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Individual Income Tax Return Resident 2012 N11

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Individual Income Tax Return Resident 2012 N11

Individual income tax return resident 2012 n11 Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. Individual income tax return resident 2012 n11 Proc. Individual income tax return resident 2012 n11 2009-37 Table of Contents SECTION 1. Individual income tax return resident 2012 n11 PURPOSE SECTION 2. Individual income tax return resident 2012 n11 BACKGROUND SECTION 3. Individual income tax return resident 2012 n11 SCOPE SECTION 4. Individual income tax return resident 2012 n11 ELECTION PROCEDURES SECTION 5. Individual income tax return resident 2012 n11 REQUIRED INFORMATION STATEMENT SECTION 6. Individual income tax return resident 2012 n11 EFFECTIVE DATE SECTION 7. Individual income tax return resident 2012 n11 TRANSITION RULE SECTION 8. Individual income tax return resident 2012 n11 PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. Individual income tax return resident 2012 n11 PURPOSE . Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 This revenue procedure describes the time and manner of providing this additional information. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 Taxpayers should be aware that these regulations may be retroactive. Individual income tax return resident 2012 n11 See § 7805(b)(2). Individual income tax return resident 2012 n11 This revenue procedure may be modified to provide procedures consistent with additional guidance. Individual income tax return resident 2012 n11 SECTION 2. Individual income tax return resident 2012 n11 BACKGROUND . Individual income tax return resident 2012 n11 01 Section 108(i), Generally. Individual income tax return resident 2012 n11 Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. Individual income tax return resident 2012 n11 L. Individual income tax return resident 2012 n11 No. Individual income tax return resident 2012 n11 111-5, 123 Stat. Individual income tax return resident 2012 n11 338. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 1273-1(d) of the Income Tax Regulations. Individual income tax return resident 2012 n11 The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. Individual income tax return resident 2012 n11 For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 See § 108(i)(5)(D). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 Section 108(i)(5)(D)(ii). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 02 Applicable Debt Instrument. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 Section 108(i)(3)(B). Individual income tax return resident 2012 n11 For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 1502-13(g)(5). Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 03 Reacquisition. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 See § 108(i)(4)(B). Individual income tax return resident 2012 n11 The term “acquisition” also includes an indirect acquisition within the meaning of § 1. Individual income tax return resident 2012 n11 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 04 General Requirements for the Section 108(i) Election. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. Individual income tax return resident 2012 n11 Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 05 Section 108(i) Elections Made by Pass-through Entities. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 Section 108(i)(5)(B)(iii). Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 06 Additional Information on Subsequent Years’ Returns. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 07 Exclusivity. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 08 Allocation of Deferred COD Income on Partnership Indebtedness. Individual income tax return resident 2012 n11 Section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 704-1(b)(2)(iii). Individual income tax return resident 2012 n11 Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). Individual income tax return resident 2012 n11 The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). Individual income tax return resident 2012 n11 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”). Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 09 Partner’s Deferred § 752 Amount. Individual income tax return resident 2012 n11 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”). Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 See Rev. Individual income tax return resident 2012 n11 Rul. Individual income tax return resident 2012 n11 92-97, 1992-2 C. Individual income tax return resident 2012 n11 B. Individual income tax return resident 2012 n11 124, and Rev. Individual income tax return resident 2012 n11 Rul. Individual income tax return resident 2012 n11 94-4, 1994-1 C. Individual income tax return resident 2012 n11 B. Individual income tax return resident 2012 n11 195. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 10 Allocation of Deferred COD Income on S Corporation Indebtedness. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. Individual income tax return resident 2012 n11 (1) In general. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 See § 1. Individual income tax return resident 2012 n11 56(g)-1(c)(1). Individual income tax return resident 2012 n11 (2) Exceptions for certain special status corporations. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 12 Extension of Time to Make Election. Individual income tax return resident 2012 n11 Under § 301. Individual income tax return resident 2012 n11 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. Individual income tax return resident 2012 n11 An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. Individual income tax return resident 2012 n11 Section 301. Individual income tax return resident 2012 n11 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. Individual income tax return resident 2012 n11 SECTION 3. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 SECTION 4. Individual income tax return resident 2012 n11 ELECTION PROCEDURES . Individual income tax return resident 2012 n11 01 In General. Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07, 4. Individual income tax return resident 2012 n11 08, 4. Individual income tax return resident 2012 n11 09, or 4. Individual income tax return resident 2012 n11 10 of this revenue procedure. Individual income tax return resident 2012 n11 (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. Individual income tax return resident 2012 n11 01(1)(a) of this revenue procedure for making the § 108(i) election. Individual income tax return resident 2012 n11 The rules that apply to an automatic extension under § 301. Individual income tax return resident 2012 n11 9100-2(a) apply to this automatic extension. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 02 Section 108(i) Elections Made by Members of Consolidated Groups. Individual income tax return resident 2012 n11 The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. Individual income tax return resident 2012 n11 See § 1. Individual income tax return resident 2012 n11 1502-77(a). Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 03 Aggregation Rule. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 04 Partial Elections. Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (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). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. Individual income tax return resident 2012 n11 The provisions of this section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 05 Contents of Election Statement. Individual income tax return resident 2012 n11 A statement meets the requirements of this section 4. Individual income tax return resident 2012 n11 05 if the statement— (1) Label. Individual income tax return resident 2012 n11 States “Section 108(i) Election” across the top. Individual income tax return resident 2012 n11 (2) Required information. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 06 Supplemental information. Individual income tax return resident 2012 n11 The statement described in section 4. Individual income tax return resident 2012 n11 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 05(2)(d) of this revenue procedure. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 08, 2. Individual income tax return resident 2012 n11 10 and, if applicable, 4. Individual income tax return resident 2012 n11 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. Individual income tax return resident 2012 n11 The rules of this section 4. Individual income tax return resident 2012 n11 07 apply to partnerships other than partnerships described in section 4. Individual income tax return resident 2012 n11 10 of this revenue procedure. Individual income tax return resident 2012 n11 (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 , 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. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 (2) Election information statement provided to partners. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(2). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 A statement meets the requirements of this section 4. Individual income tax return resident 2012 n11 07(2) if the statement— (a) Label. Individual income tax return resident 2012 n11 States “Section 108(i) Election Information Statement for Partners” across the top. Individual income tax return resident 2012 n11 (b) Required information. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. Individual income tax return resident 2012 n11 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. Individual income tax return resident 2012 n11 (c) If a partner fails to provide the written statement required by section 4. Individual income tax return resident 2012 n11 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (3) Partner reporting requirements. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 If a partner provides its written statement under this section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 08 Additional Requirements for an S Corporation Making a § 108(i) Election. Individual income tax return resident 2012 n11 (1) Information filing on Schedule K-1 (Form 1120S). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 , 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (2) Election information statement provided to shareholders. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 08(2). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 A statement meets the requirements of this section 4. Individual income tax return resident 2012 n11 08(2) if the statement— (a) Label. Individual income tax return resident 2012 n11 States “Section 108(i) Election Information Statement for Shareholders” across the top. Individual income tax return resident 2012 n11 (b) Required information. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 06 of this revenue procedure. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 964-1(c)(3). Individual income tax return resident 2012 n11 Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. Individual income tax return resident 2012 n11 05 of this revenue procedure and, if applicable, section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 10 Section 108(i) Elections Made By Certain Foreign Partnerships. Individual income tax return resident 2012 n11 The rules of this section 4. Individual income tax return resident 2012 n11 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”). Individual income tax return resident 2012 n11 See § 1. Individual income tax return resident 2012 n11 6031(a)-1(b). Individual income tax return resident 2012 n11 (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. Individual income tax return resident 2012 n11 05 of this revenue procedure and, if applicable, section 4. Individual income tax return resident 2012 n11 