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Video instructions and help with filling out and completing 338(g) election
Instructions and Help about 338(g) election
Hi I'm rich with tax TV with some information for businesses interested in making a 338 election in a merger and acquisition transaction one company purchasing another in a taxable transaction may elect to treat the purchase of stock as an asset acquisition in a typical stock purchase transaction the buyer does not receive a step-up in basis of the purchased assets but rather a carryover basis this is a problem because assets are depreciable and stock isn't the tax code provides a solution a company can make a 338 election to treat the stock purchase as a hypothetical asset purchase this way the buyers given a step up in the basis of the assets as a result the buyer now has a higher basis for depreciation of assets this is especially important for intangible assets such as goodwill the disadvantage of the election is recognition of gain or losses on the deemed sale as if the assets had been sold so this only makes sense when the present value of the future tax savings from depreciation and amortization exceed the current tax costs of the step up there are two types of Elections 338 G and 338 h10 the first doesn't change the tax treatment for the purchased company shareholders and is therefore a unilateral election made by the buyer the second will change the tax treatments for both parties and therefore is a joint choice for more information about the 338 h10 election or other M&A tax topics search tax TV com you.