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Printable Form 8883 Fulton Georgia: What You Should Know

Form 8883, as currently worded, would treat some corporations (and individuals) differently from one another. IRS regulations are silent on what the assets should be classified as, or whose discretion, if any, should rule on the question. The only guidance is in the language of Section 338 (see Exhibit C and D) which permits a corporation to be considered controlled when the majority of the stock in the corporation would be owned by five or fewer beneficial owners (which, in theory, includes any stockholder).  It prohibits the government from treating a corporation, or any stockholder that owns a majority of a corporation's stock, as if it is controlled. If a corporation is treated as controlling because of its large stock ownership, then it should be allocated in the same manner as a company controlled solely by the corporation's shareholders. If, however, these shareholders own a significant amount of stock in the corporation then allocation is less obvious. For instance, a large majority stake is not necessarily controlling if it is held by several shareholders that do not control any one corporation in common. There is concern that the new form would be confusing since the words “controlled” and “domestic” are used in the same paragraph. It is my understanding that the IRS would treat a corporation that is “controlled” by persons that reside in a foreign country as being controlled and, because the phrase “domestic” also applies to corporations controlled by foreign residents, it would treat all foreign resident corporations in the same manner. However, I understand this would require the use of a “domestic” designation in order to prevent double taxation. If the IRS decides that the word “domestic” is insufficient, you may request a correction of Form 8883 by filing a Request for Correction for Form 8883 with the following information: Name and address of the taxpayer. (Your letter should state that you are seeking a correction.) The number of shares with respect to which the correction applies. The aggregate total number of shares of stock owned by the taxpayer that have been allocated to this group as a result of the correction; and a statement that you wish to amend Form 8883. In this case, you would complete lines 11 and 25 and attach the request for Form 8883.

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