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. Individual income tax return resident 2012 n11 6031(a)-1(b)(5) it files with the Service. Individual income tax return resident 2012 n11 In addition, a nonfiling foreign partnership must include in the information required in section 4. Individual income tax return resident 2012 n11 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. Individual income tax return resident 2012 n11 S. Individual income tax return resident 2012 n11 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”). Individual income tax return resident 2012 n11 (2) The nonfiling foreign partnership must make the election, in accordance with § 1. Individual income tax return resident 2012 n11 6031(a)-1(b)(5), by the date provided in section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 07(1) of this revenue procedure. Individual income tax return resident 2012 n11 Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(2) of this revenue procedure by the date provided in section 4. Individual income tax return resident 2012 n11 01(1)(a) of this revenue procedure. Individual income tax return resident 2012 n11 The partnership should not attach any statement described in section 4. Individual income tax return resident 2012 n11 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (4) The partnership and each affected partner must satisfy the requirements of section 4. Individual income tax return resident 2012 n11 07(3) of this revenue procedure. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 11 Protective § 108(i) Election. Individual income tax return resident 2012 n11 (1) In general. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. Individual income tax return resident 2012 n11 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. Individual income tax return resident 2012 n11 01(1)(a) of this revenue procedure. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 A statement meets the requirements of this section 4. Individual income tax return resident 2012 n11 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. Individual income tax return resident 2012 n11 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. Individual income tax return resident 2012 n11 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. Individual income tax return resident 2012 n11 06 of this revenue procedure. Individual income tax return resident 2012 n11 (2) Statements provided to shareholders and partners. Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 11(1)(d) of this revenue procedure. Individual income tax return resident 2012 n11 (b) The partnership or S corporation should not attach the statements described in this section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 12 Election-Year Reporting by Tiered Pass-Through Entities. Individual income tax return resident 2012 n11 (1) A partnership required to file a U. Individual income tax return resident 2012 n11 S. Individual income tax return resident 2012 n11 partnership return other than under § 1. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(1)(a) through (d) of this revenue procedure). Individual income tax return resident 2012 n11 (2) If a partnership described in section 4. Individual income tax return resident 2012 n11 12(1) of this revenue procedure receives a statement described in sections 4. Individual income tax return resident 2012 n11 07(2) or 4. Individual income tax return resident 2012 n11 10(3) of this revenue procedure or this section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(2)(b)(x) of this revenue procedure. Individual income tax return resident 2012 n11 If an S corporation receives a statement described in sections 4. Individual income tax return resident 2012 n11 07(2) or 4. Individual income tax return resident 2012 n11 10(3) of this revenue procedure or this section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 704-1(b)(2)(iii). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 The partnership allocates amounts described in section 4. Individual income tax return resident 2012 n11 06 of this revenue procedure under this section 4. Individual income tax return resident 2012 n11 12(3) as if the additional COD income was realized. Individual income tax return resident 2012 n11 (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 (6) This paragraph 4. Individual income tax return resident 2012 n11 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. Individual income tax return resident 2012 n11 S. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(1) of this revenue procedure, or a statement described in sections 4. Individual income tax return resident 2012 n11 07(2) or 4. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (b) A Category 2 filer must include its share of the information described in section 4. Individual income tax return resident 2012 n11 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. Individual income tax return resident 2012 n11 Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. Individual income tax return resident 2012 n11 (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. Individual income tax return resident 2012 n11 12(6)(a)(ii) and 4. Individual income tax return resident 2012 n11 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. Individual income tax return resident 2012 n11 However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. Individual income tax return resident 2012 n11 (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. Individual income tax return resident 2012 n11 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 12(1) and (2) of this revenue procedure. Individual income tax return resident 2012 n11 Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. Individual income tax return resident 2012 n11 12(6) of this revenue procedure. Individual income tax return resident 2012 n11 (8) The provisions of section 4. Individual income tax return resident 2012 n11 