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How To File Student Taxes

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How To File Student Taxes

How to file student taxes Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. How to file student taxes Proc. How to file student taxes 2009-37 Table of Contents SECTION 1. How to file student taxes PURPOSE SECTION 2. How to file student taxes BACKGROUND SECTION 3. How to file student taxes SCOPE SECTION 4. How to file student taxes ELECTION PROCEDURES SECTION 5. How to file student taxes REQUIRED INFORMATION STATEMENT SECTION 6. How to file student taxes EFFECTIVE DATE SECTION 7. How to file student taxes TRANSITION RULE SECTION 8. How to file student taxes PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. How to file student taxes PURPOSE . How to file student taxes 01 This revenue procedure provides the exclusive procedures for taxpayers to make an election to defer recognizing discharge of indebtedness income (“COD income”) under § 108(i) of the Internal Revenue Code. How to file student taxes . How to file student taxes 02 This revenue procedure also requires taxpayers making the § 108(i) election to provide additional information on returns beginning with the taxable year following the taxable year for which the taxpayer makes the election. How to file student taxes This revenue procedure describes the time and manner of providing this additional information. How to file student taxes . How to file student taxes 03 The Internal Revenue Service and Treasury Department intend to issue additional guidance under § 108(i) that may include regulations addressing matters in this revenue procedure. How to file student taxes Taxpayers should be aware that these regulations may be retroactive. How to file student taxes See § 7805(b)(2). How to file student taxes This revenue procedure may be modified to provide procedures consistent with additional guidance. How to file student taxes SECTION 2. How to file student taxes BACKGROUND . How to file student taxes 01 Section 108(i), Generally. How to file student taxes Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. How to file student taxes L. How to file student taxes No. How to file student taxes 111-5, 123 Stat. How to file student taxes 338. How to file student taxes In general, § 108(i) provides that, at the election of a taxpayer, COD income realized in connection with a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument is includible in gross income ratably over a 5-taxable-year inclusion period, beginning with the taxpayer’s fourth or fifth taxable year following the taxable year of the reacquisition. How to file student taxes Generally, if a taxpayer makes a § 108(i) election and reacquires (or is treated as reacquiring) the applicable debt instrument generating the COD income for a new debt instrument with original issue discount (“OID”), then interest deductions for this OID also are deferred, as provided in § 108(i)(2). How to file student taxes The OID deferral rule, however, does not apply if the amount of OID is less than a de minimis amount, as determined under § 1273(a)(3) and § 1. How to file student taxes 1273-1(d) of the Income Tax Regulations. How to file student taxes The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. How to file student taxes For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). How to file student taxes A taxpayer must take into account any item of income or deduction deferred under § 108(i), and not previously taken into account, in the taxable year in which certain events occur (such as the liquidation of the taxpayer and upon other events specified in administrative guidance). How to file student taxes See § 108(i)(5)(D). How to file student taxes The rule regarding acceleration of deferred COD income and OID deductions also applies in the case of certain dispositions by persons holding ownership interests in pass-through entities. How to file student taxes Section 108(i)(5)(D)(ii). How to file student taxes For purposes of § 108(i), regulated investment companies (as defined in § 851(a)) and real estate investment trusts (as defined in § 856(a)) are not pass-through entities. How to file student taxes . How to file student taxes 02 Applicable Debt Instrument. How to file student taxes Section 108(i)(3)(A) defines the term “applicable debt instrument” to mean any debt instrument issued by a C corporation or by any other person in connection with the conduct of a trade or business by that person. How to file student taxes The term “debt instrument” means any bond, debenture, note, certificate, or any other instrument or contractual arrangement constituting indebtedness within the meaning of § 1275(a)(1). How to file student taxes Section 108(i)(3)(B). How to file student taxes For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. How to file student taxes 1502-13(g)(2)(ii)), an applicable debt instrument includes only an instrument for which COD income is realized upon the instrument’s deemed satisfaction under § 1. How to file student taxes 1502-13(g)(5). How to file student taxes . How to file student taxes 03 Reacquisition. How to file student taxes Section 108(i)(4)(A) defines the term “reacquisition” to mean, with respect to any applicable debt instrument, any acquisition of the debt instrument by the debtor that issued (or is otherwise the obligor under) the debt instrument, or a person related to