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How To File An Ammended Tax Return

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How To File An Ammended Tax Return

How to file an ammended tax return 3. How to file an ammended tax return   Exclusions From Gross Income Table of Contents Introduction Topics - This chapter discusses: Useful Items - You may want to see: Resident AliensForeign Earned Income and Housing Amount Nonresident AliensInterest Income Dividend Income Services Performed for Foreign Employer Gambling Winnings From Dog or Horse Racing Gain From the Sale of Your Main Home Scholarships and Fellowship GrantsExpenses that do not qualify. How to file an ammended tax return Introduction Resident and nonresident aliens are allowed exclusions from gross income if they meet certain conditions. How to file an ammended tax return An exclusion from gross income is generally income you receive that is not included in your U. How to file an ammended tax return S. How to file an ammended tax return income and is not subject to U. How to file an ammended tax return S. How to file an ammended tax return tax. How to file an ammended tax return This chapter covers some of the more common exclusions allowed to resident and nonresident aliens. How to file an ammended tax return Topics - This chapter discusses: Nontaxable interest, Nontaxable dividends, Certain compensation paid by a foreign employer, Gain from sale of home, and Scholarships and fellowship grants. How to file an ammended tax return Useful Items - You may want to see: Publication 54 Tax Guide for U. How to file an ammended tax return S. How to file an ammended tax return Citizens and Resident Aliens Abroad 523 Selling Your Home See chapter 12 for information about getting these publications. How to file an ammended tax return Resident Aliens Resident aliens may be able to exclude the following items from their gross income. How to file an ammended tax return Foreign Earned Income and Housing Amount If you are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months, you may qualify for the foreign earned income exclusion. How to file an ammended tax return The exclusion is $97,600 in 2013. How to file an ammended tax return In addition, you may be able to exclude or deduct certain foreign housing amounts. How to file an ammended tax return You may also qualify if you are a bona fide resident of a foreign country and you are a citizen or national of a country with which the United States has an income tax treaty. How to file an ammended tax return For more information, see Publication 54. How to file an ammended tax return Foreign country. How to file an ammended tax return    A foreign country is any territory under the sovereignty of a government other than that of the United States. How to file an ammended tax return   The term “foreign country” includes the country's territorial waters and airspace, but not international waters and the airspace above them. How to file an ammended tax return It also includes the seabed and subsoil of those submarine areas adjacent to the country's territorial waters over which it has exclusive rights under international law to explore and exploit the natural resources. How to file an ammended tax return   The term “foreign country” does not include U. How to file an ammended tax return S. How to file an ammended tax return possessions or territories. How to file an ammended tax return It does not include the Antarctic region. How to file an ammended tax return Nonresident Aliens Nonresident aliens can exclude the following items from their gross income. How to file an ammended tax return Interest Income Interest income that is not connected with a U. How to file an ammended tax return S. How to file an ammended tax return trade or business is excluded from income if it is from: Deposits (including certificates of deposit) with persons in the banking business, Deposits or withdrawable accounts with mutual savings banks, cooperative banks, credit unions, domestic building and loan associations, and other savings institutions chartered and supervised as savings and loan or similar associations under federal or state law (if the interest paid or credited can be deducted by the association), and Amounts held by an insurance company under an agreement to pay interest on them. How to file an ammended tax return State and local government obligations. How to file an ammended tax return   Interest on obligations of a state or political subdivision, the District of Columbia, or a U. How to file an ammended tax return S. How to file an ammended tax return possession, generally is not included in income. How to file an ammended tax return However, interest on certain private activity bonds, arbitrage bonds, and certain bonds not in registered form is included in income. How to file an ammended tax return Portfolio interest. How to file an ammended tax return   Interest and original issue discount that qualifies as portfolio interest is not subject to NRA withholding. How to file an ammended tax return To qualify as portfolio interest, the interest must be paid on obligations issued after July 18, 1984, and otherwise subject to NRA withholding. How to file an ammended tax return Note. How to file an ammended tax return For obligations issued after March 18, 2012, portfolio interest does not include interest paid on debt that is not in registered form. How to file an ammended tax return Before March 19, 2012, portfolio interest included interest on certain registered and nonregistered (bearer) bonds if the obligations meet the requirements described below. How to file an ammended tax return Obligations in registered form. How to file an ammended tax return   Portfolio interest includes interest paid on an obligation that is in registered form, and for which you have received documentation that the beneficial owner of the obligation is not a United States person. How to file an ammended tax return   Generally, an obligation is in registered form if: (i) the obligation is registered as to both principal and any stated interest with the issuer (or its agent) and any transfer of the obligation may be effected only by surrender of the old obligation and reissuance to the new holder; (ii) the right to principal and stated interest with respect to the obligation may be transferred only through a book entry system maintained by the issuer or its agent; or (iii) the obligation is registered as to both principal and stated interest with the issuer or its agent and can be transferred both by surrender and reissuance and through a book entry system. How to file an ammended tax return   An obligation that would otherwise be considered to be in registered form is not considered to be in registered form as of a particular time if it can be converted at any time in the future into an obligation that is not in registered form. How to file an ammended tax return For more information on whether obligations are considered to be in registered form, see Portfolio interest in Publication 515. How to file an ammended tax return Obligations not in registered form. How to file an ammended tax return    For obligations issued before March 19, 2012, interest on an obligation that is not in registered form (bearer obligation) is portfolio interest if the obligation is foreign-targeted. How to file an ammended tax return A bearer obligation is foreign-targeted if: There are arrangements to ensure that the obligation will be sold, or resold in connection with the original issue, only to a person who is not a United States person, Interest on the obligation is payable only outside the United States and its possessions, and The face of the obligation contains a statement that any United States person who holds the obligation will