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File Amended Tax Return

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File Amended Tax Return

File amended tax return Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. File amended tax return Proc. File amended tax return 2009-37 Table of Contents SECTION 1. File amended tax return PURPOSE SECTION 2. File amended tax return BACKGROUND SECTION 3. File amended tax return SCOPE SECTION 4. File amended tax return ELECTION PROCEDURES SECTION 5. File amended tax return REQUIRED INFORMATION STATEMENT SECTION 6. File amended tax return EFFECTIVE DATE SECTION 7. File amended tax return TRANSITION RULE SECTION 8. File amended tax return PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. File amended tax return PURPOSE . File amended tax return 01 This revenue procedure provides the exclusive procedures for taxpayers to make an election to defer recognizing discharge of indebtedness income (“COD income”) under § 108(i) of the Internal Revenue Code. File amended tax return . File amended tax return 02 This revenue procedure also requires taxpayers making the § 108(i) election to provide additional information on returns beginning with the taxable year following the taxable year for which the taxpayer makes the election. File amended tax return This revenue procedure describes the time and manner of providing this additional information. File amended tax return . File amended tax return 03 The Internal Revenue Service and Treasury Department intend to issue additional guidance under § 108(i) that may include regulations addressing matters in this revenue procedure. File amended tax return Taxpayers should be aware that these regulations may be retroactive. File amended tax return See § 7805(b)(2). File amended tax return This revenue procedure may be modified to provide procedures consistent with additional guidance. File amended tax return SECTION 2. File amended tax return BACKGROUND . File amended tax return 01 Section 108(i), Generally. File amended tax return Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. File amended tax return L. File amended tax return No. File amended tax return 111-5, 123 Stat. File amended tax return 338. File amended tax return In general, § 108(i) provides that, at the election of a taxpayer, COD income realized in connection with a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument is includible in gross income ratably over a 5-taxable-year inclusion period, beginning with the taxpayer’s fourth or fifth taxable year following the taxable year of the reacquisition. File amended tax return Generally, if a taxpayer makes a § 108(i) election and reacquires (or is treated as reacquiring) the applicable debt instrument generating the COD income for a new debt instrument with original issue discount (“OID”), then interest deductions for this OID also are deferred, as provided in § 108(i)(2). File amended tax return The OID deferral rule, however, does not apply if the amount of OID is less than a de minimis amount, as determined under § 1273(a)(3) and § 1. File amended tax return 1273-1(d) of the Income Tax Regulations. File amended tax return The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. File amended tax return For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). File amended tax return A taxpayer must take into account any item of income or deduction deferred under § 108(i), and not previously taken into account, in the taxable year in which certain events occur (such as the liquidation of the taxpayer and upon other events specified in administrative guidance). File amended tax return See § 108(i)(5)(D). File amended tax return The rule regarding acceleration of deferred COD income and OID deductions also applies in the case of certain dispositions by persons holding ownership interests in pass-through entities. File amended tax return Section 108(i)(5)(D)(ii). File amended tax return For purposes of § 108(i), regulated investment companies (as defined in § 851(a)) and real estate investment trusts (as defined in § 856(a)) are not pass-through entities. File amended tax return . File amended tax return 02 Applicable Debt Instrument. File amended tax return Section 108(i)(3)(A) defines the term “applicable debt instrument” to mean any debt instrument issued by a C corporation or by any other person in connection with the conduct of a trade or business by that person. File amended tax return The term “debt instrument” means any bond, debenture, note, certificate, or any other instrument or contractual arrangement constituting indebtedness within the meaning of § 1275(a)(1). File amended tax return Section 108(i)(3)(B). File amended tax return For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. File amended tax return 1502-13(g)(2)(ii)), an applicable debt instrument includes only an instrument for which COD income is realized upon the instrument’s deemed satisfaction under § 1. File amended tax return 1502-13(g)(5). File amended tax return . File amended tax return 03 Reacquisition. File amended tax return Section 108(i)(4)(A) defines the term “reacquisition” to mean, with respect to any applicable debt instrument, any acquisition of the debt instrument by the debtor that issued (or is otherwise the obligor under) the debt instrument, or a person related to the debtor under § 108(e)(4). File amended tax return The term “acquisition” includes an acquisition of the debt instrument for cash or other property, the exchange of the debt instrument for another debt instrument (including an exchange resulting from a modification of the debt instrument), the exchange of the debt instrument for corporate stock or a partnership interest, the contribution of the debt instrument to capital, and the complete forgiveness of the indebtedness by the holder of the debt instrument. File amended tax return See § 108(i)(4)(B). File amended tax return The term “acquisition” also includes an indirect acquisition within the meaning of § 1. File amended tax return 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). File amended tax return For example, if a corporation acquires debt of a partnership that the partnership issued in connection with its trade or business, and the partnership and corporation become related within six months of the corporation’s acquisition of the debt, the indirect acquisition is an acquisition for which an election under § 108(i) may be made. File amended tax return . File amended tax return 04 General Requirements for the Section 108(i) Election. File amended tax return Section 108(i)(5)(B) provides, in general, that a taxpayer makes the § 108(i) election by including a statement that clearly identifies the applicable debt instrument with the return of tax imposed for the taxable year in which the reacquisition of the instrument occurs. File amended tax return (For purposes of this revenue procedure, a return of tax or income tax return includes an information return, and a taxpayer includes a person that files an information return. File amended tax return ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. File amended tax return Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. File amended tax return . File amended tax return 05 Section 108(i) Elections Made by Pass-through Entities. File amended tax return In the case of COD income realized by a pass-through entity from the reacquisition of an applicable debt instrument, the pass-through entity makes the § 108(i) election. File amended tax return Section 108(i)(5)(B)(iii). File amended tax return . File amended tax return 06 Additional Information on Subsequent Years’ Returns. File amended tax return Section 108(i)(7) authorizes the Service to issue guidance necessary or appropriate for applying § 108(i), including requiring reporting the election and other information on returns of tax for subsequent taxable years. File amended tax return . File amended tax return 07 Exclusivity. File amended tax return Section 108(i)(5)(C) provides that if a taxpayer elects to apply § 108(i) to an applicable debt instrument, § 108(a)(1)(A), (B), (C), and (D) do not apply to COD income deferred under § 108(i). File amended tax return . File amended tax return 08 Allocation of Deferred COD Income on Partnership Indebtedness. File amended tax return Section 4. File amended tax return 04(3) of this revenue procedure describes how a partnership may elect under § 108(i) to defer a portion of the COD income realized from the reacquisition of an applicable debt instrument. File amended tax return If a partnership elects to defer all or any portion of COD income realized from the reacquisition of an applicable debt instrument, all of the COD income with respect to that debt instrument, without regard to § 108(i), is allocated to the partners in the partnership immediately before the reacquisition in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. File amended tax return 704-1(b)(2)(iii). File amended tax return Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). File amended tax return The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). File amended tax return The partner’s COD income amount that is not deferred and is included in the partner’s distributive share of partnership income for the taxable year of the partnership in which the reacquisition occurs is the partner’s included amount (“included amount”). File amended tax return . File amended tax return 09 Partner’s Deferred § 752 Amount. File amended tax return A decrease in a partner’s share of a partnership liability resulting from the reacquisition of an applicable debt instrument that is not treated as a current distribution of money to the partner under § 752 by reason of § 108(i)(6) is the partner’s deferred § 752 amount (“deferred § 752 amount”). File amended tax return A partner’s deferred § 752 amount may not exceed the lesser of (i) the partner’s deferred amount or (ii) gain that the partner would recognize in the year of reacquisition under § 731 as a result of the reacquisition absent § 108(i)(6). File amended tax return To determine the amount of gain the partner would recognize under clause (ii) of the preceding sentence, the amount of any deemed distribution of money under § 752(b) resulting from the decrease in the partner’s share of a reacquired applicable debt instrument that is treated as an advance or draw of money under § 1. File amended tax return 731-1(a)(1)(ii) is determined as if no COD income resulting from the reacquisition of the applicable debt instrument is deferred under § 108(i). File amended tax return See Rev. File amended tax return Rul. File amended tax return 92-97, 1992-2 C. File amended tax return B. File amended tax return 124, and Rev. File amended tax return Rul. File amended tax return 94-4, 1994-1 C. File amended tax return B. File amended tax return 195. File amended tax return A partner’s deferred § 752 amount is treated as a distribution of money to the partner under § 752 at the same time, and to the extent remaining in the same amount, as the partner recognizes the COD income deferred under § 108(i). File amended tax return . File amended tax return 10 Allocation of Deferred COD Income on S Corporation Indebtedness. File amended tax return For purposes of § 108(i), an S corporation’s COD income deferred under § 108(i) is shared pro rata only among those shareholders that are shareholders of the S corporation immediately before the reacquisition transaction. File amended tax return . File amended tax return 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. File amended tax return (1) In general. File amended tax return The Service and Treasury Department intend to issue regulations regarding the computation of a corporation’s earnings and profits with respect to COD income and OID deductions that are deferred under § 108(i). File amended tax return These regulations generally will provide that deferred COD income increases earnings and profits in the taxable year that