the debtor under § 108(e)(4). How to file student taxes The term “acquisition” includes an acquisition of the debt instrument for cash or other property, the exchange of the debt instrument for another debt instrument (including an exchange resulting from a modification of the debt instrument), the exchange of the debt instrument for corporate stock or a partnership interest, the contribution of the debt instrument to capital, and the complete forgiveness of the indebtedness by the holder of the debt instrument. How to file student taxes See § 108(i)(4)(B). How to file student taxes The term “acquisition” also includes an indirect acquisition within the meaning of § 1. How to file student taxes 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). How to file student taxes For example, if a corporation acquires debt of a partnership that the partnership issued in connection with its trade or business, and the partnership and corporation become related within six months of the corporation’s acquisition of the debt, the indirect acquisition is an acquisition for which an election under § 108(i) may be made. How to file student taxes . How to file student taxes 04 General Requirements for the Section 108(i) Election. How to file student taxes Section 108(i)(5)(B) provides, in general, that a taxpayer makes the § 108(i) election by including a statement that clearly identifies the applicable debt instrument with the return of tax imposed for the taxable year in which the reacquisition of the instrument occurs. How to file student taxes (For purposes of this revenue procedure, a return of tax or income tax return includes an information return, and a taxpayer includes a person that files an information return. How to file student taxes ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. How to file student taxes Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. How to file student taxes . How to file student taxes 05 Section 108(i) Elections Made by Pass-through Entities. How to file student taxes In the case of COD income realized by a pass-through entity from the reacquisition of an applicable debt instrument, the pass-through entity makes the § 108(i) election. How to file student taxes Section 108(i)(5)(B)(iii). How to file student taxes . How to file student taxes 06 Additional Information on Subsequent Years’ Returns. How to file student taxes Section 108(i)(7) authorizes the Service to issue guidance necessary or appropriate for applying § 108(i), including requiring reporting the election and other information on returns of tax for subsequent taxable years. How to file student taxes . How to file student taxes 07 Exclusivity. How to file student taxes Section 108(i)(5)(C) provides that if a taxpayer elects to apply § 108(i) to an applicable debt instrument, § 108(a)(1)(A), (B), (C), and (D) do not apply to COD income deferred under § 108(i). How to file student taxes . How to file student taxes 08 Allocation of Deferred COD Income on Partnership Indebtedness. How to file student taxes Section 4. How to file student taxes 04(3) of this revenue procedure describes how a partnership may elect under § 108(i) to defer a portion of the COD income realized from the reacquisition of an applicable debt instrument. How to file student taxes If a partnership elects to defer all or any portion of COD income realized from the reacquisition of an applicable debt instrument, all of the COD income with respect to that debt instrument, without regard to § 108(i), is allocated to the partners in the partnership immediately before the reacquisition in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. How to file student taxes 704-1(b)(2)(iii). How to file student taxes Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). How to file student taxes The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). How to file student taxes The partner’s COD income amount that is not deferred and is included in the partner’s distributive share of partnership income for the taxable year of the partnership in which the reacquisition occurs is the partner’s included amount (“included amount”). How to file student taxes . How to file student taxes 09 Partner’s Deferred § 752 Amount. How to file student taxes A decrease in a partner’s share of a partnership liability resulting from the reacquisition of an applicable debt instrument that is not treated as a current distribution of money to the partner under § 752 by reason of § 108(i)(6) is the partner’s deferred § 752 amount (“deferred § 752 amount”). How to file student taxes A partner’s deferred § 752 amount may not exceed the lesser of (i) the partner’s deferred amount or (ii) gain that the partner would recognize in the year of reacquisition under § 731 as a result of the reacquisition absent § 108(i)(6). How to file student taxes To determine the amount of gain the partner would recognize under clause (ii) of the preceding sentence, the amount of any deemed distribution of money under § 752(b) resulting from the decrease in the partner’s share of a reacquired applicable debt instrument that is treated as an advance or draw of money under § 1. How to file student taxes 731-1(a)(1)(ii) is determined as if no COD income resulting from the reacquisition of the applicable debt instrument is deferred under § 108(i). How to file student taxes See Rev. How to file student taxes Rul. How to file student taxes 92-97, 1992-2 C. How to file student