Use Form 8883 to report information about transactions involving the deemed sale of corporate assets under section 338. This includes information previously reported on Form 8023, Elections Under Section 338 for Corporations Making Qualified Stock Purchases.
Who must file Form 8023?
A purchasing corporation that has made a qualified stock purchase of a target corporation must file Form 8023 to make an election under either Sec. 338(g) or Sec. 338(h)(10). The form must be filed by the 15th day of the ninth month following the date of acquisition.
How do I file form 8883?
Attach Form 8883 to the first return of the new target. If, on the day after the acquisition date, the new target is a member of a group filing a consolidated return, attach the form to the consolidated return that includes the day after the acquisition date. Foreign target.
Is there a purchase price allocation in a stock sale?
Stock Sale. For this reason, the majority of small company transactions are structured as asset acquisitions. An important consideration in a transaction structured as an asset sale is the purchase price allocation because it determines the sellers' tax liability and the buyers' tax basis in the acquired assets.
How do I make a section 338 g election?
To make a 338(g) election for a target corporation, the purchasing corporation must acquire the target's stock in a qualified stock purchase (QSP).
How do you make a 338 election?
338 election. This election can be made when the acquiring corporation (the buyer) makes a qualifying purchase of 80% or more of the target company's stock. The target company can be either a C corporation or an S corporation, and the buyer can be either a C corporation or an S corporation.
How does section 338 election work?
An Internal Revenue Code (IRC) Section 338 election is often advantageous for buyers in corporate acquisitions. Sec. 338 permits a corporation that makes a qualified stock purchase of another corporation to elect to treat such acquisition as an asset rather than a share acquisition for federal tax purposes.
Where do I file my 8023?
File Form 8023 with the Internal Revenue Service, Submission Processing Center, P.O. Box 9941, Mail Stop 4916, Ogden, UT 84409.
What is a 336 E election?
What is the 336(e) Election? A Section 336(e) election allows certain taxpayers to treat the sale, exchange or distribution of corporate stock as an asset sale. The benefit of an asset sale is obvious 14the basis of the target corporation's assets is stepped up to fair market value.
Is form 8594 required for a stock sale?
Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale if. goodwill or going concern value attaches, or could attach, to such assets and. the purchaser's basis in the assets is determined only by the amount paid for the assets.
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