it is realized and not in the taxable year or years that the deferred COD income is includible in gross income. File amended tax return OID deductions deferred under § 108(i) generally will decrease earnings and profits in the taxable year or years in which the deduction would be allowed without regard to § 108(i). File amended tax return COD income and OID deductions that are deferred increase or decrease adjusted current earnings under § 56(g)(4) in the taxable year or years that the income or deduction is includible or deductible in determining taxable income. File amended tax return See § 1. File amended tax return 56(g)-1(c)(1). File amended tax return (2) Exceptions for certain special status corporations. File amended tax return The Service and Treasury Department intend to issue regulations providing that in the case of regulated investment companies and real estate investment trusts, COD income deferred under § 108(i) generally increases earnings and profits in the taxable year or years in which the deferred COD income is includible in gross income and not in the year that the deferred COD income is realized. File amended tax return OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. File amended tax return . File amended tax return 12 Extension of Time to Make Election. File amended tax return Under § 301. File amended tax return 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. File amended tax return An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. File amended tax return Section 301. File amended tax return 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. File amended tax return SECTION 3. File amended tax return SCOPE This revenue procedure applies to taxpayers that realize COD income from a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument, as provided in § 108(i). File amended tax return SECTION 4. File amended tax return ELECTION PROCEDURES . File amended tax return 01 In General. File amended tax return (1) A taxpayer within the scope of this revenue procedure makes the § 108(i) election by— (a) Attaching a statement meeting the requirements of section 4. File amended tax return 05 of this revenue procedure to the taxpayer’s timely filed (including extensions) original federal income tax return for the taxable year in which the reacquisition of the applicable debt instrument occurs, and (b) If applicable, satisfying the additional requirements of section 4. File amended tax return 07, 4. File amended tax return 08, 4. File amended tax return 09, or 4. File amended tax return 10 of this revenue procedure. File amended tax return (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. File amended tax return 01(1)(a) of this revenue procedure for making the § 108(i) election. File amended tax return The rules that apply to an automatic extension under § 301. File amended tax return 9100-2(a) apply to this automatic extension. File amended tax return . File amended tax return 02 Section 108(i) Elections Made by Members of Consolidated Groups. File amended tax return The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. File amended tax return See § 1. File amended tax return 1502-77(a). File amended tax return . File amended tax return 03 Aggregation Rule. File amended tax return A taxpayer within the scope of this revenue procedure may treat two or more applicable debt instruments that are part of the same issue and that are reacquired during the same taxable year as one applicable debt instrument for purposes of this revenue procedure. File amended tax return A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. File amended tax return 03 if the owners and their ownership interests in the pass-through entity immediately prior to the reacquisition of each applicable debt instrument are not identical. File amended tax return . File amended tax return 04 Partial Elections. File amended tax return (1) A taxpayer within the scope of this revenue procedure may make an election for any portion of COD income realized from the reacquisition of any applicable debt instrument. File amended tax return Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument, the taxpayer may elect under § 108(i)(1) to defer only $40 of the $100 of COD income. File amended tax return The taxpayer may exclude from income the portion of COD income that the taxpayer does not elect to defer under § 108(i) ($60 in this example) under § 108(a)(1)(A), (B), (C), or (D), if applicable. File amended tax return (2) A taxpayer is not required to make an election for the same portion of COD income arising from each applicable debt instrument that it reacquires, but may make an election for different portions of COD income arising from different applicable debt instruments (whether or not part of the same issue). File amended tax return Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument (Instrument A) and $100 of COD income from the reacquisition of a different applicable debt instrument (Instrument B), the taxpayer may elect to defer all or a portion of the COD income associated with Instrument A and none or a different portion of the COD income associated with Instrument B. File amended tax return (3) A partnership that elects to defer less than all of the COD income realized from the reacquisition of an applicable debt instrument may determine, in any manner, the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. File amended tax return Thus, for example, one partner’s deferred amount may be zero while another partner’s deferred amount may equal that partner’s COD income amount (or any portion thereof). File amended tax return A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. File amended tax return The provisions of this section 4. File amended tax return 04(3) apply for purposes of § 108(i) only and are not intended as an interpretation of or a change to existing law under § 704. File amended tax return . File amended tax return 05 Contents of Election Statement. File amended tax return A statement meets the requirements of this section 4. File amended tax return 05 if the statement— (1) Label. File amended tax return States “Section 108(i) Election” across the top. File amended tax return (2) Required information. File amended tax return Provides, for each applicable debt instrument the reacquisition of which generates COD income that the taxpayer is electing to defer under § 108(i)— (a) The name and taxpayer identification numbers, if any, of the issuer or issuers of the applicable debt instrument; (b) A general description of the applicable debt instrument (including the issue and maturity dates) and, in the case of any person other than a C corporation, a general description of the person’s trade or business to which the applicable debt instrument is connected; (c) A general description of the reacquisition transaction or transactions generating the COD income (including the date(s) of the transaction(s)); (d) The total amount of COD income for the applicable debt instrument that results from the reacquisition (in the case of a partnership, the aggregate of the partners’ COD income amounts) and a general description of the manner in which this amount is calculated; (e) The amount of COD income for the applicable debt instrument that the taxpayer is electing to defer under § 108(i); (f) In the case of a partnership, a list of partners that have a deferred amount, their identifying information and each partner’s deferred amount; and in the case of an S corporation, a list of shareholders with COD income deferred under § 108(i), their identifying information and each shareholder’s share of the S corporation’s deferred COD income; and (g) In cases in which a new debt instrument is issued or deemed issued in exchange for the applicable debt instrument (including exchanges under § 108(e)(4), § 108(i)(2)(B), and § 1. File amended tax return 1001-3), the issuer’s name, the issuer’s taxpayer identification number, if any, a general description of the new debt instrument and whether the new debt instrument has OID, and if the new debt instrument has OID, a schedule of the OID that the issuer expects to accrue each taxable year on the instrument and the amount of OID that the issuer expects to defer under § 108(i)(2) each taxable year. File amended tax return . File amended tax return 06 Supplemental information. File amended tax return The statement described in section 4. File amended tax return 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. File amended tax return 05(2)(e) of this revenue procedure that the taxpayer elects to defer under § 108(i) in the event the Service subsequently concludes that the taxpayer understated the amount of COD income described in section 4. File amended tax return 05(2)(d) of this revenue procedure. File amended tax return This additional amount of COD income the taxpayer elects to defer may be described as the entire additional COD income, or as a percentage of any additional COD income. File amended tax return If the taxpayer is a partnership, the partnership must specify each partner’s share of the partnership’s additional COD income that would be deferred (the partner’s additional deferred amount), which the partnership may describe for each partner as the partner’s entire share of the partnership’s additional COD income or as a percentage of the partner’s share of the partnership’s additional COD income. File amended tax return If the taxpayer is an S corporation, the S corporation must specify each shareholder’s share of the S corporation’s additional COD income that would be deferred, which the S corporation may describe for each shareholder as the shareholder’s entire share of the S corporation’s additional COD income or as a percentage of the shareholder’s share of the S corporation’s additional COD income. File amended tax return In the case of partnerships and S corporations, the additional COD income and the portion of additional COD income that would be deferred are allocated or determined as provided in sections 2. File amended tax return 08, 2. File amended tax return 10 and, if applicable, 4. File amended tax return 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. File amended tax return . File amended tax return 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. File amended tax return The rules of this section 4. File amended tax return 07 apply to partnerships other than partnerships described in section 4. File amended tax return 10 of this revenue procedure. File amended tax return (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). File amended tax return For the taxable year in which the § 108(i) election is made, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B), Partner’s Share of Income, Deductions, Credits, etc. File amended tax return , in the manner specified in the instructions to the forms, for each partner § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. File amended tax return Partnerships reporting § 108(i) information on the 2008 Schedule K-1 (Form 1065 or Form 1065-B) must report for each partner on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made: (a) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 11 (“other income”) using code F for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (b) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii) or § 108(i)(5)(D)(i) or (ii), in box 13 (“other deductions”) using code W for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (c) The partner’s deferred amount that has not been included in income in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (d) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (e) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); and (f) The partner’s deferred § 752 amount remaining as of the end of the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B). File amended tax return (2) Election information statement provided to partners. File amended tax return The partnership must attach to the Schedule K-1 (Form 1065 or Form 1065-B) provided