taxes B. How to file student taxes 124, and Rev. How to file student taxes Rul. How to file student taxes 94-4, 1994-1 C. How to file student taxes B. How to file student taxes 195. How to file student taxes A partner’s deferred § 752 amount is treated as a distribution of money to the partner under § 752 at the same time, and to the extent remaining in the same amount, as the partner recognizes the COD income deferred under § 108(i). How to file student taxes . How to file student taxes 10 Allocation of Deferred COD Income on S Corporation Indebtedness. How to file student taxes For purposes of § 108(i), an S corporation’s COD income deferred under § 108(i) is shared pro rata only among those shareholders that are shareholders of the S corporation immediately before the reacquisition transaction. How to file student taxes . How to file student taxes 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. How to file student taxes (1) In general. How to file student taxes The Service and Treasury Department intend to issue regulations regarding the computation of a corporation’s earnings and profits with respect to COD income and OID deductions that are deferred under § 108(i). How to file student taxes These regulations generally will provide that deferred COD income increases earnings and profits in the taxable year that it is realized and not in the taxable year or years that the deferred COD income is includible in gross income. How to file student taxes OID deductions deferred under § 108(i) generally will decrease earnings and profits in the taxable year or years in which the deduction would be allowed without regard to § 108(i). How to file student taxes COD income and OID deductions that are deferred increase or decrease adjusted current earnings under § 56(g)(4) in the taxable year or years that the income or deduction is includible or deductible in determining taxable income. How to file student taxes See § 1. How to file student taxes 56(g)-1(c)(1). How to file student taxes (2) Exceptions for certain special status corporations. How to file student taxes The Service and Treasury Department intend to issue regulations providing that in the case of regulated investment companies and real estate investment trusts, COD income deferred under § 108(i) generally increases earnings and profits in the taxable year or years in which the deferred COD income is includible in gross income and not in the year that the deferred COD income is realized. How to file student taxes OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. How to file student taxes . How to file student taxes 12 Extension of Time to Make Election. How to file student taxes Under § 301. How to file student taxes 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. How to file student taxes An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. How to file student taxes Section 301. How to file student taxes 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. How to file student taxes SECTION 3. How to file student taxes SCOPE This revenue procedure applies to taxpayers that realize COD income from a reacquisition after December 31, 2008, and before January 1, 2011, of an applicable debt instrument, as provided in § 108(i). How to file student taxes SECTION 4. How to file student taxes ELECTION PROCEDURES . How to file student taxes 01 In General. How to file student taxes (1) A taxpayer within the scope of this revenue procedure makes the § 108(i) election by— (a) Attaching a statement meeting the requirements of section 4. How to file student taxes 05 of this revenue procedure to the taxpayer’s timely filed (including extensions) original federal income tax return for the taxable year in which the reacquisition of the applicable debt instrument occurs, and (b) If applicable, satisfying the additional requirements of section 4. How to file student taxes 07, 4. How to file student taxes 08, 4. How to file student taxes 09, or 4. How to file student taxes 10 of this revenue procedure. How to file student taxes (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. How to file student taxes 01(1)(a) of this revenue procedure for making the § 108(i) election. How to file student taxes The rules that apply to an automatic extension under § 301. How to file student taxes 9100-2(a) apply to this automatic extension. How to file student taxes . How to file student taxes 02 Section 108(i) Elections Made by Members of Consolidated Groups. How to file student taxes The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. How to file student taxes See § 1. How to file student taxes 1502-77(a). How to file student taxes . How to file student taxes 03 Aggregation Rule. How to file student taxes A taxpayer within the scope of this revenue procedure may treat two or more applicable debt instruments that are part of the same issue and that are reacquired during the same taxable year as one applicable debt instrument for purposes of this revenue procedure. How to file student taxes A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. How to file student taxes 03 if the owners and their ownership interests in the pass-through entity immediately prior to the reacquisition of each applicable debt instrument are not identical. How to file student taxes . How to file student taxes 04 Partial Elections. How to file student taxes (1) A taxpayer within the scope of this revenue procedure may make an election for any portion