be subject to limits under the United States income tax laws. How to file an ammended tax return   Documentation is not required for interest on bearer obligations to qualify as portfolio interest. How to file an ammended tax return In some cases, however, you may need documentation for purposes of Form 1099 reporting and backup withholding. How to file an ammended tax return Interest that does not qualify as portfolio interest. How to file an ammended tax return   Payments to certain persons and payments of contingent interest do not qualify as portfolio interest. How to file an ammended tax return You must withhold at the statutory rate on such payments unless some other exception, such as a treaty provision, applies. How to file an ammended tax return Contingent interest. How to file an ammended tax return   Portfolio interest does not include contingent interest. How to file an ammended tax return Contingent interest is either of the following: Interest that is determined by reference to: Any receipts, sales, or other cash flow of the debtor or related person, Income or profits of the debtor or related person, Any change in value of any property of the debtor or a related person, or Any dividend, partnership distributions, or similar payments made by the debtor or a related person. How to file an ammended tax return For exceptions, see Internal Revenue Code section 871(h)(4)(C). How to file an ammended tax return Any other type of contingent interest that is identified by the Secretary of the Treasury in regulations. How to file an ammended tax return Related persons. How to file an ammended tax return   Related persons include the following. How to file an ammended tax return Members of a family, including only brothers, sisters, half-brothers, half-sisters, spouse, ancestors (parents, grandparents, etc. How to file an ammended tax return ), and lineal descendants (children, grandchildren, etc. How to file an ammended tax return ). How to file an ammended tax return Any person who is a party to any arrangement undertaken for the purpose of avoiding the contingent interest rules. How to file an ammended tax return Certain corporations, partnerships, and other entities. How to file an ammended tax return For details, see Nondeductible Loss in chapter 2 of Publication 544. How to file an ammended tax return Exception for existing debt. How to file an ammended tax return   Contingent interest does not include interest paid or accrued on any debt with a fixed term that was issued: On or before April 7, 1993, or After April 7, 1993, pursuant to a written binding contract in effect on that date and at all times thereafter before that debt was issued. How to file an ammended tax return Dividend Income The following dividend income is exempt from the 30% tax. How to file an ammended tax return Certain dividends paid by foreign corporations. How to file an ammended tax return   There is no 30% tax on U. How to file an ammended tax return S. How to file an ammended tax return source dividends you receive from a foreign corporation. How to file an ammended tax return See Second exception under Dividends in chapter 2 for how to figure the amount of U. How to file an ammended tax return S. How to file an ammended tax return source dividends. How to file an ammended tax return Certain interest-related dividends. How to file an ammended tax return   There is no 30% tax on interest-related dividends from sources within the United States that you receive from a mutual fund or other regulated investment company in 2013. How to file an ammended tax return The mutual fund will designate in writing which dividends are interest-related dividends. How to file an ammended tax return Certain short-term capital gain dividends. How to file an ammended tax return   There may not be any 30% tax on certain short-term capital gain dividends from sources within the United States that you receive from a mutual fund or other regulated investment company. How to file an ammended tax return The mutual fund will designate in writing which dividends are short-term capital gain dividends. How to file an ammended tax return This tax relief will not apply to you if you are present in the United States for 183 days or more during your tax year. How to file an ammended tax return Services Performed for Foreign Employer If you were paid by a foreign employer, your U. How to file an ammended tax return S. How to file an ammended tax return source income may be exempt from U. How to file an ammended tax return S. How to file an ammended tax return tax, but only if you meet one of the situations discussed next. How to file an ammended tax return Employees of foreign persons, organizations, or offices. How to file an ammended tax return   Income for personal services performed in the United States as a nonresident alien is not considered to be from U. How to file an ammended tax return S. How to file an ammended tax return sources and is tax exempt if you meet all three of the following conditions. How to file an ammended tax return You perform personal services as an employee of or under a contract with a nonresident alien individual, foreign partnership, or foreign corporation, not engaged in a trade or business in the United States; or you work for an office or place of business maintained in a foreign country or possession of the United States by a U. How to file an ammended tax return S. How to file an ammended tax return corporation, a U. How to file an ammended tax return S. How to file an ammended tax return partnership, or a U. How to file an ammended tax return S. How to file an ammended tax return citizen or resident. How to file an ammended tax return You perform these services while you are a nonresident alien temporarily present in the United States for a period or periods of not more than a total of 90 days during the tax year. How to file an ammended tax return Your pay for these services is not more than $3,000. How to file an ammended tax return If you do not meet all three conditions, your income from personal services performed in the United States is U. How to file an ammended tax return S. How to file an ammended tax return source income and is taxed according to the rules in chapter 4. How to file an ammended tax return   If your pay for these services is more than $3,000, the entire amount is income from a trade or business within the United States. How to file an ammended tax return To find if your pay is more than $3,000, do not include any amounts you get from your employer for advances or reimbursements of business travel expenses, if you were required to and did account to your employer for those expenses. How to file an ammended tax return If the advances or reimbursements are more than your expenses, include the excess in your pay for these services. How to file an ammended tax return   A day means a calendar day during any part of which you are physically present in the United States. How to file an ammended tax return Example 1. How to file an ammended tax return During 2013, Henry Smythe, a nonresident alien from a nontreaty country, worked for an overseas office of a U. How to file an ammended tax return S. How to file an ammended tax return partnership. How to file an ammended tax return Henry, who uses the calendar year as his tax year, was temporarily present in the United States for 60 days during 2013 performing personal services for the overseas office of the partnership. How to file an ammended tax return That office paid him a total gross salary of $2,800 for those services. How to file an ammended tax return During 2013, he was not engaged in a trade or business in the United States. How to file an ammended tax return The salary is not considered U. How to file an ammended tax return S. How to