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Free Tax Amendment

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Free Tax Amendment

Free tax amendment Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. Free tax amendment Proc. Free tax amendment 2009-37 Table of Contents SECTION 1. Free tax amendment PURPOSE SECTION 2. Free tax amendment BACKGROUND SECTION 3. Free tax amendment SCOPE SECTION 4. Free tax amendment ELECTION PROCEDURES SECTION 5. Free tax amendment REQUIRED INFORMATION STATEMENT SECTION 6. Free tax amendment EFFECTIVE DATE SECTION 7. Free tax amendment TRANSITION RULE SECTION 8. Free tax amendment PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. Free tax amendment PURPOSE . Free tax amendment 01 This revenue procedure provides the exclusive procedures for taxpayers to make an election to defer recognizing discharge of indebtedness income (“COD income”) under § 108(i) of the Internal Revenue Code. Free tax amendment . Free tax amendment 02 This revenue procedure also requires taxpayers making the § 108(i) election to provide additional information on returns beginning with the taxable year following the taxable year for which the taxpayer makes the election. Free tax amendment This revenue procedure describes the time and manner of providing this additional information. Free tax amendment . Free tax amendment 03 The Internal Revenue Service and Treasury Department intend to issue additional guidance under § 108(i) that may include regulations addressing matters in this revenue procedure. Free tax amendment Taxpayers should be aware that these regulations may be retroactive. Free tax amendment See § 7805(b)(2). Free tax amendment This revenue procedure may be modified to provide procedures consistent with additional guidance. Free tax amendment SECTION 2. Free tax amendment BACKGROUND . Free tax amendment 01 Section 108(i), Generally. Free tax amendment Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. Free tax amendment L. Free tax amendment No. Free tax amendment 111-5, 123 Stat. Free tax amendment 338. Free tax amendment In general, § 108(i) provides that, at the election of a taxpayer, COD income realized in connection with a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument is includible in gross income ratably over a 5-taxable-year inclusion period, beginning with the taxpayer’s fourth or fifth taxable year following the taxable year of the reacquisition. Free tax amendment Generally, if a taxpayer makes a § 108(i) election and reacquires (or is treated as reacquiring) the applicable debt instrument generating the COD income for a new debt instrument with original issue discount (“OID”), then interest deductions for this OID also are deferred, as provided in § 108(i)(2). Free tax amendment The OID deferral rule, however, does not apply if the amount of OID is less than a de minimis amount, as determined under § 1273(a)(3) and § 1. Free tax amendment 1273-1(d) of the Income Tax Regulations. Free tax amendment The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. Free tax amendment For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). Free tax amendment A taxpayer must take into account any item of income or deduction deferred under § 108(i), and not previously taken into account, in the taxable year in which certain events occur (such as the liquidation of the taxpayer and upon other events specified in administrative guidance). Free tax amendment See § 108(i)(5)(D). Free tax amendment The rule regarding acceleration of deferred COD income and OID deductions also applies in the case of certain dispositions by persons holding ownership interests in pass-through entities. Free tax amendment Section 108(i)(5)(D)(ii). Free tax amendment For purposes of § 108(i), regulated investment companies (as defined in § 851(a)) and real estate investment trusts (as defined in § 856(a)) are not pass-through entities. Free tax amendment . Free tax amendment 02 Applicable Debt Instrument. Free tax amendment Section 108(i)(3)(A) defines the term “applicable debt instrument” to mean any debt instrument issued by a C corporation or by any other person in connection with the conduct of a trade or business by that person. Free tax amendment The term “debt instrument” means any bond, debenture, note, certificate, or any other instrument or contractual arrangement constituting indebtedness within the meaning of § 1275(a)(1). Free tax amendment Section 108(i)(3)(B). Free tax amendment For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. Free tax amendment 1502-13(g)(2)(ii)), an applicable debt instrument includes only an instrument for which COD income is realized upon the instrument’s deemed satisfaction under § 1. Free tax amendment 1502-13(g)(5). Free tax amendment . Free tax amendment 03 Reacquisition. Free tax amendment Section 108(i)(4)(A) defines the term “reacquisition” to mean, with respect to any applicable debt instrument, any acquisition of the debt instrument by the debtor that issued (or is otherwise the obligor under) the debt instrument, or a person related to the debtor under § 108(e)(4). Free tax amendment The term “acquisition” includes an acquisition of the debt instrument for cash or other property, the exchange of the debt instrument for another debt instrument (including an exchange resulting from a modification of the debt instrument), the exchange of the debt instrument for corporate stock or a partnership interest, the contribution of the debt instrument to capital, and the complete forgiveness of the indebtedness by the holder of the debt instrument. Free tax amendment See § 108(i)(4)(B). Free tax amendment The term “acquisition” also includes an indirect acquisition within the meaning of § 1. Free tax amendment 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). Free tax amendment For example, if a corporation acquires debt of a partnership that the partnership issued in connection with its trade or business, and the partnership and corporation become related within six months of the corporation’s acquisition of the debt, the indirect acquisition is an acquisition for which an election under § 108(i) may be made. Free tax amendment . Free tax amendment 04 General Requirements for the Section 108(i) Election. Free tax amendment Section 108(i)(5)(B) provides, in general, that a taxpayer makes the § 108(i) election by including a statement that clearly identifies the applicable debt instrument with the return of tax imposed for the taxable year in which the reacquisition of the instrument occurs. Free tax amendment (For purposes of this revenue procedure, a return of tax or income tax return includes an information return, and a taxpayer includes a person that files an information return. Free tax amendment ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. Free tax amendment Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. Free tax amendment . Free tax amendment 05 Section 108(i) Elections Made by Pass-through Entities. Free tax amendment In the case of COD income realized by a pass-through entity from the reacquisition of an applicable debt instrument, the pass-through entity makes the § 108(i) election. Free tax amendment Section 108(i)(5)(B)(iii). Free tax amendment . Free tax amendment 06 Additional Information on Subsequent Years’ Returns. Free tax amendment Section 108(i)(7) authorizes the Service to issue guidance necessary or appropriate for applying § 108(i), including requiring reporting the election and other information on returns of tax for subsequent taxable years. Free tax amendment . Free tax amendment 07 Exclusivity. Free tax amendment Section 108(i)(5)(C) provides that if a taxpayer elects to apply § 108(i) to an applicable debt instrument, § 108(a)(1)(A), (B), (C), and (D) do not apply to COD income deferred under § 108(i). Free tax amendment . Free tax amendment 08 Allocation of Deferred COD Income on Partnership Indebtedness. Free tax amendment Section 4. Free tax amendment 04(3) of this revenue procedure describes how a partnership may elect under § 108(i) to defer a portion of the COD income realized from the reacquisition of an applicable debt instrument. Free tax amendment If a partnership elects to defer all or any portion of COD