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Printable Form 8883 Rockford Illinois: What You Should Know

The modified Form 8883 will be issued on or before November 15, 2017, and will be used for the reporting of transactions involving the deemed sale of corporate assets for the reporting period beginning July 1, 2016, through June 30, 2017. As of June 30, the assets sold were valued at approximately 30,750,000, which includes one corporate asset, the corporate parent's interest in a medical cannabis dispensary in the City of St. Charles, Illinois, and the corporate parent's interest as shareholder in a medical cannabis dispensary in Chicago, Illinois. For each sale, the entity that sold is required to send a Form 8883 to the IRS.  The Form 8883 does include the address of the sale (the address of the corporate parent in Chicago) and the date of sale as well as the gross receipts. The Form 8883 may be used to report an increase in gross receipts of 100 million or more for any reporting period. The Form 8883 may also be used for reporting sales of corporate assets held for investment as well as for reporting gains and losses from the sale of assets. The Form 8883 is not required to be filed with any tax returns. (Codified at 26 USC § 7602) You can download a copy of Form 8883 (Rev. October 2015) from the Illinois Department of Financial and Professional Regulation website. To print a PDF version of Form 8883, click here.

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