file an ammended tax return source income and is exempt from U. How to file an ammended tax return S. How to file an ammended tax return tax. How to file an ammended tax return Example 2. How to file an ammended tax return The facts are the same as in Example 1, except that Henry's total gross salary for the services performed in the United States during 2013 was $4,500. How to file an ammended tax return He received $2,875 in 2013, and $1,625 in 2014. How to file an ammended tax return During 2013, he was engaged in a trade or business in the United States because the compensation for his personal services in the United States was more than $3,000. How to file an ammended tax return Henry's salary is U. How to file an ammended tax return S. How to file an ammended tax return source income and is taxed under the rules in chapter 4. How to file an ammended tax return Crew members. How to file an ammended tax return   Compensation for services performed by a nonresident alien in connection with the individual's temporary presence in the United States as a regular crew member of a foreign vessel (for example, a boat or ship) engaged in transportation between the United States and a foreign country or U. How to file an ammended tax return S. How to file an ammended tax return possession is not U. How to file an ammended tax return S. How to file an ammended tax return source income and is exempt from U. How to file an ammended tax return S. How to file an ammended tax return tax. How to file an ammended tax return This exemption does not apply to compensation for services performed on foreign aircraft. How to file an ammended tax return Students and exchange visitors. How to file an ammended tax return   Nonresident alien students and exchange visitors present in the United States under “F,” “J,” or “Q” visas can exclude from gross income pay received from a foreign employer. How to file an ammended tax return   This group includes bona fide students, scholars, trainees, teachers, professors, research assistants, specialists, or leaders in a field of specialized knowledge or skill, or persons of similar description. How to file an ammended tax return It also includes the alien's spouse and minor children if they come with the alien or come later to join the alien. How to file an ammended tax return   A nonresident alien temporarily present in the United States under a “J” visa includes an alien individual entering the United States as an exchange visitor under the Mutual Educational and Cultural Exchange Act of 1961. How to file an ammended tax return Foreign employer. How to file an ammended tax return   A foreign employer is: A nonresident alien individual, foreign partnership, or foreign corporation, or An office or place of business maintained in a foreign country or in a U. How to file an ammended tax return S. How to file an ammended tax return possession by a U. How to file an ammended tax return S. How to file an ammended tax return corporation, a U. How to file an ammended tax return S. How to file an ammended tax return partnership, or an individual who is a U. How to file an ammended tax return S. How to file an ammended tax return citizen or resident. How to file an ammended tax return   The term “foreign employer” does not include a foreign government. How to file an ammended tax return Pay from a foreign government that is exempt from U. How to file an ammended tax return S. How to file an ammended tax return income tax is discussed in chapter 10. How to file an ammended tax return Income from certain annuities. How to file an ammended tax return   Do not include in income any annuity received under a qualified annuity plan or from a qualified trust exempt from U. How to file an ammended tax return S. How to file an ammended tax return income tax if you meet both of the following conditions. How to file an ammended tax return You receive the annuity only because: You performed personal services outside the United States while you were a nonresident alien, or You performed personal services inside the United States while you were a nonresident alien and you met the three conditions, described earlier, under Employees of foreign persons, organizations, or offices . How to file an ammended tax return At the time the first amount is paid as an annuity under the plan (or by the trust), 90% or more of the employees for whom contributions or benefits are provided under the annuity plan (or under the plan of which the trust is a part) are U. How to file an ammended tax return S. How to file an ammended tax return citizens or residents. How to file an ammended tax return   If the annuity qualifies under condition (1) but not condition (2) above, you do not have to include the amount in income if: You are a resident of a country that gives a substantially equal exclusion to U. How to file an ammended tax return S. How to file an ammended tax return citizens and residents, or You are a resident of a beneficiary developing country under Title V of the Trade Act of 1974. How to file an ammended tax return   If you are not sure whether the annuity is from a qualified annuity plan or qualified trust, ask the person who made the payment. How to file an ammended tax return Income affected by treaties. How to file an ammended tax return   Income of any kind that is exempt from U. How to file an ammended tax return S. How to file an ammended tax return tax under a treaty to which the United States is a party is excluded from your gross income. How to file an ammended tax return Income on which the tax is only limited by treaty, however, is included in gross income. How to file an ammended tax return See chapter 9. How to file an ammended tax return Gambling Winnings From Dog or Horse Racing You can exclude from your gross income winnings from legal wagers initiated outside the United States in a parimutuel pool with respect to a live horse or dog race in the United States. How to file an ammended tax return Gain From the Sale of Your Main Home If you sold your main home, you may be able to exclude up to $250,000 of the gain on the sale of your home. How to file an ammended tax return If you are married and file a joint return, you may be able to exclude up to $500,000. How to file an ammended tax return For information on the requirements for this exclusion, see Publication 523. How to file an ammended tax return This exclusion does not apply to nonresident aliens who are subject to the expatriation tax rules discussed in chapter 4. How to file an ammended tax return Scholarships and Fellowship Grants If you are a candidate for a degree, you may be able to exclude from your income part or all of the amounts you receive as a qualified scholarship. How to file an ammended tax return The rules discussed here apply to both resident and nonresident aliens. How to file an ammended tax return If a nonresident alien receives a grant that is not from U. How to file an ammended tax return S. How to file an ammended tax return sources, it is not subject to U. How to file an ammended tax return S. How to file an ammended tax return tax. How to file an ammended tax return See Scholarships, Grants, Prizes, and Awards in chapter 2 to determine whether your grant is from U. How to file an ammended tax return S. How to file an ammended tax return sources. How to file an ammended tax return A scholarship or fellowship is excludable from income only if: You are a candidate for a degree at an eligible educational institution, and You use the scholarship or fellowship to pay qualified education expenses. How to file an ammended tax return Candidate for a degree. How to file an ammended tax return   You are a candidate for a degree if you: Attend a primary or secondary school or are pursuing a degree at a college or