of COD income realized from the reacquisition of any applicable debt instrument. How to file student taxes Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument, the taxpayer may elect under § 108(i)(1) to defer only $40 of the $100 of COD income. How to file student taxes The taxpayer may exclude from income the portion of COD income that the taxpayer does not elect to defer under § 108(i) ($60 in this example) under § 108(a)(1)(A), (B), (C), or (D), if applicable. How to file student taxes (2) A taxpayer is not required to make an election for the same portion of COD income arising from each applicable debt instrument that it reacquires, but may make an election for different portions of COD income arising from different applicable debt instruments (whether or not part of the same issue). How to file student taxes Thus, for example, if a taxpayer realizes $100 of COD income from the reacquisition of an applicable debt instrument (Instrument A) and $100 of COD income from the reacquisition of a different applicable debt instrument (Instrument B), the taxpayer may elect to defer all or a portion of the COD income associated with Instrument A and none or a different portion of the COD income associated with Instrument B. How to file student taxes (3) A partnership that elects to defer less than all of the COD income realized from the reacquisition of an applicable debt instrument may determine, in any manner, the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. How to file student taxes Thus, for example, one partner’s deferred amount may be zero while another partner’s deferred amount may equal that partner’s COD income amount (or any portion thereof). How to file student taxes A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. How to file student taxes The provisions of this section 4. How to file student taxes 04(3) apply for purposes of § 108(i) only and are not intended as an interpretation of or a change to existing law under § 704. How to file student taxes . How to file student taxes 05 Contents of Election Statement. How to file student taxes A statement meets the requirements of this section 4. How to file student taxes 05 if the statement— (1) Label. How to file student taxes States “Section 108(i) Election” across the top. How to file student taxes (2) Required information. How to file student taxes Provides, for each applicable debt instrument the reacquisition of which generates COD income that the taxpayer is electing to defer under § 108(i)— (a) The name and taxpayer identification numbers, if any, of the issuer or issuers of the applicable debt instrument; (b) A general description of the applicable debt instrument (including the issue and maturity dates) and, in the case of any person other than a C corporation, a general description of the person’s trade or business to which the applicable debt instrument is connected; (c) A general description of the reacquisition transaction or transactions generating the COD income (including the date(s) of the transaction(s)); (d) The total amount of COD income for the applicable debt instrument that results from the reacquisition (in the case of a partnership, the aggregate of the partners’ COD income amounts) and a general description of the manner in which this amount is calculated; (e) The amount of COD income for the applicable debt instrument that the taxpayer is electing to defer under § 108(i); (f) In the case of a partnership, a list of partners that have a deferred amount, their identifying information and each partner’s deferred amount; and in the case of an S corporation, a list of shareholders with COD income deferred under § 108(i), their identifying information and each shareholder’s share of the S corporation’s deferred COD income; and (g) In cases in which a new debt instrument is issued or deemed issued in exchange for the applicable debt instrument (including exchanges under § 108(e)(4), § 108(i)(2)(B), and § 1. How to file student taxes 1001-3), the issuer’s name, the issuer’s taxpayer identification number, if any, a general description of the new debt instrument and whether the new debt instrument has OID, and if the new debt instrument has OID, a schedule of the OID that the issuer expects to accrue each taxable year on the instrument and the amount of OID that the issuer expects to defer under § 108(i)(2) each taxable year. How to file student taxes . How to file student taxes 06 Supplemental information. How to file student taxes The statement described in section 4. How to file student taxes 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. How to file student taxes 05(2)(e) of this revenue procedure that the taxpayer elects to defer under § 108(i) in the event the Service subsequently concludes that the taxpayer understated the amount of COD income described in section 4. How to file student taxes 05(2)(d) of this revenue procedure. How to file student taxes This additional amount of COD income the taxpayer elects to defer may be described as the entire additional COD income, or as a percentage of any additional COD income. How to file student taxes If the taxpayer is a partnership, the partnership must specify each partner’s share of the partnership’s additional COD income that would be deferred (the partner’s additional deferred amount), which the partnership may describe for each partner as the partner’s entire share of the partnership’s additional COD income or as a percentage