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Printable Form 8883 Roseville California: What You Should Know

The IRS intends to modify Form 8883, which is currently entitled “Asset Allocation Statement Under Section 338,” or create a new form, to include an allocation statement with respect to the deemed sales of corporate assets under section 340 of the Internal Revenue Code of 1986. The IRS currently will use Form 8871 as its asset allocation statement. Form 8871 provides an audit trail of the basis and expense allocation when property is deemed deeded, sold, or exchanged to an affiliated company. The form will be reissued to allow the transfer of corporate assets to corporations not listed on Form 8871. Treasury regulation §1.6064-4(b)(2)(ii)(C)(3). In this case, each entity for which a return has been filed will have the opportunity to participate in the allocation of an asset. Audit Trail for Forms 8871. (Rev. July 2010). Treasury Regulation §1.6064-4(c), (c). Additional information Instructions for Form 8883. (Rev. December 2008). IRS. Asset Allocation Statement Under Section 338. For the purposes of section 338, a deemed sale of a commercial asset is a sale for cash or exchange after: The purchase price of the asset is determined, (i) Through a Form 8885 or Form 8868; (ii) Through a Qualified Small Business (USB) Sale (also referred to as a USB Sale, Qualified Small Business (USB) Share Exchange (QSE), and Qualified Small Business (USB) Share Exchange (YES)), (iii) Through the use of a Section 481 Excess Property (Excess Property)) exception pursuant to section 368(b)(3)(E)(ii) If the asset is purchased, the purchase price must equal or exceeds the price of the asset that the taxpayer acquired prior to the deemed sale; (iv) In the case of a USB Sale (USB Sale), on a date that a person other than a corporation was the purchaser as an entity. Note: For more information on deemed sales of commercial property, see Treasury Regulations §1.6064-4(b).  In this case, a single corporation must comply with the requirements for both the USB Sale (USB Sale), Qualified Small Business (USB) Sale (USB Sale), and Qualified Small Business (USB) Share Exchange (QSE).

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