to each partner for the taxable year in which the § 108(i) election is made a statement satisfying the requirements of this section 4. File amended tax return 07(2). File amended tax return The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. File amended tax return A statement meets the requirements of this section 4. File amended tax return 07(2) if the statement— (a) Label. File amended tax return States “Section 108(i) Election Information Statement for Partners” across the top. File amended tax return (b) Required information. File amended tax return Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (i) The partner’s COD income amount, the partner’s deferred amount, and the partner’s included amount; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (v) The partner’s share of each liability of the partnership described in section 4. File amended tax return 05(2)(g) of this revenue procedure; (vi) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument; (vii) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument that is treated as a distribution of money to the partner under § 752 in the current taxable year; (viii) The partner’s deferred § 752 amount as described in section 2. File amended tax return 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. File amended tax return 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. File amended tax return (c) If a partner fails to provide the written statement required by section 4. File amended tax return 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. File amended tax return 07(2)(b)(vii) and (viii) of this revenue procedure cannot be calculated because the partner did not provide the information necessary to report these amounts. File amended tax return (3) Partner reporting requirements. File amended tax return The partnership must make reasonable efforts prior to making a § 108(i) election to secure from each partner with a deferred amount for which it does not have the information necessary to compute the partner’s basis in its partnership interest (and its deferred § 752 amount as described in section 2. File amended tax return 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. File amended tax return Each partner with a deferred amount must provide this written statement to the partnership within 30 days of the date of request by the partnership. File amended tax return A partner’s failure to comply with this reporting requirement does not invalidate the partnership’s election under § 108(i) for an applicable debt instrument only if the partnership makes reasonable efforts before making the § 108(i) election to obtain the written statement from the partner and otherwise complies with the requirements of section 4 of this revenue procedure. File amended tax return If a partner provides its written statement under this section 4. File amended tax return 07(3) after the partnership has provided to the partner the Section 108(i) Election Information Statement for Partners, the partnership must provide to the partner a revised Section 108(i) Election Information Statement for Partners reporting the information required under section 4. File amended tax return 07(2)(b)(vii) and (viii) of this revenue procedure and report the partner’s deferred § 752 amount on the partner’s Schedule K-1 (Form 1065 or Form 1065-B) in subsequent taxable years. File amended tax return . File amended tax return 08 Additional Requirements for an S Corporation Making a § 108(i) Election. File amended tax return (1) Information filing on Schedule K-1 (Form 1120S). File amended tax return For the taxable year in which the § 108(i) election is made, the S corporation must report on the Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc. File amended tax return , in the manner specified in the instructions to the forms, for each shareholder § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. File amended tax return S corporations reporting § 108(i) information on the 2008 Schedule K-1 (Form 1120S) must report for each shareholder, on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made, the shareholder’s share of the S corporation’s: (a) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 10 (“other income”) using code E; (b) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii), or § 108(i)(5)(D)(i) or (ii), in box 12 (“other deductions”) using code S; (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years, in box 17 (“other information”) using code T; and (d) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 17 (“other information”) using code T. File amended tax return (2) Election information statement provided to shareholders. File amended tax return The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for the taxable year in which the § 108(i) election is made, a statement satisfying the requirements of this section 4. File amended tax return 08(2). File amended tax return The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. File amended tax return A statement meets the requirements of this section 4. File amended tax return 08(2) if the statement— (a) Label. File amended tax return States “Section 108(i) Election Information Statement for Shareholders” across the top. File amended tax return (b) Required information. File amended tax return Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income that the S corporation elects to defer under § 108(i); (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (v) Additional COD income that would be deferred as described in section 4. File amended tax return 06 of this revenue procedure. File amended tax return . File amended tax return 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. File amended tax return The controlling domestic shareholder(s) (or common parent of the controlling domestic shareholder(s), if applicable) of a controlled foreign corporation or a noncontrolled § 902 corporation not otherwise required to file a return of tax may make the § 108(i) election on behalf of the foreign corporation by satisfying the requirements of § 1. File amended tax return 964-1(c)(3). File amended tax return Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. File amended tax return 05 of this revenue procedure and, if applicable, section 4. File amended tax return 06 of this revenue procedure, to its federal income tax return for the taxable year ending within or with the taxable year of the foreign corporation for which the § 108(i) election is made. File amended tax return . File amended tax return 10 Section 108(i) Elections Made By Certain Foreign Partnerships. File amended tax return The rules of this section 4. File amended tax return 10 apply to a foreign partnership making a § 108(i) election that is not otherwise required to file a federal partnership return (“nonfiling foreign partnership”). File amended tax return See § 1. File amended tax return 6031(a)-1(b). File amended tax return (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. File amended tax return 05 of this revenue procedure and, if applicable, section 4. File amended tax return 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. File amended tax return 6031(a)-1(b)(5) it files with the Service. File amended tax return In addition, a nonfiling foreign partnership must include in the information required in section 4. File amended tax return 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. File amended tax return S. File amended tax return persons (as defined in § 7701(a)(30)) and controlled foreign corporation(s) that are partners with deferred amounts in the nonfiling foreign partnership (“affected partners”). File amended tax return (2) The nonfiling foreign partnership must make the election, in accordance with § 1. File amended tax return 6031(a)-1(b)(5), by the date provided in section 4. File amended tax return 01(1)(a) of this revenue procedure, as if it had a filing obligation for the taxable year in which the reacquisition of the applicable debt instrument occurs. File amended tax return (3) For each affected partner, the partnership must file with the Service a Schedule K-1 (Form 1065) and report on the Schedule K-1 (Form 1065) for the affected partner as provided in section 4. File amended tax return 07(1) of this revenue procedure. File amended tax return Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). File amended tax return The partnership must provide a copy of the respective Schedule K-1 (Form 1065) to each affected partner and must also attach to the Schedule K-1 (Form 1065) provided to each affected partner a statement satisfying the requirements of section 4. File amended tax return 07(2) of this revenue procedure by the date provided in section 4. File amended tax return 01(1)(a) of this revenue procedure. File amended tax return The partnership should not attach any statement described in section 4. File amended tax return 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. File amended tax return However, the partnership must retain the statements provided to the affected partners, and each affected partner must retain that partner’s statement, in their respective books and records. File amended tax return (4) The partnership and each affected partner must satisfy the requirements of section 4. File amended tax return 07(3) of this revenue procedure. File amended tax return . File amended tax return 11 Protective § 108(i) Election. File amended tax return (1) In general. File amended tax return A taxpayer may make a protective election under § 108(i) for an applicable debt instrument if the taxpayer concludes that a particular transaction does not result in the realization of COD income, reports the transaction on its federal income tax return in a manner consistent with the taxpayer’s conclusion, and would be within the scope of this revenue procedure if the taxpayer’s conclusion were incorrect. File amended tax return If the Service at any time determines the taxpayer’s conclusion that the particular transaction does not result in the realization of COD income is incorrect, the taxpayer’s protective election is treated as a valid, irrevocable election under § 108(i). File amended tax return Thus, if a taxpayer makes a protective election, the Service subsequently may require the taxpayer to report COD income deferred pursuant to the valid and irrevocable protective election even if the statute of limitations has expired for the year in which the COD income was realized and the protective election was made. File amended tax return A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. File amended tax return 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. File amended tax return 01(1)(a) of this revenue procedure. File amended tax return The taxpayer also must attach the election to its federal income tax return in each of the 8 or 9 taxable years, as applicable, following the taxable year of the election. File amended tax return A statement meets the requirements of this section 4. File amended tax return 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. File amended tax return 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. File amended tax return 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. File amended tax return 06 of this revenue procedure. File amended tax return (2) Statements provided to shareholders and partners. File amended tax return (a) For each applicable debt instrument, a partnership or S corporation that makes a protective election must attach to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) it provides each of its partners or shareholders, as the case may be, for the taxable year in which the protective election is made a statement containing the information described in section 4. File amended tax return 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the partner’s or shareholder’s share of the additional COD income that would be deferred as described in section 4. File amended tax return 11(1)(d) of this revenue procedure. File