of the partner’s share of the partnership’s additional COD income. How to file student taxes If the taxpayer is an S corporation, the S corporation must specify each shareholder’s share of the S corporation’s additional COD income that would be deferred, which the S corporation may describe for each shareholder as the shareholder’s entire share of the S corporation’s additional COD income or as a percentage of the shareholder’s share of the S corporation’s additional COD income. How to file student taxes In the case of partnerships and S corporations, the additional COD income and the portion of additional COD income that would be deferred are allocated or determined as provided in sections 2. How to file student taxes 08, 2. How to file student taxes 10 and, if applicable, 4. How to file student taxes 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. How to file student taxes . How to file student taxes 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. How to file student taxes The rules of this section 4. How to file student taxes 07 apply to partnerships other than partnerships described in section 4. How to file student taxes 10 of this revenue procedure. How to file student taxes (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). How to file student taxes For the taxable year in which the § 108(i) election is made, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B), Partner’s Share of Income, Deductions, Credits, etc. How to file student taxes , in the manner specified in the instructions to the forms, for each partner § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. How to file student taxes Partnerships reporting § 108(i) information on the 2008 Schedule K-1 (Form 1065 or Form 1065-B) must report for each partner on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made: (a) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 11 (“other income”) using code F for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (b) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii) or § 108(i)(5)(D)(i) or (ii), in box 13 (“other deductions”) using code W for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (c) The partner’s deferred amount that has not been included in income in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (d) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); (e) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B); and (f) The partner’s deferred § 752 amount remaining as of the end of the current taxable year, in box 20 (“other information”) using code X for Schedule K-1 (Form 1065) or in box 9 (“other”) using code U for Schedule K-1 (Form 1065-B). How to file student taxes (2) Election information statement provided to partners. How to file student taxes The partnership must attach to the Schedule K-1 (Form 1065 or Form 1065-B) provided to each partner for the taxable year in which the § 108(i) election is made a statement satisfying the requirements of this section 4. How to file student taxes 07(2). How to file student taxes The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. How to file student taxes A statement meets the requirements of this section 4. How to file student taxes 07(2) if the statement— (a) Label. How to file student taxes States “Section 108(i) Election Information Statement for Partners” across the top. How to file student taxes (b) Required information. How to file student taxes Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (i) The partner’s COD income amount, the partner’s deferred amount, and the partner’s included amount; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (v) The partner’s share of each liability of the partnership described in section 4. How to file student taxes 05(2)(g) of this revenue procedure; (vi) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument; (vii) The partner’s share of the decrease in the partnership liability that results from the reacquisition of the applicable debt instrument that is treated as a distribution of money to the partner under § 752 in the current taxable year; (viii) The partner’s deferred § 752 amount as described in section 2. How to file student taxes 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. How to file student taxes 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. How to file student taxes (c) If a partner fails to provide the written statement required by section 4. How to file student taxes 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. How to file student taxes 07(2)(b)(vii) and (viii) of this revenue procedure cannot be calculated because the partner did not provide the information necessary to report these amounts. How to file student taxes (3) Partner reporting requirements. How to file student taxes The partnership must make reasonable efforts prior to making a § 108(i) election to secure from each partner with a deferred amount for which it does not have the information necessary to compute the partner’s basis in its partnership interest (and its deferred § 752 amount as described in section 2. How to file student taxes 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. How to file student taxes Each partner with a deferred amount must provide this written statement to the partnership within 30 days of the date of request by the partnership. How to file student taxes A partner’s failure to comply with this reporting requirement does not invalidate the partnership’s election under § 108(i) for an applicable debt instrument only if the partnership makes reasonable efforts before making the § 108(i) election to obtain the written statement from the partner and otherwise complies with the requirements of section 4 of this revenue procedure. How to file student taxes If a partner provides its written statement under this section 4. How to file student taxes 07(3) after the partnership has provided to the partner the Section 108(i) Election Information Statement for Partners, the partnership must provide to the partner a revised Section 108(i) Election Information Statement for Partners reporting the information required under section 4. How to file student taxes 07(2)(b)(vii) and (viii) of this revenue procedure and report the partner’s deferred § 752 amount on the partner’s Schedule K-1 (Form 1065 or Form 1065-B) in subsequent taxable years. How to file student taxes . How to file student taxes 08 Additional Requirements for an S Corporation Making a § 108(i) Election. How to file student taxes (1) Information filing on Schedule K-1 (Form 1120S). How to file student taxes For the taxable year in which the § 108(i) election is made, the S corporation must report on the Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc. How to file student taxes , in the manner specified in the instructions to the forms, for each shareholder § 108(i) information on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made. How to file student taxes S corporations reporting § 108(i) information on the 2008 Schedule K-1 (Form 1120S) must report for each shareholder, on an aggregate basis for all applicable debt instruments for which a § 108(i) election is made, the shareholder’s share of the S corporation’s: (a) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1) or § 108(i)(5)(D)(i) or (ii), in box 10 (“other income”) using code E; (b) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii), or § 108(i)(5)(D)(i) or (ii), in box 12 (“other deductions”) using code S; (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years, in box 17 (“other information”) using code T; and (d) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years, in box 17 (“other information”) using code T. How to file student taxes (2) Election information statement provided to shareholders. How to file student taxes The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for the taxable year in which the § 108(i) election is made, a statement satisfying the requirements of this section 4. How to file student taxes 08(2). How to file student taxes The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. How to file student taxes A statement meets the requirements of this section 4. How to file student taxes 08(2) if the statement— (a) Label. How to file student taxes States “Section 108(i) Election Information Statement for Shareholders” across the top. How to file student taxes (b) Required information. How to file student taxes Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income that the S corporation elects to defer under § 108(i); (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iii) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (iv) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (v) Additional COD income that would be deferred as described in section 4. How to file student taxes 06 of this revenue procedure. How to file student taxes . How to file student taxes 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. How to file student taxes The controlling domestic shareholder(s) (or common parent of the controlling domestic shareholder(s), if applicable) of a controlled foreign corporation or a noncontrolled § 902 corporation not otherwise required to file a return of tax may make the § 108(i) election on behalf of the foreign corporation by satisfying the requirements of § 1. How to file student taxes 964-1(c)(3). How to file student taxes Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. How to file student taxes 05 of this revenue procedure and, if applicable, section 4. How to file student taxes 06 of this revenue procedure, to its federal income tax return for the taxable year ending within or with the taxable year of the foreign corporation for which the § 108(i) election is made. How to file student taxes . How to file student taxes 10 Section 108(i) Elections Made By Certain Foreign Partnerships. How to file student taxes The rules of this section 4. How to file student taxes 10 apply to a foreign partnership making a § 108(i) election that is not otherwise required to file a federal partnership return (“nonfiling foreign partnership”). How to file student taxes See § 1. How to file student taxes 6031(a)-1(b). How to file student taxes (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. How to file student taxes 05 of this revenue procedure and, if applicable, section 4. How to file student taxes 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. How to file student taxes 6031(a)-1(b)(5) it files with the Service. How to file student taxes In addition, a nonfiling foreign partnership must include in the information required in section 4. How to file student taxes 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. How to file student taxes S. How to file student taxes persons (as defined in § 7701(a)(30)) and controlled foreign corporation(s) that are partners with deferred amounts in the nonfiling foreign partnership (“affected partners”). How