income realized from the reacquisition of an applicable debt instrument, all of the COD income with respect to that debt instrument, without regard to § 108(i), is allocated to the partners in the partnership immediately before the reacquisition in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. Free tax amendment 704-1(b)(2)(iii). Free tax amendment Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). Free tax amendment The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). Free tax amendment The partner’s COD income amount that is not deferred and is included in the partner’s distributive share of partnership income for the taxable year of the partnership in which the reacquisition occurs is the partner’s included amount (“included amount”). Free tax amendment . Free tax amendment 09 Partner’s Deferred § 752 Amount. Free tax amendment A decrease in a partner’s share of a partnership liability resulting from the reacquisition of an applicable debt instrument that is not treated as a current distribution of money to the partner under § 752 by reason of § 108(i)(6) is the partner’s deferred § 752 amount (“deferred § 752 amount”). Free tax amendment A partner’s deferred § 752 amount may not exceed the lesser of (i) the partner’s deferred amount or (ii) gain that the partner would recognize in the year of reacquisition under § 731 as a result of the reacquisition absent § 108(i)(6). Free tax amendment To determine the amount of gain the partner would recognize under clause (ii) of the preceding sentence, the amount of any deemed distribution of money under § 752(b) resulting from the decrease in the partner’s share of a reacquired applicable debt instrument that is treated as an advance or draw of money under § 1. Free tax amendment 731-1(a)(1)(ii) is determined as if no COD income resulting from the reacquisition of the applicable debt instrument is deferred under § 108(i). Free tax amendment See Rev. Free tax amendment Rul. Free tax amendment 92-97, 1992-2 C. Free tax amendment B. Free tax amendment 124, and Rev. Free tax amendment Rul. Free tax amendment 94-4, 1994-1 C. Free tax amendment B. Free tax amendment 195. Free tax amendment A partner’s deferred § 752 amount is treated as a distribution of money to the partner under § 752 at the same time, and to the extent remaining in the same amount, as the partner recognizes the COD income deferred under § 108(i). Free tax amendment . Free tax amendment 10 Allocation of Deferred COD Income on S Corporation Indebtedness. Free tax amendment For purposes of § 108(i), an S corporation’s COD income deferred under § 108(i) is shared pro rata only among those shareholders that are shareholders of the S corporation immediately before the reacquisition transaction. Free tax amendment . Free tax amendment 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. Free tax amendment (1) In general. Free tax amendment The Service and Treasury Department intend to issue regulations regarding the computation of a corporation’s earnings and profits with respect to COD income and OID deductions that are deferred under § 108(i). Free tax amendment These regulations generally will provide that deferred COD income increases earnings and profits in the taxable year that it is realized and not in the taxable year or years that the deferred COD income is includible in gross income. Free tax amendment OID deductions deferred under § 108(i) generally will decrease earnings and profits in the taxable year or years in which the deduction would be allowed without regard to § 108(i). Free tax amendment COD income and OID deductions that are deferred increase or decrease adjusted current earnings under § 56(g)(4) in the taxable year or years that the income or deduction is includible or deductible in determining taxable income. Free tax amendment See § 1. Free tax amendment 56(g)-1(c)(1). Free tax amendment (2) Exceptions for certain special status corporations. Free tax amendment The Service and Treasury Department intend to issue regulations providing that in the case of regulated investment companies and real estate investment trusts, COD income deferred under § 108(i) generally increases earnings and profits in the taxable year or years in which the deferred COD income is includible in gross income and not in the year that the deferred COD income is realized. Free tax amendment OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. Free tax amendment . Free tax amendment 12 Extension of Time to Make Election. Free tax amendment Under § 301. Free tax amendment 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. Free tax amendment An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. Free tax amendment Section 301. Free tax amendment 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. Free tax amendment SECTION 3. Free tax amendment SCOPE This revenue procedure applies to taxpayers that realize COD income from a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument, as provided in § 108(i). Free tax amendment SECTION 4. Free tax amendment ELECTION PROCEDURES . Free tax amendment 01 In General. Free tax amendment (1) A taxpayer within the scope of this revenue procedure makes the § 108(i) election by— (a) Attaching a statement meeting the requirements of section 4. Free tax amendment 05 of this revenue procedure to the taxpayer’s timely filed (including extensions) original federal income tax return for the taxable year in which the reacquisition of the applicable debt instrument occurs, and (b) If applicable, satisfying the additional requirements of section 4. Free tax amendment 07, 4. Free tax amendment 08, 4. Free tax amendment 09, or 4. Free tax amendment 10 of this revenue procedure. Free tax amendment (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. Free tax amendment 01(1)(a) of this revenue procedure for making the § 108(i) election. Free tax amendment The rules that apply to an automatic extension under § 301. Free tax amendment 9100-2(a) apply to this automatic extension. Free tax amendment . Free tax amendment 02 Section 108(i) Elections Made by Members of Consolidated Groups. Free tax amendment The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. Free tax amendment See § 1. Free tax amendment 1502-77(a). Free tax amendment . Free tax amendment 03 Aggregation Rule. Free tax amendment A taxpayer within the scope of this revenue procedure may treat two or more applicable debt instruments that are part of the same issue and that are reacquired during the same taxable year as one applicable debt instrument for purposes of this revenue procedure. Free tax amendment A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. Free tax amendment 03 if the owners and their ownership interests in the pass-through entity immediately prior to the reacquisition of each applicable debt instrument are not identical. Free tax amendment . Free tax amendment 04 Partial Elections. Free tax amendment (1) A taxpayer within the scope of this revenue procedure may make an election for any portion of COD income realized from the reacquisition of any applicable debt instrument. Free tax amendment Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument, the taxpayer may elect under § 108(i)(1) to defer only $40 of the $100 of COD income. Free tax amendment The taxpayer may exclude from income the portion of COD income that the taxpayer does not elect to defer under § 108(i) ($60 in this example) under § 108(a)(1)(A), (B), (C), or (D), if applicable. Free tax amendment (2) A taxpayer is not required to make an election for the same portion of COD income arising from each applicable debt instrument that it reacquires, but may make an election for different portions of COD income arising from different applicable debt instruments (whether or not part of the same issue). Free tax amendment Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument (Instrument A) and $100 of COD income from the reacquisition of a different applicable debt instrument (Instrument B), the taxpayer may elect to defer all or a portion of the COD income associated with Instrument A and none or a different portion of the COD income associated with Instrument B. Free tax amendment (3) A partnership that elects to defer less than