amended tax return (b) The partnership or S corporation should not attach the statements described in this section 4. File amended tax return 11(2) to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. File amended tax return . File amended tax return 12 Election-Year Reporting by Tiered Pass-Through Entities. File amended tax return (1) A partnership required to file a U. File amended tax return S. File amended tax return partnership return other than under § 1. File amended tax return 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting its share of any items listed in section 4. File amended tax return 07(1) of this revenue procedure, must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. File amended tax return 07(1)(a) through (d) of this revenue procedure). File amended tax return (2) If a partnership described in section 4. File amended tax return 12(1) of this revenue procedure receives a statement described in sections 4. File amended tax return 07(2) or 4. File amended tax return 10(3) of this revenue procedure or this section 4. File amended tax return 12(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership, including the information described in section 4. File amended tax return 07(2)(b)(x) of this revenue procedure. File amended tax return If an S corporation receives a statement described in sections 4. File amended tax return 07(2) or 4. File amended tax return 10(3) of this revenue procedure or this section 4. File amended tax return 12(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 4. File amended tax return 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. File amended tax return The partnership or S corporation must attach this statement or statements to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) that it provides to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. File amended tax return The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. File amended tax return (3) A partnership that receives a statement described in this section 4 identifying its COD income amount with respect to an applicable debt instrument must allocate its COD income amount, without regard to § 108(i), to the partners in the partnership immediately before the reacquisition transaction in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. File amended tax return 704-1(b)(2)(iii). File amended tax return The partnership may determine in any manner the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. File amended tax return No partner’s deferred amount with respect to an applicable debt instrument may exceed its COD income amount with respect to the applicable debt instrument, and the aggregate of deferred amounts of its partners with respect to an applicable debt instrument must equal the partnership’s deferred amount with respect to the applicable debt instrument. File amended tax return The partnership allocates amounts described in section 4. File amended tax return 06 of this revenue procedure under this section 4. File amended tax return 12(3) as if the additional COD income was realized. File amended tax return (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. File amended tax return No further adjustment to the deferred § 752 amount is made to reflect the basis or other attributes of partners that are indirect partners in the partnership. File amended tax return (5) If an S corporation receives a statement described in this section 4 identifying its COD income amount, deferred amount, included amount or additional COD income that would be deferred with respect to an applicable debt instrument, these amounts are shared pro rata only among those shareholders that are shareholders in the S corporation immediately before the reacquisition transaction. File amended tax return (6) This paragraph 4. File amended tax return 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. File amended tax return S. File amended tax return Persons With Respect to Certain Foreign Partnerships, as defined in the instructions for Form 8865, if the foreign partnership, for which the Category 1 or Category 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items listed in section 4. File amended tax return 07(1) of this revenue procedure, or a statement described in sections 4. File amended tax return 07(2) or 4. File amended tax return 10(3) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). File amended tax return (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. File amended tax return 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 4. File amended tax return 12(6)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. File amended tax return (b) A Category 2 filer must include its share of the information described in section 4. File amended tax return 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. File amended tax return Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. File amended tax return (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. File amended tax return 12(6)(a)(ii) and 4. File amended tax return 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. File amended tax return However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. File amended tax return (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. File amended tax return 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. File amended tax return 12(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 4. File amended tax return 12(1) and (2) of this revenue procedure. File amended tax return Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. File amended tax return 12(6) of this revenue procedure. File amended tax return (8) The provisions of section 4. File amended tax return 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. File amended tax return 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. File amended tax return 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the share of the partner or shareholder in the amounts described in section 4. File amended tax return 11(1)(d) of this revenue procedure. File amended tax return SECTION 5. File amended tax return REQUIRED INFORMATION STATEMENT . File amended tax return 01 Annual Information Statements. File amended tax return Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. File amended tax return 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. File amended tax return 02 of this revenue procedure to its federal income tax return for each taxable year beginning with the taxable year following the taxable year for which the taxpayer makes the election and ending with the first taxable year in which all items deferred under § 108(i) have been recognized. File amended tax return . File amended tax return 02 Contents of Statement. File amended tax return A statement meets the requirements of this section 5. File amended tax return 02 if the statement— (1) Label. File amended tax return States “Section 108(i) Information Statement” across the top; (2) Required information. File amended tax return Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (a) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(1); (b) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(5)(D), including a description and date of the acceleration event described in § 108(i)(5)(D); (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years (in the case of a partnership, the aggregate of the partners’ deferred amounts that have not been included in income in the current or prior taxable years, and in the case of an S corporation, the S corporation’s COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years); (d) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (e) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D); and (f) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. File amended tax return (3) Election attached. File amended tax return Includes a copy of the election statement described in section 4. File amended tax return 05 of this revenue procedure. File amended tax return . File amended tax return 03 Additional Annual Reporting Requirements for Certain Partnerships. File amended tax return The rules of this section 5. File amended tax return 03 apply to partnerships other than partnerships described in section 5. File amended tax return 05 of this revenue procedure. File amended tax return (1) In general. File amended tax return A partnership that makes an election under § 108(i) (except for a protective election under section 4. File amended tax return 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. File amended tax return 01 of this revenue procedure. File amended tax return In addition, for each taxable year in which a statement is required under section 5. File amended tax return 01 of this revenue procedure, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B) for each partner § 108(i) information in the manner described in section 4. File amended tax return 07(1) of this revenue procedure. File amended tax return (2) Annual information statements provided to partners. File amended tax return The partnership must attach to the Schedule K-1 (Form 1065) provided to each partner for each taxable year in which a statement is required under section 5. File amended tax return 01 of this revenue procedure, a statement meeting the requirements of this section 5. File amended tax return 03(2). File amended tax return The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. File amended tax return A statement meets the requirements of this section 5. File amended tax return 03(2) if the statement— (a) Label. File amended tax return States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. File amended tax return (b) Required information. File amended tax return Clearly identifies for each applicable debt instrument to which a § 108(i) election applies— (i) The partner’s deferred amount that has not been included in income as of the end of the prior taxable year; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1); (iii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) The partner’s deferred amount that has not been included in income in the current or prior taxable years; (v) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (viii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years; and (ix) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year and any remaining deferred § 752 amount. File amended tax return If a partner fails to provide the written statement required by section 4. File amended tax return 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. File amended tax return 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. File amended tax return . File amended tax return 04 Additional Annual Reporting Requirements for an S Corporation. File amended tax return (1) In general. File amended tax return An S corporation that makes an election under § 108(i) (except for a protective election under section 4. File amended tax return 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. File amended tax return 01 of this revenue procedure. File amended tax return In addition, for each taxable year in which a statement is required under section 5. File amended tax return 01 of this revenue procedure, the S corporation must report on the Schedule K-1 (Form 1120S) for each shareholder § 108(i) information in the manner described in section 4. File amended tax return 08(1) of this revenue procedure. File amended tax return (2) Annual information statements provided to shareholders. File amended tax return The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for each taxable year in which a statement is required under section 5. File amended tax return 01 of this revenue procedure a statement meeting the requirements of this section 5. File amended tax return 04(2). File amended tax return The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. File amended tax return A statement meets the requirements of this section 5. File amended tax return 04(2) if the statement— (a) Label. File amended