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. Individual income tax return resident 2012 n11 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 11(1)(d) of this revenue procedure. Individual income tax return resident 2012 n11 SECTION 5. Individual income tax return resident 2012 n11 REQUIRED INFORMATION STATEMENT . Individual income tax return resident 2012 n11 01 Annual Information Statements. Individual income tax return resident 2012 n11 Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. Individual income tax return resident 2012 n11 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 02 Contents of Statement. Individual income tax return resident 2012 n11 A statement meets the requirements of this section 5. Individual income tax return resident 2012 n11 02 if the statement— (1) Label. Individual income tax return resident 2012 n11 States “Section 108(i) Information Statement” across the top; (2) Required information. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (3) Election attached. Individual income tax return resident 2012 n11 Includes a copy of the election statement described in section 4. Individual income tax return resident 2012 n11 05 of this revenue procedure. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 03 Additional Annual Reporting Requirements for Certain Partnerships. Individual income tax return resident 2012 n11 The rules of this section 5. Individual income tax return resident 2012 n11 03 apply to partnerships other than partnerships described in section 5. Individual income tax return resident 2012 n11 05 of this revenue procedure. Individual income tax return resident 2012 n11 (1) In general. Individual income tax return resident 2012 n11 A partnership that makes an election under § 108(i) (except for a protective election under section 4. Individual income tax return resident 2012 n11 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. Individual income tax return resident 2012 n11 01 of this revenue procedure. Individual income tax return resident 2012 n11 In addition, for each taxable year in which a statement is required under section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(1) of this revenue procedure. Individual income tax return resident 2012 n11 (2) Annual information statements provided to partners. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 01 of this revenue procedure, a statement meeting the requirements of this section 5. Individual income tax return resident 2012 n11 03(2). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 A statement meets the requirements of this section 5. Individual income tax return resident 2012 n11 03(2) if the statement— (a) Label. Individual income tax return resident 2012 n11 States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. Individual income tax return resident 2012 n11 (b) Required information. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 If a partner fails to provide the written statement required by section 4. Individual income tax return resident 2012 n11 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. Individual income tax return resident 2012 n11 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 04 Additional Annual Reporting Requirements for an S Corporation. Individual income tax return resident 2012 n11 (1) In general. Individual income tax return resident 2012 n11 An S corporation that makes an election under § 108(i) (except for a protective election under section 4. Individual income tax return resident 2012 n11 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. Individual income tax return resident 2012 n11 01 of this revenue procedure. Individual income tax return resident 2012 n11 In addition, for each taxable year in which a statement is required under section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 08(1) of this revenue procedure. Individual income tax return resident 2012 n11 (2) Annual information statements provided to shareholders. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 01 of this revenue procedure a statement meeting the requirements of this section 5. Individual income tax return resident 2012 n11 04(2). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 A statement meets the requirements of this section 5. Individual income tax return resident 2012 n11 04(2) if the statement— (a) Label. Individual income tax return resident 2012 n11 States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. Individual income tax return resident 2012 n11 (1) The rules of this section 5. Individual income tax return resident 2012 n11 05 apply to nonfiling foreign partnerships. Individual income tax return resident 2012 n11 (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. Individual income tax return resident 2012 n11 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. Individual income tax return resident 2012 n11 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. Individual income tax return resident 2012 n11 01 of this revenue procedure. Individual income tax return resident 2012 n11 (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. Individual income tax return resident 2012 n11 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. Individual income tax return resident 2012 n11 (4) For each taxable year in which a statement is required under section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(1) of this revenue procedure. Individual income tax return resident 2012 n11 Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). Individual income tax return resident 2012 n11 The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. Individual income tax return resident 2012 n11 6031(b)-1T(b). Individual income tax return resident 2012 n11 The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. Individual income tax return resident 2012 n11 05(2) of this revenue procedure. Individual income tax return resident 2012 n11 (5) For each taxable year for which a statement is required under section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 03(2) of this revenue procedure. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 06 Information Statements Made on Behalf of Certain Foreign Corporations. Individual income tax return resident 2012 n11 Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 01 of this revenue procedure. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. Individual income tax return resident 2012 n11 (1) A partnership required to file a U. Individual income tax return resident 2012 n11 S. Individual income tax return resident 2012 n11 partnership return other than under § 1. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(1)(a) through (d) of this revenue procedure). Individual income tax return resident 2012 n11 (2) If a partnership described in section 5. Individual income tax return resident 2012 n11 07(1) of this revenue procedure receives a statement described in sections 5. Individual income tax return resident 2012 n11 03(2) or 5. Individual income tax return resident 2012 n11 05(5) of this revenue procedure or this section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 If an S corporation receives a statement described in sections 5. Individual income tax return resident 2012 n11 03(2) or 5. Individual income tax return resident 2012 n11 05(5) of this revenue procedure or this section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 03(2)(b)(i) through (viii) of this revenue procedure. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (3) This paragraph 5. Individual income tax return resident 2012 n11 07(3) provides the rules for persons described in section 4. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 03(1) of this revenue procedure, or a statement described in sections 5. Individual income tax return resident 2012 n11 03(2) or 5. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 (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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 (b) A Category 2 filer must include its share of the information described in section 4. Individual income tax return resident 2012 n11 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. Individual income tax return resident 2012 n11 Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. Individual income tax return resident 2012 n11 (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. Individual income tax return resident 2012 n11 07(3)(a)(ii) and 5. Individual income tax return resident 2012 n11 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. Individual income tax return resident 2012 n11 However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. Individual income tax return resident 2012 n11 (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. Individual income tax return resident 2012 n11 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 07(1) and (2) of this revenue procedure. Individual income tax return resident 2012 n11 Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. Individual income tax return resident 2012 n11 12(6) of this revenue procedure. Individual income tax return resident 2012 n11 SECTION 6. Individual income tax return resident 2012 n11 EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. Individual income tax return resident 2012 n11 SECTION 7. Individual income tax return resident 2012 n11 TRANSITION RULE . Individual income tax return resident 2012 n11 01 Noncomplying Election. Individual income tax return resident 2012 n11 Except as otherwise provided in this section 7. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 02 Modification of Election. Individual income tax return resident 2012 n11 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). Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 . Individual income tax return resident 2012 n11 03 Notations. Individual income tax return resident 2012 n11 A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. Individual income tax return resident 2012 n11 A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. Individual income tax return resident 2012 n11 See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. Individual income tax return resident 2012 n11 SECTION 8. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 S. Individual income tax return resident 2012 n11 C. Individual income tax return resident 2012 n11 3507) under control number 1545-2147. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 The collection of information in this revenue procedure is in sections 4, 5 and 7. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. Individual income tax return resident 2012 n11 The collection of information is required to obtain a benefit. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 The estimated total annual reporting burden is 300,000 hours. Individual income tax return resident 2012 n11 The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. Individual income tax return resident 2012 n11 The estimated number of respondents is 50,000. Individual income tax return resident 2012 n11 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. Individual income tax return resident 2012 n11 Generally, tax returns and return information are confidential, as required by § 6103. Individual income tax return resident 2012 n11 DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. Individual income tax return resident 2012 n11 Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). Individual income tax return resident 2012 n11 For further information regarding this revenue procedure, contact Megan A. Individual income tax return resident 2012 n11 Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. Individual income tax return resident 2012 n11 Blanchard at (202) 622-3950 for questions involving OID, Ronald M. Individual income tax return resident 2012 n11 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). 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Consumer Protection Offices