university, or Attend an accredited educational institution that is authorized to provide: A program that is acceptable for full credit toward a bachelor's or higher degree, or A program of training to prepare students for gainful employment in a recognized occupation. How to file an ammended tax return Eligible educational institution. How to file an ammended tax return   An eligible educational institution is one that maintains a regular faculty and curriculum and normally has a regularly enrolled body of students in attendance at the place where it carries on its educational activities. How to file an ammended tax return Qualified education expenses. How to file an ammended tax return   These are expenses for: Tuition and fees required to enroll at or attend an eligible educational institution, and Course-related expenses, such as fees, books, supplies, and equipment that are required for the courses at the eligible educational institution. How to file an ammended tax return These items must be required of all students in your course of instruction. How to file an ammended tax return However, in order for these to be qualified education expenses, the terms of the scholarship or fellowship cannot require that it be used for other purposes, such as room and board, or specify that it cannot be used for tuition or course-related expenses. How to file an ammended tax return Expenses that do not qualify. How to file an ammended tax return   Qualified education expenses do not include the cost of: Room and board, Travel, Research, Clerical help, or Equipment and other expenses that are not required for enrollment in or attendance at an eligible educational institution. How to file an ammended tax return This is true even if the fee must be paid to the institution as a condition of enrollment or attendance. How to file an ammended tax return Scholarship or fellowship amounts used to pay these costs are taxable. How to file an ammended tax return Amounts used to pay expenses that do not qualify. How to file an ammended tax return   A scholarship amount used to pay any expense that does not qualify is taxable, even if the expense is a fee that must be paid to the institution as a condition of enrollment or attendance. How to file an ammended tax return Payment for services. How to file an ammended tax return   You cannot exclude from income the portion of any scholarship, fellowship, or tuition reduction that represents payment for past, present, or future teaching, research, or other services. How to file an ammended tax return This is true even if all candidates for a degree are required to perform the services as a condition for receiving the degree. How to file an ammended tax return Example. How to file an ammended tax return On January 7, Maria Gomez is notified of a scholarship of $2,500 for the spring semester. How to file an ammended tax return As a condition for receiving the scholarship, Maria must serve as a part-time teaching assistant. How to file an ammended tax return Of the $2,500 scholarship, $1,000 represents payment for her services. How to file an ammended tax return Assuming that Maria meets all other conditions, she can exclude no more than $1,500 from income as a qualified scholarship. How to file an ammended tax return Prev  Up  Next   Home   More Online Publications
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The How To File An Ammended Tax Return

How to file an ammended tax return Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. How to file an ammended tax return Proc. How to file an ammended tax return 2009-37 Table of Contents SECTION 1. How to file an ammended tax return PURPOSE SECTION 2. How to file an ammended tax return BACKGROUND SECTION 3. How to file an ammended tax return SCOPE SECTION 4. How to file an ammended tax return ELECTION PROCEDURES SECTION 5. How to file an ammended tax return REQUIRED INFORMATION STATEMENT SECTION 6. How to file an ammended tax return EFFECTIVE DATE SECTION 7. How to file an ammended tax return TRANSITION RULE SECTION 8. How to file an ammended tax return PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. How to file an ammended tax return PURPOSE . How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 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. How to file an ammended tax return This revenue procedure describes the time and manner of providing this additional information. How to file an ammended tax return . How to file an ammended tax return 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. How to file an ammended tax return Taxpayers should be aware that these regulations may be retroactive. How to file an ammended tax return See § 7805(b)(2). How to file an ammended tax return This revenue procedure may be modified to provide procedures consistent with additional guidance. How to file an ammended tax return SECTION 2. How to file an ammended tax return BACKGROUND . How to file an ammended tax return 01 Section 108(i), Generally. How to file an ammended tax return Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. How to file an ammended tax return L. How to file an ammended tax return No. How to file an ammended tax return 111-5, 123 Stat. How to file an ammended tax return 338. How to file an ammended tax return 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. How to file an ammended tax return 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). How to file an ammended tax return 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. How to file an ammended tax return 1273-1(d) of the Income Tax Regulations. How to file an ammended tax return The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. How to file an ammended tax return For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). How to file an ammended tax return 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). How to file an ammended tax return See § 108(i)(5)(D). How to file an ammended tax return 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. How to file an ammended tax return Section 108(i)(5)(D)(ii). How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 02 Applicable Debt Instrument. How to file an ammended tax return 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. How to file an ammended tax return 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). How to file an ammended tax return Section 108(i)(3)(B). How to file an ammended tax return For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. How to file an ammended tax return 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. How to file an ammended tax return 1502-13(g)(5). How to file an ammended tax return . How to file an ammended tax return 03 Reacquisition. How to file an ammended tax return 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). How to file an ammended tax return 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. How to file an ammended tax return See § 108(i)(4)(B). How to file an ammended tax return The term “acquisition” also includes an indirect acquisition within the meaning of § 1. How to file an ammended tax return 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 04 General Requirements for the Section 108(i) Election. How to file an ammended tax return 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. How to file an ammended tax return (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. How to file an ammended tax return ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. How to file an ammended tax return Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. How to file an ammended tax return . How to file an ammended tax return 05 Section 108(i) Elections Made by Pass-through Entities. How to file an ammended tax return 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. How to file an ammended tax return Section 108(i)(5)(B)(iii). How to file an ammended tax return . How to file an ammended tax return 06 Additional Information on Subsequent Years’ Returns. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 07 Exclusivity. How to file an ammended tax return 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). How to file an ammended tax return . How to file an ammended tax return 08 Allocation of Deferred COD Income on Partnership Indebtedness. How to file an ammended tax return Section 4. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return 704-1(b)(2)(iii). How to file an ammended tax return Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). How to file an ammended tax return The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). How to file an ammended tax return 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”). How to file an ammended tax return . How to file an ammended tax return 09 Partner’s Deferred § 752 Amount. How to file an ammended tax return 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”). How to file an ammended tax return 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). How to file an ammended tax return 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. How to file an ammended tax return 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). How to file an ammended tax return See Rev. How to file an ammended tax return Rul. How to file an ammended tax return 92-97, 1992-2 C. How to file an ammended tax return B. How to file an ammended tax return 124, and Rev. How to file an ammended tax return Rul. How to file an ammended tax return 94-4, 1994-1 C. How to file an ammended tax return B. How to file an ammended tax return 195. How to file an ammended tax return 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). How to file an ammended tax return . How to file an ammended tax return 10 Allocation of Deferred COD Income on S Corporation Indebtedness. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. How to file an ammended tax return (1) In general. How to file an ammended tax return 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). How to file an ammended tax return 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. How to file an ammended tax return 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). How to file an ammended tax return 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. How to file an ammended tax return See § 1. How to file an ammended tax return 56(g)-1(c)(1). How to file an ammended tax return (2) Exceptions for certain special status corporations. How to file an ammended tax return 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. How to file an ammended tax return OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. How to file an ammended tax return . How to file an ammended tax return 12 Extension of Time to Make Election. How to file an ammended tax return Under § 301. How to file an ammended tax return 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. How to file an ammended tax return An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. How to file an ammended tax return Section 301. How to file an ammended tax return 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. How to file an ammended tax return SECTION 3. How to file an ammended tax return 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). How to file an ammended tax return SECTION 4. How to file an ammended tax return ELECTION PROCEDURES . How to file an ammended tax return 01 In General. How to file an ammended tax return (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. How to file an ammended tax return 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. How to file an ammended tax return 07, 4. How to file an ammended tax return 08, 4. How to file an ammended tax return 09, or 4. How to file an ammended tax return 10 of this revenue procedure. How to file an ammended tax return (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. How to file an ammended tax return 01(1)(a) of this revenue procedure for making the § 108(i) election. How to file an ammended tax return The rules that apply to an automatic extension under § 301. How to file an ammended tax return 9100-2(a) apply to this automatic extension. How to file an ammended tax return . How to file an ammended tax return 02 Section 108(i) Elections Made by Members of Consolidated Groups. How to file an ammended tax return The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. How to file an ammended tax return See § 1. How to file an ammended tax return 1502-77(a). How to file an ammended tax return . How to file an ammended tax return 03 Aggregation Rule. How to file an ammended tax return 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. How to file an ammended tax return A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 04 Partial Elections. How to file an ammended tax return (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. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return (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). How to file an ammended tax return 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. How to file an ammended tax return (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. How to file an ammended tax return 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). How to file an ammended tax return A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. How to file an ammended tax return The provisions of this section 4. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 05 Contents of Election Statement. How to file an ammended tax return A statement meets the requirements of this section 4. How to file an ammended tax return 05 if the statement— (1) Label. How to file an ammended tax return States “Section 108(i) Election” across the top. How to file an ammended tax return (2) Required information. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 06 Supplemental information. How to file an ammended tax return The statement described in section 4. How to file an ammended tax return 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. How to file an ammended tax return 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. How to file an ammended tax return 05(2)(d) of this revenue procedure. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return 08, 2. How to file an ammended tax return 10 and, if applicable, 4. How to file an ammended tax return 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. How to file an ammended tax return . How to file an ammended tax return 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. How to file an ammended tax return The rules of this section 4. How to file an ammended tax return 07 apply to partnerships other than partnerships described in section 4. How to file an ammended tax return 10 of this revenue procedure. How to file an ammended tax return (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). How to file an ammended tax return 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. How to file an ammended tax return , 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. How to file an ammended tax return 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). How to file an ammended tax return (2) Election information statement provided to partners. How to file an ammended tax return 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. How to file an ammended tax return 07(2). How to file an ammended tax return 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. How to file an ammended tax return A statement meets the requirements of this section 4. How to file an ammended tax return 07(2) if the statement— (a) Label. How to file an ammended tax return States “Section 108(i) Election Information Statement for Partners” across the top. How to file an ammended tax return (b) Required information. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. How to file an ammended tax return 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. How to file an ammended tax return (c) If a partner fails to provide the written statement required by section 4. How to file an ammended tax return 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. How to file an ammended tax return 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. How to file an ammended tax return (3) Partner reporting requirements. How to file an ammended tax return 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. How to file an ammended tax return 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return If a partner provides its written statement under this section 4. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 08 Additional Requirements for an S Corporation Making a § 108(i) Election. How to file an ammended tax return (1) Information filing on Schedule K-1 (Form 1120S). How to file an ammended tax return 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. How to file an ammended tax return , 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. How to file an ammended tax return 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. How to file an ammended tax return (2) Election information statement provided to shareholders. How to file an ammended tax return 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. How to file an ammended tax return 08(2). How to file an ammended tax return 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. How to file an ammended tax return A statement meets the requirements of this section 4. How to file an ammended tax return 08(2) if the statement— (a) Label. How to file an ammended tax return States “Section 108(i) Election Information Statement for Shareholders” across the top. How to file an ammended tax return (b) Required information. How to file an ammended tax return 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. How to file an ammended tax return 06 of this revenue procedure. How to file an ammended tax return . How to file an ammended tax return 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. How to file an ammended tax return 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. How to file an ammended tax return 964-1(c)(3). How to file an ammended tax return Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. How to file an ammended tax return 05 of this revenue procedure and, if applicable, section 4. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 10 Section 108(i) Elections Made By Certain Foreign Partnerships. How to file an ammended tax return The rules of this section 4. How to file an ammended tax return 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”). How to file an ammended tax return See § 1. How to file an ammended tax return 6031(a)-1(b). How to file an ammended tax return (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. How to file an ammended tax return 05 of this revenue procedure and, if applicable, section 4. How to file an ammended tax return 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. How to file an ammended tax return 6031(a)-1(b)(5) it files with the Service. How to file an ammended tax return In addition, a nonfiling foreign partnership must include in the information required in section 4. How to file an ammended tax return 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. How to file an ammended tax return S. How to file an ammended tax return 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”). How to file an ammended tax return (2) The nonfiling foreign partnership must make the election, in accordance with § 1. How to file an ammended tax return 6031(a)-1(b)(5), by the date provided in section 4. How to file an ammended tax return 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. How to file an ammended tax return (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. How to file an ammended tax return 07(1) of this revenue procedure. How to file an ammended tax return Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). How to file an ammended tax return 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. How to file an ammended tax return 07(2) of this revenue procedure by the date provided in section 4. How to file an ammended tax return 01(1)(a) of this revenue procedure. How to file an ammended tax return The partnership should not attach any statement described in section 4. How to file an ammended tax return 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. How to file an ammended tax return 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. How to file an ammended tax return (4) The partnership and each affected partner must satisfy the requirements of section 4. How to file an ammended tax return 07(3) of this revenue procedure. How to file an ammended tax return . How to file an ammended tax return 11 Protective § 108(i) Election. How to file an ammended tax return (1) In general. How to file an ammended tax return 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. How to file an ammended tax return 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). How to file an ammended tax return 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. How to file an ammended tax return A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. How to file an ammended tax return 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. How to file an ammended tax return 01(1)(a) of this revenue procedure. How to file an ammended tax return 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. How to file an ammended tax return A statement meets the requirements of this section 4. How to file an ammended tax return 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. How to file an ammended tax return 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. How to file an ammended tax return 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. How to file an ammended tax return 06 of this revenue procedure. How to file an ammended tax return (2) Statements provided to shareholders and partners. How to file an ammended tax return (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. How to file an ammended tax return 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. How to file an ammended tax return 11(1)(d) of this revenue procedure. How to file an ammended tax return (b) The partnership or S corporation should not attach the statements described in this section 4. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 12 Election-Year Reporting by Tiered Pass-Through Entities. How to file an ammended tax return (1) A partnership required to file a U. How to file an ammended tax return S. How to file an ammended tax return partnership return other than under § 1. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return 07(1)(a) through (d) of this revenue procedure). How to file an ammended tax return (2) If a partnership described in section 4. How to file an ammended tax return 12(1) of this revenue procedure receives a statement described in sections 4. How to file an ammended tax return 07(2) or 4. How to file an ammended tax return 10(3) of this revenue procedure or this section 4. How to file an ammended tax return 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. How to file an ammended tax return 07(2)(b)(x) of this revenue procedure. How to file an ammended tax return If an S corporation receives a statement described in sections 4. How to file an ammended tax return 07(2) or 4. How to file an ammended tax return 10(3) of this revenue procedure or this section 4. How to file an ammended tax return 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. How to file an ammended tax return 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return (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. How to file an ammended tax return 704-1(b)(2)(iii). How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return The partnership allocates amounts described in section 4. How to file an ammended tax return 06 of this revenue procedure under this section 4. How to file an ammended tax return 12(3) as if the additional COD income was realized. How to file an ammended tax return (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. How to file an ammended tax return 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. How to file an ammended tax return (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. How to file an ammended tax return (6) This paragraph 4. How to file an ammended tax return 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. How to file an ammended tax return S. How to file an ammended tax return 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. How to file an ammended tax return 07(1) of this revenue procedure, or a statement described in sections 4. How to file an ammended tax return 07(2) or 4. How to file an ammended tax return 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). How to file an ammended tax return (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. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return (b) A Category 2 filer must include its share of the information described in section 4. How to file an ammended tax return 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. How to file an ammended tax return Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. How to file an ammended tax return (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. How to file an ammended tax return 12(6)(a)(ii) and 4. How to file an ammended tax return 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. How to file an ammended tax return However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. How to file an ammended tax return (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. How to file an ammended tax return 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. How to file an ammended tax return 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. How to file an ammended tax return 12(1) and (2) of this revenue procedure. How to file an ammended tax return Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. How to file an ammended tax return 12(6) of this revenue procedure. How to file an ammended tax return (8) The provisions of section 4. How to file an ammended tax return 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. How to file an ammended tax return 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. How to file an ammended tax return 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. How to file an ammended tax return 11(1)(d) of this revenue procedure. How to file an ammended tax return SECTION 5. How to file an ammended tax return REQUIRED INFORMATION STATEMENT . How to file an ammended tax return 01 Annual Information Statements. How to file an ammended tax return Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. How to file an ammended tax return 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 02 Contents of Statement. How to file an ammended tax return A statement meets the requirements of this section 5. How to file an ammended tax return 02 if the statement— (1) Label. How to file an ammended tax return States “Section 108(i) Information Statement” across the top; (2) Required information. How to file an ammended tax return 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. How to file an ammended tax return (3) Election attached. How to file an ammended tax return Includes a copy of the election statement described in section 4. How to file an ammended tax return 05 of this revenue procedure. How to file an ammended tax return . How to file an ammended tax return 03 Additional Annual Reporting Requirements for Certain Partnerships. How to file an ammended tax return The rules of this section 5. How to file an ammended tax return 03 apply to partnerships other than partnerships described in section 5. How to file an ammended tax return 05 of this revenue procedure. How to file an ammended tax return (1) In general. How to file an ammended tax return A partnership that makes an election under § 108(i) (except for a protective election under section 4. How to file an ammended tax return 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. How to file an ammended tax return 01 of this revenue procedure. How to file an ammended tax return In addition, for each taxable year in which a statement is required under section 5. How to file an ammended tax return 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. How to file an ammended tax return 07(1) of this revenue procedure. How to file an ammended tax return (2) Annual information statements provided to partners. How to file an ammended tax return 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. How to file an ammended tax return 01 of this revenue procedure, a statement meeting the requirements of this section 5. How to file an ammended tax return 03(2). How to file an ammended tax return 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. How to file an ammended tax return A statement meets the requirements of this section 5. How to file an ammended tax return 03(2) if the statement— (a) Label. How to file an ammended tax return States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. How to file an ammended tax return (b) Required information. How to file an ammended tax return 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. How to file an ammended tax return If a partner fails to provide the written statement required by section 4. How to file an ammended tax return 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. How to file an ammended tax return 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. How to file an ammended tax return . How to file an ammended tax return 04 Additional Annual Reporting Requirements for an S Corporation. How to file an ammended tax return (1) In general. How to file an ammended tax return An S corporation that makes an election under § 108(i) (except for a protective election under section 4. How to file an ammended tax return 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. How to file an ammended tax return 01 of this revenue procedure. How to file an ammended tax return In addition, for each taxable year in which a statement is required under section 5. How to file an ammended tax return 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. How to file an ammended tax return 08(1) of this revenue procedure. How to file an ammended tax return (2) Annual information statements provided to shareholders. How to file an ammended tax return 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. How to file an ammended tax return 01 of this revenue procedure a statement meeting the requirements of this section 5. How to file an ammended tax return 04(2). How to file an ammended tax return 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. How to file an ammended tax return A statement meets the requirements of this section 5. How to file an ammended tax return 04(2) if the statement— (a) Label. How to file an ammended tax return States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. How to file an ammended tax return (1) The rules of this section 5. How to file an ammended tax return 05 apply to nonfiling foreign partnerships. How to file an ammended tax return (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. How to file an