tax return States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. File amended tax return Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income deferred under § 108(i) that has not been included in income as of the end of the prior taxable year; (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1); (iii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years; (v) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (viii) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. File amended tax return . File amended tax return 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. File amended tax return (1) The rules of this section 5. File amended tax return 05 apply to nonfiling foreign partnerships. File amended tax return (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. File amended tax return 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. File amended tax return 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. File amended tax return 01 of this revenue procedure. File amended tax return (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. File amended tax return 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. File amended tax return (4) For each taxable year in which a statement is required under section 5. File amended tax return 01 of this revenue procedure, the nonfiling foreign partnership must provide each affected partner a Schedule K-1 (Form 1065) reporting § 108(i) information in the manner described in section 4. File amended tax return 07(1) of this revenue procedure. File amended tax return Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). File amended tax return The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. File amended tax return 6031(b)-1T(b). File amended tax return The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. File amended tax return 05(2) of this revenue procedure. File amended tax return (5) For each taxable year for which a statement is required under section 5. File amended tax return 01 of this revenue procedure, the nonfiling foreign partnership must attach to each affected partner’s Schedule K-1 (Form 1065) a statement meeting the requirements of section 5. File amended tax return 03(2) of this revenue procedure. File amended tax return The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain the statements, and each partner must retain that partner’s statement, in their respective books and records. File amended tax return . File amended tax return 06 Information Statements Made on Behalf of Certain Foreign Corporations. File amended tax return Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. File amended tax return 02 of this revenue procedure to the shareholder’s federal income tax return for each taxable year for which a statement is required under section 5. File amended tax return 01 of this revenue procedure. File amended tax return . File amended tax return 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. File amended tax return (1) A partnership required to file a U. File amended tax return S. File amended tax return partnership return other than under § 1. File amended tax return 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) described in the second sentence of section 5. File amended tax return 03(1) of this revenue procedure reflecting its share of any § 108(i) information must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. File amended tax return 07(1)(a) through (d) of this revenue procedure). File amended tax return (2) If a partnership described in section 5. File amended tax return 07(1) of this revenue procedure receives a statement described in sections 5. File amended tax return 03(2) or 5. File amended tax return 05(5) of this revenue procedure or this section 5. File amended tax return 07(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership. File amended tax return If an S corporation receives a statement described in sections 5. File amended tax return 03(2) or 5. File amended tax return 05(5) of this revenue procedure or this section 5. File amended tax return 07(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 5. File amended tax return 03(2)(b)(i) through (viii) of this revenue procedure. File amended tax return The partnership or S corporation must attach the statement or statements to the Schedule K-1 (Form 1065 or Form 1065-B) or Schedule K-1 (Form 1120S) that is provided to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. File amended tax return The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. File amended tax return (3) This paragraph 5. File amended tax return 07(3) provides the rules for persons described in section 4. File amended tax return 12(6) of this revenue procedure if the foreign partnership, for which the Category 1 or 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items described in the second sentence of section 5. File amended tax return 03(1) of this revenue procedure, or a statement described in sections 5. File amended tax return 03(2) or 5. File amended tax return 05(5) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). File amended tax return (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. File amended tax return 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 5. File amended tax return 07(3)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. File amended tax return (b) A Category 2 filer must include its share of the information described in section 4. File amended tax return 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. File amended tax return Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. File amended tax return (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. File amended tax return 07(3)(a)(ii) and 5. File amended tax return 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. File amended tax return However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. File amended tax return (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. File amended tax return 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. File amended tax return 07(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 5. File amended tax return 07(1) and (2) of this revenue procedure. File amended tax return Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. File amended tax return 12(6) of this revenue procedure. File amended tax return SECTION 6. File amended tax return EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. File amended tax return SECTION 7. File amended tax return TRANSITION RULE . File amended tax return 01 Noncomplying Election. File amended tax return Except as otherwise provided in this section 7. File amended tax return 01, the Service will treat a § 108(i) election as effective if a taxpayer files an election with the taxpayer’s federal income tax return filed on or before September 16, 2009, using any reasonable procedure to make the election. File amended tax return However, an election that does not comply with section 4 of this revenue procedure will not be effective unless the taxpayer on or before November 16, 2009, files an amended return for the taxable year of the election and complies with the requirements of section 4 of this revenue procedure. File amended tax return . File amended tax return 02 Modification of Election. File amended tax return A taxpayer that files a § 108(i) election on or before September 16, 2009, may modify that election by filing an amended return on or before November 16, 2009 (for example, to modify the amount of COD income the taxpayer elects to defer). File amended tax return To be effective, a modification of an election described in the preceding sentence must satisfy the requirements for an election described in section 4 of this revenue procedure. File amended tax return . File amended tax return 03 Notations. File amended tax return A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. File amended tax return A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. File amended tax return See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. File amended tax return SECTION 8. File amended tax return PAPERWORK REDUCTION ACT The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U. File amended tax return S. File amended tax return C. File amended tax return 3507) under control number 1545-2147. File amended tax return An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. File amended tax return The collection of information in this revenue procedure is in sections 4, 5 and 7. File amended tax return This information is required to determine the amount of income and deductions a taxpayer elects to defer and to track those amounts until the taxpayer has reported all deferred income and deductions on the taxpayer’s tax return. File amended tax return This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. File amended tax return The collection of information is required to obtain a benefit. File amended tax return The likely respondents are C corporations, shareholders of S corporations, partners of partnerships, and other individuals engaged in a trade or business, that reacquire applicable debt instruments in 2009 or 2010. File amended tax return The estimated total annual reporting burden is 300,000 hours. File amended tax return The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. File amended tax return The estimated number of respondents is 50,000. File amended tax return Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. File amended tax return Generally, tax returns and return information are confidential, as required by § 6103. File amended tax return DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. File amended tax return Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). File amended tax return For further information regarding this revenue procedure, contact Megan A. File amended tax return Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. File amended tax return Blanchard at (202) 622-3950 for questions involving OID, Ronald M. File amended tax return Gootzeit at (202) 622-3860 for questions involving foreign entities, Robert Rhyne at (202) 622-7790 for questions involving earnings and profits and consolidated groups, and Craig Wojay at (202) 622-4920 for questions on § 108(i) generally (not toll-free calls). File amended tax return Prev  Up  Next   Home   More Internal Revenue Bulletins