City, county, regional, and state consumer offices offer a variety of important services. They might mediate complaints, conduct investigations, prosecute offenders of consumer laws, license and regulate professional service providers, provide educational materials and advocate for consumer rights. To save time, call before sending a written complaint. Ask if the office handles the type of complaint you have and if complaint forms are provided.

State Consumer Protection Offices

Department of Consumer Protection

Website: Department of Consumer Protection

Address: Department of Consumer Protection
165 Capitol Ave.
Hartford, CT 06106-1630

Phone Number: 860-713-6300

Toll-free: 1-800-842-2649

TTY: 860-713-7240

Connecticut Attorney General's Office

Website: Connecticut Attorney General's Office

Address: Connecticut Attorney General's Office
Consumer Assistance Unit
55 Elm St.
Hartford, CT 06106

Phone Number: 860-808-5420

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Banking Authorities

The officials listed in this section regulate and supervise state-chartered banks. Many of them handle or refer problems and complaints about other types of financial institutions as well. Some also answer general questions about banking and consumer credit. If you are dealing with a federally chartered bank, check Federal Agencies.

Department of Banking

Website: Department of Banking

Address: Department of Banking
Government Relations and Consumer Affairs
260 Constitution Plaza
Hartford, CT 06103-1800

Phone Number: 860-240-8299

Toll-free: 1-800-831-7225
1-877-472-8313 (Foreclosure Assistance) 1-877-472-8313 (Foreclosure Assistance)

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Insurance Regulators

Each state has its own laws and regulations for each type of insurance. The officials listed in this section enforce these laws. Many of these offices can also provide you with information to help you make informed insurance buying decisions.

Insurance Department

Website: Insurance Department

Address: Insurance Department
Consumer Affairs Division
PO Box 816
Hartford, CT 06142-0816

Phone Number: 860-297-3900

Toll-free: 1-800-203-3447 (CT)

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Securities Administrators

Each state has its own laws and regulations for securities brokers and securities - including stocks, mutual funds, commodities, real estate, etc. The officials and agencies listed in this section enforce these laws and regulations. Many of these offices can also provide information to help you make informed investment decisions.

Department of Banking

Website: Department of Banking

Address: Department of Banking
Securities and Business Investments Division
260 Constitution Plaza
Hartford, CT 06103-1800

Phone Number: 860-240-8230

Toll-free: 1-800-831-7225

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Utility Commissions

State Utility Commissions regulate services and rates for gas, electricity and telephones within your state. In some states, the utility commissions regulate other services such as water, transportation, and the moving of household goods. Many utility commissions handle consumer complaints. Sometimes, if a number of complaints are received about the same utility matter, they will conduct investigations.

Department of Energy and Environmental Protection

Website: Department of Energy and Environmental Protection

Address: Department of Energy and Environmental Protection
Public Utilities Regulatory Authority
Consumer Services Unit

10 Franklin Square
New Britain, CT 06051

Phone Number: 860-827-1553

Toll-free: 1-800-382-4586 (CT)

TTY: 860-827-2837

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The Individual Income Tax Return Resident 2012 N11