all of the COD income realized from the reacquisition of an applicable debt instrument may determine, in any manner, the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. Free tax amendment Thus, for example, one partner’s deferred amount may be zero while another partner’s deferred amount may equal that partner’s COD income amount (or any portion thereof). Free tax amendment A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. Free tax amendment The provisions of this section 4. Free tax amendment 04(3) apply for purposes of § 108(i) only and are not intended as an interpretation of or a change to existing law under § 704. Free tax amendment . Free tax amendment 05 Contents of Election Statement. Free tax amendment A statement meets the requirements of this section 4. Free tax amendment 05 if the statement— (1) Label. Free tax amendment States “Section 108(i) Election” across the top. Free tax amendment (2) Required information. Free tax amendment Provides, for each applicable debt instrument the reacquisition of which generates COD income that the taxpayer is electing to defer under § 108(i)— (a) The name and taxpayer identification numbers, if any, of the issuer or issuers of the applicable debt instrument; (b) A general description of the applicable debt instrument (including the issue and maturity dates) and, in the case of any person other than a C corporation, a general description of the person’s trade or business to which the applicable debt instrument is connected; (c) A general description of the reacquisition transaction or transactions generating the COD income (including the date(s) of the transaction(s)); (d) The total amount of COD income for the applicable debt instrument that results from the reacquisition (in the case of a partnership, the aggregate of the partners’ COD income amounts) and a general description of the manner in which this amount is calculated; (e) The amount of COD income for the applicable debt instrument that the taxpayer is electing to defer under § 108(i); (f) In the case of a partnership, a list of partners that have a deferred amount, their identifying information and each partner’s deferred amount; and in the case of an S corporation, a list of shareholders with COD income deferred under § 108(i), their identifying information and each shareholder’s share of the S corporation’s deferred COD income; and (g) In cases in which a new debt instrument is issued or deemed issued in exchange for the applicable debt instrument (including exchanges under § 108(e)(4), § 108(i)(2)(B), and § 1. Free tax amendment 1001-3), the issuer’s name, the issuer’s taxpayer identification number, if any, a general description of the new debt instrument and whether the new debt instrument has OID, and if the new debt instrument has OID, a schedule of the OID that the issuer expects to accrue each taxable year on the instrument and the amount of OID that the issuer expects to defer under § 108(i)(2) each taxable year. Free tax amendment . Free tax amendment 06 Supplemental information. Free tax amendment The statement described in section 4. Free tax amendment 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. Free tax amendment 05(2)(e) of this revenue procedure that the taxpayer elects to defer under § 108(i) in the event the Service subsequently concludes that the taxpayer understated the amount of COD income described in section 4. Free tax amendment 05(2)(d) of this revenue procedure. Free tax amendment This additional amount of COD income the taxpayer elects to defer may be described as the entire additional COD income, or as a percentage of any additional COD income. Free tax amendment If the taxpayer is a partnership, the partnership must specify each partner’s share of the partnership’s additional COD income that would be deferred (the partner’s additional deferred amount), which the partnership may describe for each partner as the partner’s entire share of the partnership’s additional COD income or as a percentage of the partner’s share of the partnership’s additional COD income. Free tax amendment If the taxpayer is an S corporation, the S corporation must specify each shareholder’s share of the S corporation’s additional COD income that would be deferred, which the S corporation may describe for each shareholder as the shareholder’s entire share of the S corporation’s additional COD income or as a percentage of the shareholder’s share of the S corporation’s additional COD income. Free tax amendment In the case of partnerships and S corporations, the additional COD income and the portion of additional COD income that would be deferred are allocated or determined as provided in sections 2. Free tax amendment 08, 2. Free tax amendment 10 and, if applicable, 4. Free tax amendment 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. Free tax amendment . Free tax amendment 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. Free tax amendment The rules of this section 4. Free tax amendment 07 apply to partnerships other than partnerships described in section 4. Free tax amendment 10 of this revenue procedure. Free tax amendment (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). Free tax amendment For the taxable year in which the § 108(i) election is made, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B), Partner’s Share of Income, Deductions, Credits, etc. Free tax amendment , in the manner specified in the instructions to the forms, for each partner § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. Free tax amendment Partnerships reporting § 108(i) information on the 2008 Schedule K-1 (Form 1065 or Form 1065-B) must report for each partner on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made: (a) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 11 (“other income”) using code F for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (b) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii) or § 108(i)(5)(D)(i) or (ii), in box 13 (“other deductions”) using code W for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (c) The partner’s deferred amount that has not been included in income in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (d) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (e) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); and (f) The partner’s deferred § 752 amount remaining as of the end of the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B). Free tax amendment (2) Election information statement provided to partners. Free tax amendment The partnership must attach to the Schedule K-1 (Form 1065 or Form 1065-B) provided to each partner for the taxable year in which the § 108(i) election is made a statement satisfying the requirements of this section 4. Free tax amendment 07(2). Free tax amendment The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. Free tax amendment A statement meets the requirements of this section 4. Free tax amendment 07(2) if the statement— (a) Label. Free tax amendment States “Section 108(i) Election Information Statement for Partners” across the top. Free tax amendment (b) Required information. Free tax amendment Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (i) The partner’s COD income amount, the partner’s deferred amount, and the partner’s included amount; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (v) The partner’s share of each liability of the partnership described in section 4. Free tax amendment 05(2)(g) of this revenue procedure; (vi) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument; (vii) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument that is treated as a distribution of money to the partner under § 752 in the current taxable year; (viii) The partner’s deferred § 752 amount as described in section 2. Free tax amendment 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. Free tax amendment 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. Free tax amendment (c) If a partner fails to provide the written statement required by section 4. Free tax amendment 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. Free tax amendment 07(2)(b)(vii) and (viii) of this revenue procedure cannot be calculated because the partner did not provide the information