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File amended tax return Publication 3402 - Main Content Table of Contents What is a Limited Liability Company? Classification of an LLC LLCs Classified as Partnerships LLCs Classified as Disregarded Entities LLCs Classified as Corporations Subsequent Elections How To Get More InformationInternal Revenue Service Small Business Administration Other Federal Agencies What is a Limited Liability Company? For purposes of this publication, a limited liability company (LLC) is a business entity organized in the United States under state law. File amended tax return Unlike a partnership, all of the members of an LLC have limited personal liability for its debts. File amended tax return An LLC may be classified for federal income tax purposes as a partnership, corporation, or an entity disregarded as separate from its owner by applying the rules in Regulations section 301. File amended tax return 7701-3. File amended tax return The information in this publication applies to LLCs in general, and different rules may apply to special situations, including banks, insurance companies, or nonprofit organizations that are LLCs or that own LLCs. File amended tax return Check your state's requirements and the federal tax regulations for further information. File amended tax return Classification of an LLC Default classification rules. File amended tax return   An LLC with at least two members is classified as a partnership for federal income tax purposes. File amended tax return An LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes). File amended tax return Also, an LLC's federal tax classification can subsequently change under certain default rules discussed later. File amended tax return Elected classification. File amended tax return   If an LLC does not choose to be classified under the above default classifications, it can elect to be classified as an association taxable as a corporation or as an S corporation. File amended tax return After an LLC has determined its federal tax classification, it can later elect to change that classification. File amended tax return For details, see Subsequent Elections, later. File amended tax return LLCs Classified as Partnerships If an LLC has at least two members and is classified as a partnership, it generally must file Form 1065, U. File amended tax return S. File amended tax return Return of Partnership Income. File amended tax return Generally, an LLC classified as a partnership is subject to the same filing and reporting requirements as partnerships. File amended tax return For certain purposes, members of an LLC are treated as limited partners in a limited partnership. File amended tax return For example, LLC members are treated as limited partners for purposes of material participation under the passive activity limitation rules (see Temporary Regulation section 1. File amended tax return 469-5T(e)). File amended tax return See the Instructions for Form 1065 for reporting rules that apply specifically to LLCs. File amended tax return Member manager. File amended tax return   Only a member manager of an LLC can sign the partnership tax return. File amended tax return And only a member manager can represent the LLC as the tax matters partner under the consolidated audit proceedings in sections 6221 through 6234. File amended tax return A member manager is any owner of an interest in the LLC who, alone or together with others, has the continuing authority to make the management decisions necessary to conduct the business for which the LLC was formed. File amended tax return If there are no elected or designated member managers, each owner is treated as a member manager. File amended tax return Change in default classification. File amended tax return   If the number of members in an LLC classified as a partnership is reduced to only one member, it becomes an entity disregarded as separate from its owner under Regulations section 301. File amended tax return 7701-3(f)(2). File amended tax return However, if the LLC has made an election to be classified as a corporation (discussed later) and that elective classification is in effect at the time of the change in membership, the default classification as a disregarded entity will not apply. File amended tax return   Other tax consequences of a change in membership, such as recognition of gain or loss, are determined by the transactions through which an interest in the LLC is acquired or disposed of. File amended tax return If a partnership that becomes a disregarded entity as a result of a decrease in the number of members makes an election to be classified as a corporation, the applicable deemed transactions discussed under Subsequent Elections, later, apply. File amended tax return Example 1. File amended tax return Ethel and Francis are members of an LLC classified as a partnership for federal tax purposes. File amended tax return Each holds an equal membership interest. File amended tax return The LLC does not hold any unrealized receivables or substantially appreciated inventory. File amended tax return Ethel sells her entire interest in the LLC to Francis for $10,000. File amended tax return After the sale, the business is continued by the LLC, which is owned solely by Francis. File amended tax return No entity classification election is made after the sale to treat the LLC as a corporation for federal tax purposes. File amended tax return The partnership terminates when Francis buys Ethel's entire interest. File amended tax return Ethel must treat the transaction as the sale of a partnership interest and must report gain or loss, if any, resulting from the sale of her partnership interest. File amended tax return For purposes of determining the tax treatment of Francis, the partnership is deemed to make a liquidating distribution of all of its assets to Ethel and Francis, and after this distribution, Francis is treated as acquiring the assets deemed to have been distributed to Ethel in liquidation of Ethel's partnership interest. File amended tax return Francis's basis in the assets attributable to Ethel's one-half interest in the partnership is $10,000, the purchase price for Ethel's partnership interest. File amended tax return Upon the termination of the partnership, Francis is considered to receive a distribution of those assets attributable to Francis's former interest in the partnership. File amended tax return Francis must recognize gain or loss, if any, on the deemed distribution of the assets to the extent required by Internal Revenue Code section 731(a). File amended tax return See Partnership Distributions in Publication 541. File amended tax return Example 2. File amended tax return George and Henrietta are members of an LLC classified as a partnership for federal tax purposes. File amended tax return Each holds an equal membership interest. File amended tax return The LLC does not hold any unrealized receivables or substantially appreciated inventory. File amended tax return George and Henrietta each sell their entire interests in the LLC to Ian, an unrelated person, in exchange for $10,000. File amended tax return After the sale, the business is continued by the LLC, which is owned solely by Ian. File amended tax return No entity classification election is made after the sale to treat the LLC as a corporation for federal tax purposes. File amended tax return The partnership terminates when Ian purchases the entire interests of George and Henrietta in the LLC. File amended tax return George and Henrietta must report gain or loss, if any, resulting from the sale of their partnership interests. File amended tax return For purposes of classifying the acquisition by Ian, the partnership is deemed to make a liquidating distribution of its assets to George and Henrietta. File amended tax return Immediately following this distribution, Ian is deemed to acquire, by purchase, all of the former partnership's assets. File amended tax return   For more details on the preceding two examples, see Revenue Ruling 99-6, 1999-6 I. File amended tax return R. File amended tax return B. File amended tax return 6. File amended tax return You can find Revenue Ruling 99-6 at www. File amended tax return irs. File amended tax return gov/pub/irs-irbs/irb99-06. File amended tax return pdf. File amended tax return LLCs Classified as Disregarded Entities If an LLC has only one member and is classified as an entity disregarded as separate from its owner, its income, deductions, gains, losses, and credits are reported on the owner's income tax return. File amended tax return For example, if the owner of the LLC is an individual, the LLC's income and expenses would be reported on the following schedules filed with the owner's Form 1040: Schedule C, Profit or Loss from Business (Sole Proprietorship); Schedule C-EZ, Net Profit From Business (Sole Proprietorship); Schedule E, Supplemental Income and Loss; or Schedule F, Profit or Loss From Farming. File amended tax return Employment tax and certain excise taxes. File amended tax return   A single-member LLC that is classified as a disregarded entity for income tax purposes is treated as a separate entity for purposes of employment tax and certain excise taxes. File amended tax return For wages paid after January 1, 2009, the single-member LLC is required to use its name and employer identification number (EIN) for reporting and payment of employment taxes. File amended tax return A single-member LLC is also required to use its name and EIN to register for excise tax activities on Form 637; pay and report excise taxes reported on Forms 720, 730, 2290, and 11-C; and claim any refunds, credits, and payments on Form 8849. File amended tax return See the employment and excise tax returns for more information. File amended tax return Self-employment tax rule for disregarded entity LLCs. File amended tax return   An individual owner of a single-member LLC classified as a disregarded entity is not an employee of the LLC. File amended tax return Instead, the owner is subject to tax on the net earnings from self-employment of the LLC which is treated in the same manner as a sole-proprietorship. File amended tax return Example 3. File amended tax return LLC is a disregarded entity owned by Irene. File amended tax return LLC has three employees (Kent, Patricia, and Tex) and pays wages. File amended tax return LLC is treated as an entity separate from its owner for purposes of employment taxes. File amended tax return For the wages paid to Kent, Patricia, and Tex, LLC is liable for income tax withholding, Federal Insurance Contributions Act (FICA) taxes, and Federal Unemployment Tax Act (FUTA) taxes. File amended tax return In addition, LLC must file under its name and EIN the applicable employment tax returns; make timely employment tax deposits; and file with the Social Security Administration and furnish to LLC's employees (Kent, Patricia, and Tex) Forms W-2, Wage and Tax Statement. File amended tax return Irene is self-employed for purposes of the self-employment tax. File amended tax return Thus, Irene is subject to self-employment tax on her net earnings from self-employment with respect to LLC's activities. File amended tax return Irene is not an employee of LLC for purposes of employment taxes. File amended tax return Because LLC is treated as a sole proprietorship of Irene for income tax purposes, Irene must report the income and expenses from LLC on her Schedule C. File amended tax return Irene will figure the tax due on her net earnings from self-employment on Schedule SE. File amended tax return Irene can also deduct one-half of her self-employment tax on line 27 of her Form 1040. File amended tax return Taxpayer identification number. File amended tax return   For all income tax purposes, a single-member LLC classified as a disregarded entity must use the owner's social security number (SSN) or EIN. File amended tax return This includes all information returns and reporting related to income tax. File amended tax return For example, if a disregarded entity LLC that is owned by an individual is required to provide a Form W-9, Request for Taxpayer Identification Number and Certification, the LLC must provide the owner's SSN or EIN, not the LLC's EIN. File amended tax return   However, most new single-member LLCs classified as a disregarded entity will need to obtain an EIN for the LLC. File amended tax return An LLC will need an EIN if it has any employees or if it will be required to file any of the excise tax forms listed above (see Employment tax and certain excise taxes earlier). File amended tax return See Form SS-4, Application for Employer Identification Number, for information on applying for an EIN. File amended tax return Change in default classification. File amended tax return   If a single-member LLC classified as a disregarded entity for income tax purposes acquires an additional member, it becomes a partnership under Regulations section 301. File amended tax return 7701-3(f)(2). File amended tax return However, if the LLC has made an election to be classified as a corporation (discussed later) and that elective classification is in effect at the time of the change in membership, the default classification as a partnership will not apply. File amended tax return   Other tax consequences of a change in membership, such as recognition of gain or loss, are determined by the transactions through which an interest in the LLC is acquired or disposed of. File amended tax return If a disregarded entity that becomes a partnership as a result of an increase in the number of members makes an election to