Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

Tax Form Ez

1040x Processing TimeFree 1040x Tax Forms1040ez Form2012Irs Forms 1040ez InstructionsAmended Income Tax ReturnE File Tax Extension Free2013 Tax Form 1040xFree 1040x Tax FormsHow To File Amended Tax Return For 2010New York State Unemployment Tax FormsFederal Tax Forms For 2012Tax BackHttps Www Freefilefillableforms Com Ffa Checkstatus HtmFile Free State Tax ReturnIrs Free Tax FilingH&r FreeHow Do I File An Amendment To My TaxesTaxact Online 2010Irs Tax Forms 2011Amend TaxesFree Ez Tax FormHow To Amend A 2011 Tax ReturnAmend My 2011 TaxesDo Taxes Online 2010Free 2012 Federal Tax FilingFree State Income Tax PreparationHow Much Do Students Get Back In TaxesFile State Tax Return Free Online1040 XTaxact 2012 LoginCan I Efile A 1040xTurbo Tax For 2012 Sign InHelp Filling Out 1040x FormWhere To File 2012 Federal Tax ReturnFree Tax Filing Online1040x For 20122012 Taxes Online FreeH & R Block Free File1040ez Fillable Form 20122013 Irs 1040ez

Tax Form Ez

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

Tribal Governments

Official information and services from the U.S. government

The Tax Form Ez

Tax form ez Publication 547 - Introductory Material Table of Contents What's New Reminders IntroductionOrdering forms and publications. Tax form ez Tax questions. Tax form ez Useful Items - You may want to see: What's New Section C of Form 4684 for Ponzi-type investment schemes. Tax form ez  Section C of Form 4684 is new for 2013. Tax form ez You must complete Section C if you are claiming a theft loss deduction due to a Ponzi-type investment scheme and are using Revenue Procedure 2009-20, as modified by Revenue Procedure 2011-58. Tax form ez Section C of Form 4684 replaces Appendix A in Revenue Procedure 2009-20. Tax form ez You do not need to complete Appendix A. Tax form ez For details, see Losses from Ponzi-type investment schemes , later. Tax form ez Reminders Future developments. Tax form ez   For the latest information about developments related to Publication 547, such as legislation enacted after it was published, go to www. Tax form ez irs. Tax form ez gov/pub547. Tax form ez Photographs of missing children. Tax form ez  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Tax form ez Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. Tax form ez You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. Tax form ez Introduction This publication explains the tax treatment of casualties, thefts, and losses on deposits. Tax form ez A casualty occurs when your property is damaged as a result of a disaster such as a storm, fire, car accident, or similar event. Tax form ez A theft occurs when someone steals your property. Tax form ez A loss on deposits occurs when your financial institution becomes insolvent or bankrupt. Tax form ez This publication discusses the following topics. Tax form ez Definitions of a casualty, theft, and loss on deposits. Tax form ez How to figure the amount of your gain or loss. Tax form ez How to treat insurance and other reimbursements you receive. Tax form ez The deduction limits. Tax form ez When and how to report a casualty or theft. Tax form ez The special rules for disaster area losses. Tax form ez Forms to file. Tax form ez   Generally, when you have a casualty or theft, you have to file Form 4684. Tax form ez You may also have to file one or more of the following forms. Tax form ez Schedule A (Form 1040). Tax form ez Form 1040NR, Schedule A (for nonresident aliens). Tax form ez Schedule D. Tax form ez Form 4797. Tax form ez For details on which form to use, see How To Report Gains and Losses , later. Tax form ez Condemnations. Tax form ez   For information on condemnations of property, see Involuntary Conversions in chapter 1 of Publication 544, Sales and Other Dispositions of Assets. Tax form ez Workbooks for casualties and thefts. Tax form ez   Publication 584, Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property), is available to help you make a list of your stolen or damaged personal-use property and figure your loss. Tax form ez It includes schedules to help you figure the loss on your home and its contents, and your motor vehicles. Tax form ez   Publication 584-B, Business Casualty, Disaster, and Theft Loss Workbook, is available to help you make a list of your stolen or damaged business or income-producing property and figure your loss. Tax form ez Comments and suggestions. Tax form ez   We welcome your comments about this publication and your suggestions for future editions. Tax form ez   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Tax form ez NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Tax form ez Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Tax form ez   You can send your comments from www. Tax form ez irs. Tax form ez gov/formspubs/. Tax form ez Click on “More Information” and then on “Comment on Tax Forms and Publications”. Tax form ez   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Tax form ez Ordering forms and publications. Tax form ez   Visit www. Tax form ez irs. Tax form ez gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. Tax form ez Internal Revenue Service 1201 N. Tax form ez Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Tax form ez   If you have a tax question, check the information available on IRS. Tax form ez gov or call 1-800-829-1040. Tax form ez We cannot answer tax questions sent to either of the above addresses. Tax form ez Useful Items - You may want to see: Publication 523 Selling Your Home 525 Taxable and Nontaxable Income 550 Investment Income and Expenses 551 Basis of Assets 584 Casualty, Disaster, and Theft Loss Workbook (Personal-Use Property) 584-B Business Casualty, Disaster, and   Theft Loss Workbook Form (and Instructions) Schedule A (Form 1040) Itemized Deductions Form 1040NR, Schedule A Itemized Deductions (for nonresident aliens) Schedule D (Form 1040) Capital Gains and Losses 4684 Casualties and Thefts 4797 Sales of Business Property See How To Get Tax Help near the end of this publication for information about getting publications and forms. Tax form ez Prev  Up  Next   Home   More Online Publications