necessary to report these amounts. Free tax amendment (3) Partner reporting requirements. Free tax amendment The partnership must make reasonable efforts prior to making a § 108(i) election to secure from each partner with a deferred amount for which it does not have the information necessary to compute the partner’s basis in its partnership interest (and its deferred § 752 amount as described in section 2. Free tax amendment 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. Free tax amendment Each partner with a deferred amount must provide this written statement to the partnership within 30 days of the date of request by the partnership. Free tax amendment A partner’s failure to comply with this reporting requirement does not invalidate the partnership’s election under § 108(i) for an applicable debt instrument only if the partnership makes reasonable efforts before making the § 108(i) election to obtain the written statement from the partner and otherwise complies with the requirements of section 4 of this revenue procedure. Free tax amendment If a partner provides its written statement under this section 4. Free tax amendment 07(3) after the partnership has provided to the partner the Section 108(i) Election Information Statement for Partners, the partnership must provide to the partner a revised Section 108(i) Election Information Statement for Partners reporting the information required under section 4. Free tax amendment 07(2)(b)(vii) and (viii) of this revenue procedure and report the partner’s deferred § 752 amount on the partner’s Schedule K-1 (Form 1065 or Form 1065-B) in subsequent taxable years. Free tax amendment . Free tax amendment 08 Additional Requirements for an S Corporation Making a § 108(i) Election. Free tax amendment (1) Information filing on Schedule K-1 (Form 1120S). Free tax amendment For the taxable year in which the § 108(i) election is made, the S corporation must report on the Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc. Free tax amendment , in the manner specified in the instructions to the forms, for each shareholder § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. Free tax amendment S corporations reporting § 108(i) information on the 2008 Schedule K-1 (Form 1120S) must report for each shareholder, on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made, the shareholder’s share of the S corporation’s: (a) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 10 (“other income”) using code E; (b) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii), or § 108(i)(5)(D)(i) or (ii), in box 12 (“other deductions”) using code S; (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years, in box 17 (“other information”) using code T; and (d) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 17 (“other information”) using code T. Free tax amendment (2) Election information statement provided to shareholders. Free tax amendment The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for the taxable year in which the § 108(i) election is made, a statement satisfying the requirements of this section 4. Free tax amendment 08(2). Free tax amendment The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. Free tax amendment A statement meets the requirements of this section 4. Free tax amendment 08(2) if the statement— (a) Label. Free tax amendment States “Section 108(i) Election Information Statement for Shareholders” across the top. Free tax amendment (b) Required information. Free tax amendment Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income that the S corporation elects to defer under § 108(i); (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (v) Additional COD income that would be deferred as described in section 4. Free tax amendment 06 of this revenue procedure. Free tax amendment . Free tax amendment 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. Free tax amendment The controlling domestic shareholder(s) (or common parent of the controlling domestic shareholder(s), if applicable) of a controlled foreign corporation or a noncontrolled § 902 corporation not otherwise required to file a return of tax may make the § 108(i) election on behalf of the foreign corporation by satisfying the requirements of § 1. Free tax amendment 964-1(c)(3). Free tax amendment Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. Free tax amendment 05 of this revenue procedure and, if applicable, section 4. Free tax amendment 06 of this revenue procedure, to its federal income tax return for the taxable year ending within or with the taxable year of the foreign corporation for which the § 108(i) election is made. Free tax amendment . Free tax amendment 10 Section 108(i) Elections Made By Certain Foreign Partnerships. Free tax amendment The rules of this section 4. Free tax amendment 10 apply to a foreign partnership making a § 108(i) election that is not otherwise required to file a federal partnership return (“nonfiling foreign partnership”). Free tax amendment See § 1. Free tax amendment 6031(a)-1(b). Free tax amendment (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. Free tax amendment 05 of this revenue procedure and, if applicable, section 4. Free tax amendment 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. Free tax amendment 6031(a)-1(b)(5) it files with the Service. Free tax amendment In addition, a nonfiling foreign partnership must include in the information required in section 4. Free tax amendment 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. Free tax amendment S. Free tax amendment persons (as defined in § 7701(a)(30)) and controlled foreign corporation(s) that are partners with deferred amounts in the nonfiling foreign partnership (“affected partners”). Free tax amendment (2) The nonfiling foreign partnership must make the election, in accordance with § 1. Free tax amendment 6031(a)-1(b)(5), by the date provided in section 4. Free tax amendment 01(1)(a) of this revenue procedure, as if it had a filing obligation for the taxable year in which the reacquisition of the applicable debt instrument occurs. Free tax amendment (3) For each affected partner, the partnership must file with the Service a Schedule K-1 (Form 1065) and report on the Schedule K-1 (Form 1065) for the affected partner as provided in section 4. Free tax amendment 07(1) of this revenue procedure. Free tax amendment Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). Free tax amendment The partnership must provide a copy of the respective Schedule K-1 (Form 1065) to each affected partner and must also attach to the Schedule K-1 (Form 1065) provided to each affected partner a statement satisfying the requirements of section 4. Free tax amendment 07(2) of this revenue procedure by the date provided in section 4. Free tax amendment 01(1)(a) of this revenue procedure. Free tax amendment The partnership should not attach any statement described in section 4. Free tax amendment 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. Free tax amendment However, the partnership must retain the statements provided to the affected partners, and each affected partner must retain that partner’s statement, in their respective books and records. Free tax amendment (4) The partnership and each affected partner must satisfy the requirements of section 4. Free tax amendment 07(3) of this revenue procedure. Free tax amendment . Free tax amendment 11 Protective § 108(i) Election. Free tax amendment (1) In general. Free tax amendment A taxpayer may make a protective election under § 108(i) for an applicable debt instrument if the taxpayer concludes that a particular transaction does not result in the realization of COD income, reports the transaction on its federal income tax return in a manner consistent with the taxpayer’s conclusion, and would be within the scope of this revenue procedure if the taxpayer’s conclusion were incorrect. Free tax amendment If the Service at any time determines the taxpayer’s conclusion that the particular transaction does not result in the realization of COD income is incorrect, the taxpayer’s protective election is treated as a valid, irrevocable election under § 108(i). Free tax amendment Thus, if a taxpayer makes a protective election, the Service subsequently