be classified as a corporation, the applicable deemed transactions discussed in Subsequent Elections, later, apply. File amended tax return Example 4. File amended tax return Bart, who is not related to Alain, buys 50% of Alain's interest in an LLC that is a disregarded entity for $5,000. File amended tax return Alain does not contribute any portion of the $5,000 to the LLC. File amended tax return Alain and Bart continue to operate the business of the LLC as co-owners of the LLC. File amended tax return The LLC is converted to a partnership when the new member, Bart, buys an interest in the disregarded entity from the owner, Alain. File amended tax return Bart's buying a 50% interest in Alain's ownership interest in the LLC is treated as Bart's buying a 50% interest in each of the LLC's assets, which are treated as owned directly by Alain for federal income tax purposes. File amended tax return Immediately thereafter, Alain and Bart are treated as contributing their respective interests in those assets to a partnership in exchange for ownership interests in the partnership. File amended tax return Alain recognizes gain or loss from the deemed sale to Bart of the 50% interest in the assets. File amended tax return Neither Alain nor Bart recognizes any gain or loss as a result of the deemed contribution of the assets to the partnership. File amended tax return Example 5. File amended tax return Charles, who is not related to Danielle, contributes $10,000 to an LLC owned by Danielle for a 50% ownership interest in the LLC. File amended tax return The LLC uses all of the contributed cash in its business. File amended tax return Charles and Danielle continue to operate the business of the LLC as co-owners of the LLC. File amended tax return The LLC is converted from a disregarded entity to a partnership when Charles contributes cash to the LLC. File amended tax return Charles's contribution is treated as a contribution to a partnership in exchange for an ownership interest in the partnership. File amended tax return Danielle is treated as contributing all of the assets of the LLC to the partnership in exchange for a partnership interest. File amended tax return Neither Charles nor Danielle recognizes gain or loss as a result of the conversion of the disregarded entity to a partnership. File amended tax return   For more details on the preceding two examples, see Revenue Ruling 99-5, 1999-6 I. File amended tax return R. File amended tax return B. File amended tax return 8. File amended tax return You can find Revenue Ruling 99-5 at www. File amended tax return irs. File amended tax return gov/pub/irs-irbs/irb99-06. File amended tax return pdf. File amended tax return LLCs Classified as Corporations An LLC with either a single member or more than one member can elect to be classified as a corporation rather than be classified as a partnership or disregarded entity under the default rules discussed earlier. File amended tax return File Form 8832, Entity Classification Election, to elect classification as a C corporation. File amended tax return File Form 2553, Election by a Small Business Corporation, to elect classification as an S corporation. File amended tax return LLCs electing classification as an S corporation are not required to file Form 8832 to elect classification as a corporation before filing Form 2553. File amended tax return By filing Form 2553, an LLC is deemed to have elected classification as a corporation in addition to the S corporation classification. File amended tax return If the LLC elects to be classified as a corporation by filing Form 8832, a copy of the LLC's Form 8832 must be attached to the federal income tax return of each direct and indirect owner of the LLC for the tax year of the owner that includes the date on which the election took effect. File amended tax return Example 6. File amended tax return Classification as a corporation without an S election. File amended tax return Wanda and Sylvester are members of an LLC. File amended tax return They agree that the LLC should be classified as a corporation but do not want to elect to have the LLC be treated as an S corporation. File amended tax return The LLC must file Form 8832. File amended tax return Example 7. File amended tax return Classification as a corporation with an S election. File amended tax return Evelyn and Carol are members of an LLC. File amended tax return They agree that the LLC should be classified as an S corporation. File amended tax return The LLC must file Form 2553 instead of Form 8832. File amended tax return If the LLC is classified as a corporation, it must file a corporation income tax return. File amended tax return If it is a C corporation, it is taxed on its taxable income and distributions to the members are includible in the members' gross income to the extent of the corporation's earnings and profits (double taxation). File amended tax return If it is an S corporation, the corporation is generally not subject to any income tax and the income, deductions, gains, losses, and credits of the corporation “pass through” to the members. File amended tax return Corporations generally file either: Form 1120, U. File amended tax return S. File amended tax return Corporation Income Tax Return; or Form 1120S, U. File amended tax return S. File amended tax return Income Tax Return for an S Corporation. File amended tax return For more information on the income taxation of corporations and their shareholders, see Publication 542, Corporations. File amended tax return For more information on the income taxation of S corporations and their shareholders, see the Instructions for Form 1120S, U. File amended tax return S. File amended tax return Income Tax Return for an S Corporation. File amended tax return Subsequent Elections An LLC can elect to change its classification. File amended tax return Generally, once an LLC has elected to change its classification, it cannot elect again to change it classification during the 60 months after the effective date of the election. File amended tax return An election by a newly formed LLC that is effective on the date of formation is not considered a change for purposes of this limitation. File amended tax return For more information and exceptions, see Regulations section 301. File amended tax return 7701-3(c) and the Form 8832 instructions. File amended tax return An election to change classification can have significant tax consequences based on the following transactions that are deemed to occur as a result of the election. File amended tax return Partnership to corporation. File amended tax return   An election to change classification from a partnership to a corporation will be treated as if the partnership contributed all of its assets and liabilities to the corporation in exchange for stock and the partnership then immediately liquidated by distributing the stock to its partners. File amended tax return   For more information, see Partnership Distributions in Publication 541 and Property Exchanged for Stock in Publication 542. File amended tax return Corporation to partnership. File amended tax return   An election to change classification from a corporation to a partnership will be treated as if the corporation distributed all of its assets and liabilities to its shareholders in liquidation and the shareholders then immediately contributed all of the distributed assets and liabilities to a new partnership. File amended tax return   For more information, see Contribution of Property in Publication 541 and Distributions to Shareholders in Publication 542. File amended tax return Corporation to disregarded entity. File amended tax return   An election to change classification from a corporation to a disregarded entity will be treated as if the corporation distributed all of its assets and liabilities to its single owner in liquidation. File amended tax return   For more information, see Distributions to Shareholders in Publication 542. File amended tax return Disregarded entity to corporation. File amended tax return   An election to change classification from a disregarded entity to a corporation will be treated as if the owner of the disregarded entity contributed all of the assets and liabilities to the corporation in exchange for stock. File amended tax return   For more information, see Property Exchanged for Stock in Publication 542. File amended tax return How To Get More Information This section describes the help the IRS and other federal agencies offer to taxpayers who operate their own businesses. File amended tax return Internal Revenue Service You can get help with unresolved tax issues, order free publications and forms, ask tax questions, and get information from the IRS in several ways. File amended tax return By selecting the method that is best for you, you will have quick and easy access to tax help. File amended tax return Contacting your Taxpayer Advocate. File amended tax return   The Taxpayer Advocate Service (TAS) is an independent organization within the IRS whose employees assist taxpayers who are experiencing economic harm, who are seeking help in resolving tax problems that have not been resolved through normal channels, or who believe that an IRS system or procedure is not working as it should. File amended tax return   You can contact the TAS by calling the TAS toll-free case intake line at 1-877-777-4778 or TTY/TDD 1-800-829-4059 to see if you are eligible for assistance. File amended tax return You can also call or write to your local taxpayer advocate, whose phone number and address are listed in your local telephone directory and in Publication 1546, Taxpayer Advocate Service — Your Voice at the IRS. File amended tax return You can file Form 911, Request for Taxpayer Advocate Service Assistance (And Application for Taxpayer Assistance Order), or ask an IRS employee to complete it on your behalf. File amended tax return For more information, go to www. File amended tax return irs. File amended tax return gov/advocate. File amended tax return Low Income Taxpayer Clinics (LITCs). File amended tax return   LITCs are independent organizations that provide low income taxpayers with representation in federal tax controversies with the IRS for free or for a nominal charge. File amended tax return The clinics also provide tax education and outreach for taxpayers with limited English proficiency or who speak English as a second language. File amended tax return Publication 4134, Low Income Taxpayer Clinic List, provides information on clinics in your area. File amended tax return It is available at www. File amended tax return irs. File amended tax return gov or at your local IRS office. File amended tax return Small business workshops. File amended tax return   Small business workshops are designed to help the small business owner understand and fulfill their federal tax responsibilities. File amended tax return Workshops are sponsored and presented by IRS partners who are federal tax specialists. File amended tax return Workshop topics vary from a general overview of taxes to more specific topics such as recordkeeping and retirement plans. File amended tax return Although most are free, some workshops have fees associated with them. File amended tax return Any fees charged for a workshop are paid to the sponsoring organization, not the IRS. File amended tax return   For more information, visit www. File amended tax return irs. File amended tax return gov/businesses/small. File amended tax return Subscribe to e-news for small businesses. File amended tax return   Join the e-News for Small Businesses mailing list to receive updates, reminders, and other information useful to small business owners and self employed individuals. File amended tax return Visit the website at www. File amended tax return irs. File amended tax return gov/businesses/small and click on “Subscribe to e-News. File amended tax return ” Free tax services. File amended tax return   To find out what services are available, get