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8023 instructions Form: What You Should Know

Taxpayers To Make Election Under Section 338 on the Purchase of Stock, Including — KPMG International May 14, 2023 — Form 8023 in Form 8834 — Section 338 Elections — General Information. Feb 18, 2023 — Form 8023 is re-formatted and released for use. Form 8693-T, Qualified Stock Purchase Election — Statement of Treatment. March 31, 2023 — The Form 8693-T, Qualified Stock Purchase Election — Statement of Treatment is published as a final rule (Rev. Pro. 2003-34). Form 8693-T, Qualified Stock Purchase Election — Statement of Treatment contains  additional information to the current required Form 8314, Election For Qualified Foreign Stock. IRS Offers 22 Million to Create New Forms IRS Offers 22 Million to Create New Forms IRS Offers 22 Million to Create New Forms. Oct 4, 2023 — Today, the Internal Revenue Service (IRS) released the following new forms: Qualified Stock Purchase Election — Statement of Treatment. Qualified Stock Purchase Election — Statement of Treatment contains additional information to the current standard Form 8434, Election for Qualified Foreign Stock. Elections Under Section 337, Certain Transactions, Including — KPMG International Elections Under Section 337, Certain Transactions, including — KPMG International Oct 3, 2023 — The IRS announced that it has extended the deadline for filing Form 8834, Election for Qualified Foreign Stock, to Nov 1, 2018, in order to make certain required corrections regarding the reporting and reporting requirements of Section 337 for the year 2023 and 2002, the year 2006, with respect to any transactions or transactions made with a foreign corporation or any entity owned by the foreign controlled foreign corporation, and in 2008, with respect to any transactions or transactions made with a domestic corporation or any entity owned by the domestic controlled foreign corporation. New Form 8693-T for Qualified Stock Purchase Election — Statement of Treatment New Form 8693-T for Qualified Stock Purchase Election — Statement of Treatment. May 14, 2023 — The new Form 8693-T, Qualified Stock Purchase Election — Statement of Treatment, is now available online and can be downloaded and printed. It contains additional statements of treatment to the current standard Form 8834, Election for Qualified Foreign Stock.

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Video instructions and help with filling out and completing Form 8023 instructions

Instructions and Help about Form 8023 instructions

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FAQ - Form 8023 instructions

When can I 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.
What are the major consequences of a section 338 g election?
A purchaser making a Sec. 338(g) election obtains numerous benefits in the international context. For federal income tax purposes, a Sec. 338(g) election made on a foreign target results in a step-up in the target's assets' bases, eliminates historic earnings and profits (E&P), and ends the target's tax year.
How long do you have to make a 338 election?
If the target is an S corporation, a section 338(h)(10) election must be made by all of the shareholders of the target, including shareholders who do not sell target stock in the QSP. File Form 8023 by the 15th day of the 9th month after the acquisition date to make a section 338 election for the target corporation.
How does a 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.
How does a Section 338 h )( 10 election differ from a section 338 g election?
A Section 338(h)(10) election is much more common than a Section 338(g) election because the 338(g) election results in two levels of tax, whereas a 338(h)(10) election results in only one.
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).
What is a section 338 election?
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.
How do I make a 338 H 10 election?
A Section 338(h)(10) election can be made when one corporation purchases the stock of another corporation, and the election must be made jointly by the buyer and the seller.
Can an individual make a 338 election?
Only the deemed purchase/sale of the target company's assets is taken into account for tax purposes. A Sec. 338(h)(10) election can be made only when 1) the target company is an S corporation, or 2) the acquiring corporation buys stock of the target company from one or more corporate shareholders of the target company.
Can an LLC make a section 338 election?
However, an LLC taxed as a partnership is not eligible to make a 338(h)(10) election.
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