Individual income tax return resident 2012 n11 Index A Accelerated death benefits, Accelerated Death Benefits, Accelerated death benefits. Individual income tax return resident 2012 n11 Archer MSA, HSA, Archer MSA, or Medicare Advantage MSA, HSA, Archer MSA, or a Medicare Advantage MSA. Individual income tax return resident 2012 n11 Assistance (see Tax help) Astronauts Tax forgiveness, Astronauts B Basis Inherited property, Basis of Inherited Property Joint interest property, Joint interest. Individual income tax return resident 2012 n11 Qualified joint interest, Qualified joint interest. Individual income tax return resident 2012 n11 Beneficiary Basis of property, Basis of Inherited Property Character of distributions, Character of Distributions Excess deductions, Excess deductions. Individual income tax return resident 2012 n11 Income received, Other Items of Income Liability, estate's income tax, Liability of the beneficiary. Individual income tax return resident 2012 n11 Nonresident alien, Nonresident alien beneficiary. Individual income tax return resident 2012 n11 Reporting distributions, How and When To Report Successor, Successor beneficiary. Individual income tax return resident 2012 n11 Treatment of distributions, Distributions to Beneficiaries Unused loss carryovers, Unused loss carryovers. Individual income tax return resident 2012 n11 Bequest Defined, Bequest Property received, Gifts, Insurance, and Inheritances C Claim, credit or refund, Claim for Credit or Refund Combat zone, Combat Zone Comments, Comments and suggestions. Individual income tax return resident 2012 n11 Coverdell education savings account (ESA), Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). Individual income tax return resident 2012 n11 Credit Child tax, Child tax credit. Individual income tax return resident 2012 n11 Earned income, Earned income credit. Individual income tax return resident 2012 n11 Elderly or disabled, Credit for the elderly or the disabled. Individual income tax return resident 2012 n11 Final return for decedent, Credits General business, General business tax credit. Individual income tax return resident 2012 n11 D Death benefits Accelerated, Accelerated Death Benefits, Accelerated death benefits. Individual income tax return resident 2012 n11 Public safety officers, Death benefits. Individual income tax return resident 2012 n11 Decedent Final return, Final Income Tax Return for Decedent—Form 1040 Income in respect of, Income in Respect of a Decedent Deductions Estate tax, Estate Tax Deduction In respect of decedent, Deductions in Respect of a Decedent Medical expenses, Medical Expenses Standard, Standard Deduction Distributable net income, Distributable net income. Individual income tax return resident 2012 n11 Distributions Deduction, Income Distribution Deduction Limit on deduction, Tax-exempt income not deductible. Individual income tax return resident 2012 n11 Not treated as bequests, Distributions not treated as bequests. Individual income tax return resident 2012 n11 Property, in kind, Property distributed in kind. Individual income tax return resident 2012 n11 E Education savings account, Coverdell, Coverdell Education Savings Account (ESA), Coverdell education savings account (ESA). Individual income tax return resident 2012 n11 Estate Income tax return, Income Tax Return of an Estate— Form 1041 Insolvent, Insolvent estate. Individual income tax return resident 2012 n11 Period of administration, Period of Administration Tax deduction, Estate Tax Deduction Termination, Termination of Estate Transfer of unused deductions, Transfer of Unused Deductions to Beneficiaries Estate tax deduction, Estate Tax Deduction Estimated tax, Estimated tax. Individual income tax return resident 2012 n11 , Transfer of Credit for Estimated Tax Payments Example Comprehensive, Comprehensive Example Decedent's final return, Final Return for Decedent—Form 1040 Estate's tax return, Income Tax Return of an Estate—Form 1041 Exemption Estate's tax return, Exemption Deduction Final return for decedent, Exemptions Expenses Accrued, Accrued expenses. Individual income tax return resident 2012 n11 Administration, Administration Expenses Deductions in respect of decedent, Deductions in Respect of a Decedent Funeral, Funeral and Medical Expenses Medical, Medical Expenses, Medical and dental expenses of a decedent. Individual income tax return resident 2012 n11 Extension to file Form 1041, Extension of time to file. Individual income tax return resident 2012 n11 F Fiduciary relationship, Notice of fiduciary relationship. Individual income tax return resident 2012 n11 Filing requirements Decedent's final return, Filing Requirements Estate's tax return, Filing Requirements Final return for decedent Credits, Credits Exemption and deductions, Exemptions and Deductions Filing requirements, Filing Requirements Income to include, Income To Include Joint return, Joint Return Name, address, and signature, Name, Address, and Signature Other taxes, Other Taxes Payments, Payments of Tax When and where to file, When and Where To File Who must file, Final Income Tax Return for Decedent—Form 1040 Form 1040NR, Nonresident Alien, Filing Requirements 1041, Income Tax Return of an Estate— Form 1041 1042, Nonresident alien beneficiary. Individual income tax return resident 2012 n11 