Publication 910, IRS Guide to Free Tax Services. File amended tax return It contains a list of free tax publications and describes other free tax information services, including tax education and assistance programs and a list of TeleTax topics. File amended tax return   Accessible versions of IRS published products are available on request in a variety of alternative formats for people with disabilities. File amended tax return Internet. File amended tax return You can access the IRS website at www. File amended tax return irs. File amended tax return gov 24 hours a day, 7 days a week, to: E-file your return. File amended tax return Find out about commercial tax preparation and e-file services available free to eligible taxpayers. File amended tax return Check the status of your refund. File amended tax return Go to www. File amended tax return irs. File amended tax return gov and click on Where's My Refund. File amended tax return Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. File amended tax return If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). File amended tax return Have your tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. File amended tax return Download forms, instructions, and publications. File amended tax return Order IRS products online. File amended tax return Research your tax questions online. File amended tax return Search publications online by topic or keyword. File amended tax return View Internal Revenue Bulletins (IRBs) published in the last few years. File amended tax return Figure your withholding allowances using the withholding calculator online at www. File amended tax return irs. File amended tax return gov/individuals. File amended tax return Determine if Form 6251 must be filed using our Alternative Minimum Tax (AMT) Assistant. File amended tax return Sign up to receive local and national tax news by email. File amended tax return Get information on starting and operating a small business. File amended tax return Phone. File amended tax return Many services are available by phone. File amended tax return Ordering forms, instructions, and publications. File amended tax return Call 1-800-829-3676 to order current-year forms, instructions, and publications, and prior-year forms and instructions. File amended tax return You should receive your order within 10 days. File amended tax return Asking tax questions. File amended tax return Call the IRS with your tax questions at 1-800-829-1040. File amended tax return Solving problems. File amended tax return You can get face-to-face help solving tax problems every business day in IRS Taxpayer Assistance Centers. File amended tax return An employee can explain IRS letters, request adjustments to your account, or help you set up a payment plan. File amended tax return Call your local Taxpayer Assistance Center for an appointment. File amended tax return To find the number, go to www. File amended tax return irs. File amended tax return gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. File amended tax return TTY/TDD equipment. File amended tax return If you have access to TTY/TDD equipment, call 1-800-829-4059 to ask tax questions or to order forms and publications. File amended tax return TeleTax topics. File amended tax return Call 1-800-829-4477 to listen to pre-recorded messages covering various tax topics. File amended tax return Refund information. File amended tax return To check the status of your 2009 refund, call 1-800-829-1954 during business hours or 1-800-829-4477 (automated refund information 24 hours a day, 7 days a week). File amended tax return Wait at least 72 hours after the IRS acknowledges receipt of your e-filed return, or 3 to 4 weeks after mailing a paper return. File amended tax return If you filed Form 8379 with your return, wait 14 weeks (11 weeks if you filed electronically). File amended tax return Have your 2009 tax return available so you can provide your social security number, your filing status, and the exact whole dollar amount of your refund. File amended tax return Refunds are sent out weekly on Fridays. File amended tax return If you check the status of your refund and are not given the date it will be issued, please wait until the next week before checking back. File amended tax return Evaluating the quality of our telephone services. File amended tax return To ensure IRS representatives give accurate, courteous, and professional answers, we use several methods to evaluate the quality of our telephone services. File amended tax return One method is for a second IRS representative to listen in on or record random telephone calls. File amended tax return Another is to ask some callers to complete a short survey at the end of the call. File amended tax return Walk-in. File amended tax return Many products and services are available on a walk-in basis. File amended tax return Products. File amended tax return You can walk in to many post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. File amended tax return Some IRS offices, libraries, grocery stores, copy centers, city and county government offices, credit unions, and office supply stores have a collection of products available to print from a CD or photocopy from reproducible proofs. File amended tax return Also, some IRS offices and libraries have the Internal Revenue Code, regulations, Internal Revenue Bulletins, and Cumulative Bulletins available for research purposes. File amended tax return Services. File amended tax return You can walk in to your local Taxpayer Assistance Center every business day for personal, face-to-face tax help. File amended tax return An employee can explain IRS letters, request adjustments to your tax account, or help you set up a payment plan. File amended tax return If you need to resolve a tax problem, have questions about how the tax law applies to your individual tax return, or you are more comfortable talking with someone in person, visit your local Taxpayer Assistance Center where you can spread out your records and talk with an IRS representative face-to-face. File amended tax return No appointment is necessary—just walk in. File amended tax return If you prefer, you can call your local Center and leave a message requesting an appointment to resolve a tax account issue. File amended tax return A representative will call you back within 2 business days to schedule an in-person appointment at your convenience. File amended tax return If you have an ongoing, complex tax account problem or a special need, such as a disability, an appointment can be requested. File amended tax return All other issues will be handled without an appointment. File amended tax return To find the number of your local office, go to www. File amended tax return irs. File amended tax return gov/localcontacts or look in the phone book under United States Government, Internal Revenue Service. File amended tax return Mail. File amended tax return You can send your order for forms, instructions, and publications to the address below. File amended tax return You should receive a response within 10 days after your request is received. File amended tax return Internal Revenue Service1201 N. File amended tax return Mitsubishi MotorwayBloomington, IL 61705–6613 DVD for tax products. File amended tax return You can order Publication 1796, IRS Tax Products DVD, and obtain: Current-year forms, instructions, and publications. File amended tax return Prior-year forms, instructions, and publications. File amended tax return Tax Map: an electronic research tool and finding aid. File amended tax return Tax law frequently asked questions. File amended tax return Tax Topics from the IRS telephone response system. File amended tax return Internal Revenue Code—Title 26 of the U. File amended tax return S. File amended tax return Code. File amended tax return Fill-in, print, and save features for most tax forms. File amended tax return Internal Revenue Bulletins. File amended tax return Toll-free and email technical support. File amended tax return Two releases during the year. File amended tax return – The first release will ship the beginning of January. File amended tax return – The final release will ship the beginning of March. File amended tax return Purchase the DVD from National Technical Information Service (NTIS) at www. File amended tax return irs. File amended tax return gov/cdorders for $30 (no handling fee) or call 1-877-CDFORMS (1-877-233-6767) toll free to buy the DVD for $30 (plus a $6 handling fee). File amended tax return Small Business Administration The Small Business Administration (SBA) offers training and educational programs, counseling services, financial programs, and contract assistance for small business owners. File amended tax return The SBA also has publications and videos on a variety of business topics. File amended tax return The following briefly describes assistance provided by the SBA. File amended tax return Small Business Development Centers (SBDCs). File amended tax return   SBDCs provide counseling, training, and technical services to current and prospective small business owners who cannot afford the services of a private consultant. File amended tax return Help is available when beginning, improving, or expanding a small business. File amended tax return Business Information Centers (BICs). File amended tax return   BICs offer a small business reference library, management video tapes, and computer technology to help plan a business. File amended tax return BICs also offer one-on-one assistance. File amended tax return Individuals who are in business or are interested in starting a business can use BICs as often as they wish at no charge. File amended tax return Service Corps of Retired Executives (SCORE). File amended tax return   SCORE provides small business counseling and training to current and prospective small business owners. File amended tax return SCORE is made up of current and former business people who offer their expertise and knowledge to help people start, manage, and expand a small business. File amended tax return SCORE also offers a variety of small business workshops. File amended tax return    Internet. File amended tax return You can visit the SBA website at www. File amended tax return sba. File amended tax return gov. File amended tax return While visiting the SBA website, you can find a variety of information of interest to small business owners. File amended tax return    Phone. File amended tax return Call the SBA Answer Desk at 1-800-UASK-SBA (1-800-827-5722) for general information about programs available to assist small business owners. File amended tax return    Walk-in. File amended tax return You can walk in to a Small Business Development Center or Business Information Center to request assistance with your small business. File amended tax return To find the location nearest you, visit the SBA website or call the SBA Answer Desk. File amended tax return Other Federal Agencies Other federal agencies also publish publications and pamphlets to assist small businesses. File amended tax return Most of these are available from the Superintendent of Documents at the Government Printing Office. File amended tax return You can get information and order these publications and pamphlets in several ways. File amended tax return Internet. File amended tax return You can visit the GPO website at www. File amended tax return access. File amended tax return gpo. File amended tax return gov. File amended tax return Mail. File amended tax return Write to the GPO at the following address. File amended tax return Superintendent of DocumentsU. File amended tax return S. File amended tax return Government Printing OfficeP. File amended tax return O. File amended tax return Box 979050St. File amended tax return Louis, MO 63917-9000 Phone. File amended tax return Call the GPO toll-free at 1-866-512-1800 or at 202-512-1800 from the Washington, DC area. File amended tax return Prev  Up  Next   Home   More Online Publications