may require the taxpayer to report COD income deferred pursuant to the valid and irrevocable protective election even if the statute of limitations has expired for the year in which the COD income was realized and the protective election was made. Free tax amendment A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. Free tax amendment 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. Free tax amendment 01(1)(a) of this revenue procedure. Free tax amendment The taxpayer also must attach the election to its federal income tax return in each of the 8 or 9 taxable years, as applicable, following the taxable year of the election. Free tax amendment A statement meets the requirements of this section 4. Free tax amendment 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. Free tax amendment 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. Free tax amendment 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. Free tax amendment 06 of this revenue procedure. Free tax amendment (2) Statements provided to shareholders and partners. Free tax amendment (a) For each applicable debt instrument, a partnership or S corporation that makes a protective election must attach to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) it provides each of its partners or shareholders, as the case may be, for the taxable year in which the protective election is made a statement containing the information described in section 4. Free tax amendment 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the partner’s or shareholder’s share of the additional COD income that would be deferred as described in section 4. Free tax amendment 11(1)(d) of this revenue procedure. Free tax amendment (b) The partnership or S corporation should not attach the statements described in this section 4. Free tax amendment 11(2) to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. Free tax amendment . Free tax amendment 12 Election-Year Reporting by Tiered Pass-Through Entities. Free tax amendment (1) A partnership required to file a U. Free tax amendment S. Free tax amendment partnership return other than under § 1. Free tax amendment 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting its share of any items listed in section 4. Free tax amendment 07(1) of this revenue procedure, must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. Free tax amendment 07(1)(a) through (d) of this revenue procedure). Free tax amendment (2) If a partnership described in section 4. Free tax amendment 12(1) of this revenue procedure receives a statement described in sections 4. Free tax amendment 07(2) or 4. Free tax amendment 10(3) of this revenue procedure or this section 4. Free tax amendment 12(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership, including the information described in section 4. Free tax amendment 07(2)(b)(x) of this revenue procedure. Free tax amendment If an S corporation receives a statement described in sections 4. Free tax amendment 07(2) or 4. Free tax amendment 10(3) of this revenue procedure or this section 4. Free tax amendment 12(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 4. Free tax amendment 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. Free tax amendment The partnership or S corporation must attach this statement or statements to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) that it provides to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. Free tax amendment The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. Free tax amendment (3) A partnership that receives a statement described in this section 4 identifying its COD income amount with respect to an applicable debt instrument must allocate its COD income amount, without regard to § 108(i), to the partners in the partnership immediately before the reacquisition transaction in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. Free tax amendment 704-1(b)(2)(iii). Free tax amendment The partnership may determine in any manner the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. Free tax amendment No partner’s deferred amount with respect to an applicable debt instrument may exceed its COD income amount with respect to the applicable debt instrument, and the aggregate of deferred amounts of its partners with respect to an applicable debt instrument must equal the partnership’s deferred amount with respect to the applicable debt instrument. Free tax amendment The partnership allocates amounts described in section 4. Free tax amendment 06 of this revenue procedure under this section 4. Free tax amendment 12(3) as if the additional COD income was realized. Free tax amendment (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. Free tax amendment No further adjustment to the deferred § 752 amount is made to reflect the basis or other attributes of partners that are indirect partners in the partnership. Free tax amendment (5) If an S corporation receives a statement described in this section 4 identifying its COD income amount, deferred amount, included amount or additional COD income that would be deferred with respect to an applicable debt instrument, these amounts are shared pro rata only among those shareholders that are shareholders in the S corporation immediately before the reacquisition transaction. Free tax amendment (6) This paragraph 4. Free tax amendment 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. Free tax amendment S. Free tax amendment Persons With Respect to Certain Foreign Partnerships, as defined in the instructions for Form 8865, if the foreign partnership, for which the Category 1 or Category 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items listed in section 4. Free tax amendment 07(1) of this revenue procedure, or a statement described in sections 4. Free tax amendment 07(2) or 4. Free tax amendment 10(3) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). Free tax amendment (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. Free tax amendment 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 4. Free tax amendment 12(6)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. Free tax amendment (b) A Category 2 filer must include its share of the information described in section 4. Free tax amendment 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. Free tax amendment Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. Free tax amendment (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. Free tax amendment 12(6)(a)(ii) and 4. Free tax amendment 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. Free tax amendment However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. Free tax amendment (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. Free tax amendment 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. Free tax amendment 12(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 4. Free tax amendment 12(1) and (2) of this revenue procedure. Free tax amendment Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. Free tax amendment 12(6) of this revenue procedure. Free tax amendment (8) The provisions of section 4. Free tax amendment 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. Free tax amendment 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. Free tax amendment 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the share of the partner or shareholder in the amounts described in section 4. Free tax amendment 11(1)(d) of this revenue procedure. Free tax amendment SECTION 5. Free tax amendment REQUIRED INFORMATION STATEMENT . Free tax amendment 01 Annual Information Statements. Free tax amendment Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. Free tax amendment 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. Free tax amendment 02 of this revenue procedure to its federal income tax return for each taxable year beginning with the taxable year following the taxable year for which the taxpayer makes the election and ending with the first taxable year in which all items deferred under § 108(i) have been recognized. Free tax amendment . Free tax amendment 02 Contents of Statement. Free tax amendment A statement meets the requirements of this section 5. Free tax amendment 02 if the statement— (1) Label. Free tax amendment States “Section 108(i) Information Statement” across the top; (2) Required information. Free tax amendment Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (a) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(1); (b) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(5)(D), including a description and date of the acceleration event described in § 108(i)(5)(D); (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years (in the case of a partnership, the aggregate of the partners’ deferred amounts that have not been included in income in the current or prior taxable years, and in the case of an S corporation, the S corporation’s COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years); (d) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (e) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D); and (f) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. Free tax amendment (3) Election attached. Free tax amendment Includes a copy of the election statement described in section 4. Free tax amendment 05 of this revenue procedure. Free tax amendment . Free tax amendment 03 Additional Annual Reporting Requirements for Certain Partnerships. Free tax amendment The rules of this section 5. Free tax amendment 03 apply to partnerships other than partnerships described in section 5. Free tax amendment 05 of this revenue procedure. Free tax amendment (1) In general. Free tax amendment A partnership that makes an election under § 108(i) (except for a protective election under section 4. Free tax amendment 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. Free tax amendment 01 of this revenue procedure. Free tax amendment In addition, for each taxable year in which a statement is required under section 5. Free tax amendment 01 of this revenue procedure, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B) for each partner § 108(i) information in the manner described in section 4. Free tax amendment 07(1) of this revenue procedure. Free tax amendment (2) Annual information statements provided to partners. Free tax amendment The partnership must attach to the Schedule K-1 (Form 1065) provided to each partner for each taxable year in which a statement is required under section 5. Free tax amendment 01 of this revenue procedure, a statement meeting the requirements of this section 5. Free tax amendment 03(2). Free tax amendment The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. Free tax amendment A statement meets the requirements of this section 5. Free tax amendment 03(2) if the statement— (a) Label. Free tax amendment States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. Free tax amendment (b) Required information. Free tax amendment Clearly identifies for each applicable debt instrument to which a § 108(i) election applies— (i) The partner’s deferred amount that has not been included in income as of the end of the prior taxable year; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1); (iii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) The partner’s deferred amount that has not been included in income in the current or prior taxable years; (v) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (viii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years; and (ix) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year and any remaining deferred § 752 amount. Free tax amendment If a partner fails to provide the written statement required by section 4. Free tax amendment 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. Free tax amendment 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. Free tax amendment . Free tax amendment 04 Additional Annual Reporting Requirements for an S Corporation. Free tax amendment (1) In general. Free tax amendment An S corporation that makes an election under § 108(i) (except for a protective election under section 4. Free tax amendment 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. Free tax amendment 01 of this revenue procedure. Free tax amendment In addition, for each taxable year in which a statement is required under section 5. Free tax amendment 01 of this revenue procedure, the S corporation must report on the Schedule K-1 (Form 1120S) for each shareholder § 108(i) information in the manner described in section 4. Free tax amendment 08(1) of this revenue procedure. Free tax amendment (2) Annual information statements provided to shareholders. Free tax amendment The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for each taxable year in which a statement is required under section 5. Free tax amendment 01 of this revenue procedure a statement meeting the requirements of this section 5. Free tax amendment 04(2). Free tax amendment The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. Free tax amendment A statement meets the requirements of this section 5. Free tax amendment 04(2) if the statement— (a) Label. Free tax amendment States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. Free tax amendment Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income deferred under § 108(i) that has not been included in income as of the end of the prior taxable year; (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1); (iii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years; (v) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (viii) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. Free tax amendment . Free tax amendment 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. Free tax amendment (1) The rules of this section 5. Free tax amendment 05 apply to nonfiling foreign partnerships. Free tax amendment (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. Free tax amendment 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. Free tax amendment 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. Free tax amendment 01 of this revenue procedure. Free tax amendment (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. Free tax amendment 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. Free tax amendment (4) For each taxable year in which a statement is required under section 5. Free tax amendment 01 of this revenue procedure, the nonfiling foreign partnership must provide each affected partner a Schedule K-1 (Form 1065) reporting § 108(i) information in the manner described in section 4. Free tax amendment 07(1) of this revenue procedure. Free tax amendment Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). Free tax amendment The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. Free tax amendment 6031(b)-1T(b). Free tax amendment The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. Free tax amendment 05(2) of this revenue procedure. Free tax amendment (5) For each taxable year for which a statement is required under section 5. Free tax amendment 01 of this revenue procedure, the nonfiling foreign partnership must attach to each affected partner’s Schedule K-1 (Form 1065) a statement meeting the requirements of section 5. Free tax amendment 03(2) of this revenue procedure. Free tax amendment The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain the statements, and each partner must retain that partner’s statement, in their respective books and records. Free tax amendment . Free tax amendment 06 Information Statements Made on Behalf of Certain Foreign Corporations. Free tax amendment Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. Free tax amendment 02 of this revenue procedure to the shareholder’s federal income tax return for each taxable year for which a statement is required under section 5. Free tax amendment 01 of this revenue procedure. Free tax amendment . Free tax amendment 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. Free tax amendment (1) A partnership required to file a U. Free tax amendment S. Free tax amendment partnership return other than under § 1. Free tax amendment 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) described in the second sentence of section 5. Free tax amendment 03(1) of this revenue procedure reflecting its share of any § 108(i) information must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. Free tax amendment 07(1)(a) through (d) of this revenue procedure). Free tax amendment (2) If a partnership described in section 5. Free