1310, Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. Individual income tax return resident 2012 n11 4810, Form 4810. Individual income tax return resident 2012 n11 56, Notice of fiduciary relationship. Individual income tax return resident 2012 n11 6251, Form 6251. Individual income tax return resident 2012 n11 706, Estate and Gift Taxes SS–4, Identification number. Individual income tax return resident 2012 n11 Free tax services, Free help with your tax return. Individual income tax return resident 2012 n11 Funeral expenses, Funeral expenses. Individual income tax return resident 2012 n11 G Gift, property, Gifts, Insurance, and Inheritances H Help (see Tax help) I Identification number, application, Identification number. Individual income tax return resident 2012 n11 Income Community, Community Income Distributable net income, Distributable net income. Individual income tax return resident 2012 n11 Distributed currently, Income That Must Be Distributed Currently Interest and dividend, Interest and Dividend Income (Forms 1099) Partnership, final return, Partnership Income S corporation, S Corporation Income Self-employment, Self-Employment Income Income in respect of decedent, Income in Respect of a Decedent, Inherited IRAs. Individual income tax return resident 2012 n11 Income tax return of an estate Credits, tax, and payments, Credits, Tax, and Payments Exemption and deductions, Exemption and Deductions Filing requirements, Filing Requirements Income to include, Income To Include Name, address, and signature, Name, Address, and Signature When and where to file, When and Where To File Inherited IRAs, Inherited IRAs. Individual income tax return resident 2012 n11 Inherited property, Gifts, Insurance, and Inheritances Installment obligations, Installment obligations. Individual income tax return resident 2012 n11 , Installment obligations. Individual income tax return resident 2012 n11 Insurance, Insurance J Joint return Revoked by personal representative, Personal representative may revoke joint return election. Individual income tax return resident 2012 n11 Who can file, Joint Return L Losses Deduction on final return, Deduction for Losses Estate's tax return, Losses M Military or terrorist actions Claim for credit or refund, Claim for Credit or Refund Defined, Military or terrorist action defined. Individual income tax return resident 2012 n11 Tax forgiveness, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts N Notice of fiduciary relationship Form 56, Notice of fiduciary relationship. Individual income tax return resident 2012 n11 P Partnership income, Partnership Income, Partnership income. Individual income tax return resident 2012 n11 Penalty Information returns, Penalty. Individual income tax return resident 2012 n11 Substantial valuation misstatement, Valuation misstatements. Individual income tax return resident 2012 n11 Personal representative Defined, Personal Representative Duties, Duties Fees received, Fees Received by Personal Representatives Penalty, Penalty. Individual income tax return resident 2012 n11 , Penalty. Individual income tax return resident 2012 n11 Prompt assessment, request, Request for prompt assessment (charge) of tax. Individual income tax return resident 2012 n11 Public safety officers, death benefits, Death benefits. Individual income tax return resident 2012 n11 Publications (see Tax help) R Refund File for decedent, Refund Military or terrorist action deaths, Claim for Credit or Refund Release from liability, Request for discharge from personal liability for tax. Individual income tax return resident 2012 n11 Return Decedent's final, Final Income Tax Return for Decedent—Form 1040 Estate's income tax, Income Tax Return of an Estate— Form 1041 Information, Information Returns Roth IRA, Roth IRAs. Individual income tax return resident 2012 n11 S Separate shares rule, Separate shares rule. Individual income tax return resident 2012 n11 Suggestions, Comments and suggestions. Individual income tax return resident 2012 n11 Survivors Income, Other Items of Income Tax benefits, Tax Benefits for Survivors T Tax Alternative minimum Estate, Alternative minimum tax (AMT). Individual income tax return resident 2012 n11 Individuals, Alternative minimum tax (AMT). Individual income tax return resident 2012 n11 Benefits, survivors, Tax Benefits for Survivors Estimated, estate, Estimated tax. Individual income tax return resident 2012 n11 , Transfer of Credit for Estimated Tax Payments Payments, final return, Payments of Tax Refund of income (claim), Form 1310, Statement of Person Claiming Refund Due a Deceased Taxpayer. Individual income tax return resident 2012 n11 Self-employment, Self-employment tax. Individual income tax return resident 2012 n11 Transfer of credit, Transfer of Credit for Estimated Tax Payments Tax help, How To Get Tax Help Terrorist action, tax relief, Tax Forgiveness for Armed Forces Members, Victims of Terrorism, and Astronauts Terrorist victim, Specified Terrorist Victim TTY/TDD information, How To Get Tax Help V Valuation method Inherited property, Basis of Inherited Property Special-use, Special-use valuation. Individual income tax return resident 2012 n11 Victims of terrorist attacks, Specified Terrorist Victim W Widows and widowers, tax benefits, Qualifying widows and widowers. 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