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Santa Maria California Form 8883: What You Should Know

This can be confusing, but it is required under section 338 of the IRC.  The Form 8883 is a 4-page statement under section 338 of the Code that reports “the sale or other disposition of any controlled foreign corporation (a REIT) or any foreign LLC (defined below).” For more information you can read this blog I write about Section 338. The Form 8883 includes: (1) The sale or other disposition of any REIT or any foreign LLC (to whom this instruction refers as “subject to the rules of this paragraph (1)); (2) The acquisition or exchange of any REIT or foreign LLC; (3) The redemption or cancellation of any REIT or any foreign LLC; and (4) The distribution or other disposition of any REIT or any foreign LLC that is a passive subsidiary of a REIT (a “non-exempt REIT distribution”) (this “paragraph (4)”) To report the REIT distribution this form was required through a special extension filed April 2, 2006, and signed by the Secretary of the Treasury and the Secretary of the Treasury's designee. (1) Effective February 24, 2006, the rule is modified to provide that, if a corporation's taxable income or loss in a taxable year exceeds 10,000, any non-exempt REIT distribution shall be reported on Form 8883, “Asset Allocation Statement Under Section 338 of the Internal Revenue Code, Form 1040-C, Certain Foreign Corporation Income or Loss, and U.S. Trustee Income, or any subsequent such statement that reports non-exempt REIT distributions.” (2) The form must also be used to report any non-exempt REIT distributions in a subsequent year (such as the year following the year of the distribution) and must be signed by the taxpayer in which the distribution was made. (3) A person other than the taxpayer, such as a trustee or corporation, is not required to sign Form 8883. This form should be filed by the reporting entity (trustee or corporation) that received the distribution and which is required by law to report non-exempt REIT distributions.

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