tax amendment 07(1) of this revenue procedure receives a statement described in sections 5. Free tax amendment 03(2) or 5. Free tax amendment 05(5) of this revenue procedure or this section 5. Free tax amendment 07(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership. Free tax amendment If an S corporation receives a statement described in sections 5. Free tax amendment 03(2) or 5. Free tax amendment 05(5) of this revenue procedure or this section 5. Free tax amendment 07(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 5. Free tax amendment 03(2)(b)(i) through (viii) of this revenue procedure. Free tax amendment The partnership or S corporation must attach the statement or statements to the Schedule K-1 (Form 1065 or Form 1065-B) or Schedule K-1 (Form 1120S) that is provided to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. Free tax amendment The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. Free tax amendment (3) This paragraph 5. Free tax amendment 07(3) provides the rules for persons described in section 4. Free tax amendment 12(6) of this revenue procedure if the foreign partnership, for which the Category 1 or 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items described in the second sentence of section 5. Free tax amendment 03(1) of this revenue procedure, or a statement described in sections 5. Free tax amendment 03(2) or 5. Free tax amendment 05(5) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). Free tax amendment (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. Free tax amendment 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 5. Free tax amendment 07(3)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. Free tax amendment (b) A Category 2 filer must include its share of the information described in section 4. Free tax amendment 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. Free tax amendment Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. Free tax amendment (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. Free tax amendment 07(3)(a)(ii) and 5. Free tax amendment 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. Free tax amendment However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. Free tax amendment (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. Free tax amendment 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. Free tax amendment 07(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 5. Free tax amendment 07(1) and (2) of this revenue procedure. Free tax amendment Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. Free tax amendment 12(6) of this revenue procedure. Free tax amendment SECTION 6. Free tax amendment EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. Free tax amendment SECTION 7. Free tax amendment TRANSITION RULE . Free tax amendment 01 Noncomplying Election. Free tax amendment Except as otherwise provided in this section 7. Free tax amendment 01, the Service will treat a § 108(i) election as effective if a taxpayer files an election with the taxpayer’s federal income tax return filed on or before September 16, 2009, using any reasonable procedure to make the election. Free tax amendment However, an election that does not comply with section 4 of this revenue procedure will not be effective unless the taxpayer on or before November 16, 2009, files an amended return for the taxable year of the election and complies with the requirements of section 4 of this revenue procedure. Free tax amendment . Free tax amendment 02 Modification of Election. Free tax amendment A taxpayer that files a § 108(i) election on or before September 16, 2009, may modify that election by filing an amended return on or before November 16, 2009 (for example, to modify the amount of COD income the taxpayer elects to defer). Free tax amendment To be effective, a modification of an election described in the preceding sentence must satisfy the requirements for an election described in section 4 of this revenue procedure. Free tax amendment . Free tax amendment 03 Notations. Free tax amendment A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. Free tax amendment A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. Free tax amendment See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. Free tax amendment SECTION 8. Free tax amendment PAPERWORK REDUCTION ACT The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U. Free tax amendment S. Free tax amendment C. Free tax amendment 3507) under control number 1545-2147. Free tax amendment An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Free tax amendment The collection of information in this revenue procedure is in sections 4, 5 and 7. Free tax amendment This information is required to determine the amount of income and deductions a taxpayer elects to defer and to track those amounts until the taxpayer has reported all deferred income and deductions on the taxpayer’s tax return. Free tax amendment This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. Free tax amendment The collection of information is required to obtain a benefit. Free tax amendment The likely respondents are C corporations, shareholders of S corporations, partners of partnerships, and other individuals engaged in a trade or business, that reacquire applicable debt instruments in 2009 or 2010. Free tax amendment The estimated total annual reporting burden is 300,000 hours. Free tax amendment The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. Free tax amendment The estimated number of respondents is 50,000. Free tax amendment Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Free tax amendment Generally, tax returns and return information are confidential, as required by § 6103. Free tax amendment DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. Free tax amendment Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). Free tax amendment For further information regarding this revenue procedure, contact Megan A. Free tax amendment Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. Free tax amendment Blanchard at (202) 622-3950 for questions involving OID, Ronald M. Free tax amendment Gootzeit at (202) 622-3860 for questions involving foreign entities, Robert Rhyne at (202) 622-7790 for questions involving earnings and profits and consolidated groups, and Craig Wojay at (202) 622-4920 for questions on § 108(i) generally (not toll-free calls). Free tax amendment Prev  Up  Next   Home   More Internal Revenue Bulletins
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The Free Tax Amendment

Free tax amendment 5. Free tax amendment   How To Get Tax Help Table of Contents Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Free tax amendment Free help with your tax return. Free tax amendment   You can get free help preparing your return nationwide from IRS-certified volunteers. Free tax amendment The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Free tax amendment The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free tax amendment Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Free tax amendment In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Free tax amendment To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Free tax amendment gov, download the IRS2Go app, or call 1-800-906-9887. Free tax amendment   As part of the TCE program, AARP offers the Tax-Aide counseling program. Free tax amendment To find the nearest AARP Tax-Aide site, visit AARP's website at www. Free tax amendment aarp. Free tax amendment org/money/taxaide or call 1-888-227-7669. Free tax amendment For more information on these programs, go to IRS. Free tax amendment gov and enter “VITA” in the search box. Free tax amendment Internet. Free tax amendment    IRS. Free tax amendment gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Free tax amendment Download the free IRS2Go app from the iTunes app store or from Google Play. Free tax amendment Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Free tax amendment Check the status of your 2013 refund with the Where's My Refund? application on IRS. Free tax amendment gov or download the IRS2Go app and select the Refund Status option. Free tax amendment The IRS issues more than 9 out of 10 refunds in less than 21 days. Free tax