ammended tax return 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. How to file an ammended tax return 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. How to file an ammended tax return 01 of this revenue procedure. How to file an ammended tax return (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. How to file an ammended tax return 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. How to file an ammended tax return (4) For each taxable year in which a statement is required under section 5. How to file an ammended tax return 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. How to file an ammended tax return 07(1) of this revenue procedure. How to file an ammended tax return Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). How to file an ammended tax return The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. How to file an ammended tax return 6031(b)-1T(b). How to file an ammended tax return The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. How to file an ammended tax return 05(2) of this revenue procedure. How to file an ammended tax return (5) For each taxable year for which a statement is required under section 5. How to file an ammended tax return 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. How to file an ammended tax return 03(2) of this revenue procedure. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 06 Information Statements Made on Behalf of Certain Foreign Corporations. How to file an ammended tax return Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. How to file an ammended tax return 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. How to file an ammended tax return 01 of this revenue procedure. How to file an ammended tax return . How to file an ammended tax return 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. How to file an ammended tax return (1) A partnership required to file a U. How to file an ammended tax return S. How to file an ammended tax return partnership return other than under § 1. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return 07(1)(a) through (d) of this revenue procedure). How to file an ammended tax return (2) If a partnership described in section 5. How to file an ammended tax return 07(1) of this revenue procedure receives a statement described in sections 5. How to file an ammended tax return 03(2) or 5. How to file an ammended tax return 05(5) of this revenue procedure or this section 5. How to file an ammended tax return 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. How to file an ammended tax return If an S corporation receives a statement described in sections 5. How to file an ammended tax return 03(2) or 5. How to file an ammended tax return 05(5) of this revenue procedure or this section 5. How to file an ammended tax return 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. How to file an ammended tax return 03(2)(b)(i) through (viii) of this revenue procedure. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return (3) This paragraph 5. How to file an ammended tax return 07(3) provides the rules for persons described in section 4. How to file an ammended tax return 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. How to file an ammended tax return 03(1) of this revenue procedure, or a statement described in sections 5. How to file an ammended tax return 03(2) or 5. How to file an ammended tax return 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). How to file an ammended tax return (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. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return (b) A Category 2 filer must include its share of the information described in section 4. How to file an ammended tax return 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. How to file an ammended tax return Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. How to file an ammended tax return (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. How to file an ammended tax return 07(3)(a)(ii) and 5. How to file an ammended tax return 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. How to file an ammended tax return However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. How to file an ammended tax return (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. How to file an ammended tax return 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. How to file an ammended tax return 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. How to file an ammended tax return 07(1) and (2) of this revenue procedure. How to file an ammended tax return Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. How to file an ammended tax return 12(6) of this revenue procedure. How to file an ammended tax return SECTION 6. How to file an ammended tax return EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. How to file an ammended tax return SECTION 7. How to file an ammended tax return TRANSITION RULE . How to file an ammended tax return 01 Noncomplying Election. How to file an ammended tax return Except as otherwise provided in this section 7. How to file an ammended tax return 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. How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 02 Modification of Election. How to file an ammended tax return 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). How to file an ammended tax return 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. How to file an ammended tax return . How to file an ammended tax return 03 Notations. How to file an ammended tax return A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. How to file an ammended tax return A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. How to file an ammended tax return See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. How to file an ammended tax return SECTION 8. How to file an ammended tax return 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. How to file an ammended tax return S. How to file an ammended tax return C. How to file an ammended tax return 3507) under control number 1545-2147. How to file an ammended tax return 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. How to file an ammended tax return The collection of information in this revenue procedure is in sections 4, 5 and 7. How to file an ammended tax return 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. How to file an ammended tax return This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. How to file an ammended tax return The collection of information is required to obtain a benefit. How to file an ammended tax return 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. How to file an ammended tax return The estimated total annual reporting burden is 300,000 hours. How to file an ammended tax return The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. How to file an ammended tax return The estimated number of respondents is 50,000. How to file an ammended tax return 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. How to file an ammended tax return Generally, tax returns and return information are confidential, as required by § 6103. How to file an ammended tax return DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. How to file an ammended tax return Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). How to file an ammended tax return For further information regarding this revenue procedure, contact Megan A. How to file an ammended tax return Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. How to file an ammended tax return Blanchard at (202) 622-3950 for questions involving OID, Ronald M. How to file an ammended tax return 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). How to file an ammended tax return Prev  Up  Next   Home   More Internal Revenue Bulletins