amendment Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Free tax amendment You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free tax amendment The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free tax amendment Use the Interactive Tax Assistant (ITA) to research your tax questions. Free tax amendment No need to wait on the phone or stand in line. Free tax amendment The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Free tax amendment When you reach the response screen, you can print the entire interview and the final response for your records. Free tax amendment New subject areas are added on a regular basis. Free tax amendment  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Free tax amendment gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Free tax amendment You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Free tax amendment The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Free tax amendment When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Free tax amendment Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Free tax amendment You can also ask the IRS to mail a return or an account transcript to you. Free tax amendment Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Free tax amendment gov or by calling 1-800-908-9946. Free tax amendment Tax return and tax account transcripts are generally available for the current year and the past three years. Free tax amendment Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Free tax amendment Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Free tax amendment If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Free tax amendment Check the status of your amended return using Where's My Amended Return? Go to IRS. Free tax amendment gov and enter Where's My Amended Return? in the search box. Free tax amendment You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free tax amendment It can take up to 3 weeks from the date you mailed it to show up in our system. Free tax amendment Make a payment using one of several safe and convenient electronic payment options available on IRS. Free tax amendment gov. Free tax amendment Select the Payment tab on the front page of IRS. Free tax amendment gov for more information. Free tax amendment Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Free tax amendment Figure your income tax withholding with the IRS Withholding Calculator on IRS. Free tax amendment gov. Free tax amendment Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Free tax amendment Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Free tax amendment gov. Free tax amendment Request an Electronic Filing PIN by going to IRS. Free tax amendment gov and entering Electronic Filing PIN in the search box. Free tax amendment Download forms, instructions and publications, including accessible versions for people with disabilities. Free tax amendment Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Free tax amendment gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Free tax amendment An employee can answer questions about your tax account or help you set up a payment plan. Free tax amendment Before you visit, check the Office Locator on IRS. Free tax amendment gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Free tax amendment If you have a special need, such as a disability, you can request an appointment. Free tax amendment Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Free tax amendment Apply for an Employer Identification Number (EIN). Free tax amendment Go to IRS. Free tax amendment gov and enter Apply for an EIN in the search box. Free tax amendment Read the Internal Revenue Code, regulations, or other official guidance. Free tax amendment Read Internal Revenue Bulletins. Free tax amendment Sign up to receive local and national tax news and more by email. Free tax amendment Just click on “subscriptions” above the search box on IRS. Free tax amendment gov and choose from a variety of options. Free tax amendment Phone. Free tax amendment   You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Free tax amendment Download the free IRS2Go app from the iTunes app store or from Google Play. Free tax amendment Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Free tax amendment gov, or download the IRS2Go app. Free tax amendment Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Free tax amendment The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Free tax amendment Most VITA and TCE sites offer free electronic filing. Free tax amendment Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Free tax amendment Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Free tax amendment Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Free tax amendment If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Free tax amendment The IRS issues more than 9 out of 10 refunds in less than 21 days. Free tax amendment Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Free tax amendment Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Free tax amendment The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Free tax amendment Note, the above information is for our automated hotline. Free tax amendment Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Free tax amendment Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Free tax amendment You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Free tax amendment It can take up to 3 weeks from the date you mailed it to show up in our system. Free tax amendment Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Free tax amendment You should receive your order within 10 business days. Free tax amendment Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Free tax amendment If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Free tax amendment Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Free tax amendment The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Free tax amendment These individuals can also contact the IRS through relay services such as the Federal Relay Service. Free tax amendment Walk-in. Free tax amendment   You can find a selection of forms, publications and services — in-person. Free tax amendment Products. Free tax amendment You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Free tax amendment Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Free tax amendment Services. Free tax amendment You can walk in to your local TAC for face-to-face tax help. Free tax amendment An employee can answer questions about your tax account or help you set up a payment plan. Free tax amendment Before visiting, use the Office Locator tool on IRS. Free tax amendment gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Free tax amendment Mail. Free tax amendment   You can send your order for forms, instructions, and publications to the address below. Free tax amendment You should receive a response within 10 business days after your request is received. Free tax amendment Internal Revenue Service 1201 N. Free tax amendment Mitsubishi Motorway Bloomington, IL 61705-6613   The Taxpayer Advocate Service Is Here to Help You. Free tax amendment The Taxpayer Advocate Service (TAS) is your voice at the IRS. Free tax amendment Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Free tax amendment   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Free tax amendment We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Free tax amendment You face (or your business is facing) an immediate threat of adverse action. Free tax amendment You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Free tax amendment   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Free tax amendment Here's why we can help: TAS is an independent organization within the IRS. Free tax amendment Our advocates know how to work with the IRS. Free tax amendment Our services are free and tailored to meet your needs. Free tax amendment We have offices in every state, the District of Columbia, and Puerto Rico. Free tax amendment   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Free tax amendment   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Free tax amendment If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. 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