to file student taxes (2) The nonfiling foreign partnership must make the election, in accordance with § 1. How to file student taxes 6031(a)-1(b)(5), by the date provided in section 4. How to file student taxes 01(1)(a) of this revenue procedure, as if it had a filing obligation for the taxable year in which the reacquisition of the applicable debt instrument occurs. How to file student taxes (3) For each affected partner, the partnership must file with the Service a Schedule K-1 (Form 1065) and report on the Schedule K-1 (Form 1065) for the affected partner as provided in section 4. How to file student taxes 07(1) of this revenue procedure. How to file student taxes Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). How to file student taxes The partnership must provide a copy of the respective Schedule K-1 (Form 1065) to each affected partner and must also attach to the Schedule K-1 (Form 1065) provided to each affected partner a statement satisfying the requirements of section 4. How to file student taxes 07(2) of this revenue procedure by the date provided in section 4. How to file student taxes 01(1)(a) of this revenue procedure. How to file student taxes The partnership should not attach any statement described in section 4. How to file student taxes 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. How to file student taxes However, the partnership must retain the statements provided to the affected partners, and each affected partner must retain that partner’s statement, in their respective books and records. How to file student taxes (4) The partnership and each affected partner must satisfy the requirements of section 4. How to file student taxes 07(3) of this revenue procedure. How to file student taxes . How to file student taxes 11 Protective § 108(i) Election. How to file student taxes (1) In general. How to file student taxes A taxpayer may make a protective election under § 108(i) for an applicable debt instrument if the taxpayer concludes that a particular transaction does not result in the realization of COD income, reports the transaction on its federal income tax return in a manner consistent with the taxpayer’s conclusion, and would be within the scope of this revenue procedure if the taxpayer’s conclusion were incorrect. How to file student taxes If the Service at any time determines the taxpayer’s conclusion that the particular transaction does not result in the realization of COD income is incorrect, the taxpayer’s protective election is treated as a valid, irrevocable election under § 108(i). How to file student taxes Thus, if a taxpayer makes a protective election, the Service subsequently may require the taxpayer to report COD income deferred pursuant to the valid and irrevocable protective election even if the statute of limitations has expired for the year in which the COD income was realized and the protective election was made. How to file student taxes A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. How to file student taxes 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. How to file student taxes 01(1)(a) of this revenue procedure. How to file student taxes The taxpayer also must attach the election to its federal income tax return in each of the 8 or 9 taxable years, as applicable, following the taxable year of the election. How to file student taxes A statement meets the requirements of this section 4. How to file student taxes 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. How to file student taxes 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. How to file student taxes 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. How to file student taxes 06 of this revenue procedure. How to file student taxes (2) Statements provided to shareholders and partners. How to file student taxes (a) For each applicable debt instrument, a partnership or S corporation that makes a protective election must attach to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) it provides each of its partners or shareholders, as the case may be, for the taxable year in which the protective election is made a statement containing the information described in section 4. How to file student taxes 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the partner’s or shareholder’s share of the additional COD income that would be deferred as described in section 4. How to file student taxes 11(1)(d) of this revenue procedure. How to file student taxes (b) The partnership or S corporation should not attach the statements described in this section 4. How to file student taxes 11(2) to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. How to file student taxes . How to file student taxes 12 Election-Year Reporting by Tiered Pass-Through Entities. How to file student taxes (1) A partnership required to file a U. How to file student taxes S. How to file student taxes partnership return other than under § 1. How to file student taxes 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting its share of any items listed in section 4. How to file student taxes 07(1) of this revenue procedure, must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. How to file student taxes 07(1)(a) through (d) of this revenue procedure). How to file student taxes (2) If a partnership described in section 4. How to file student taxes 12(1) of this revenue procedure receives a statement described in sections 4. How to file student taxes 07(2) or 4. How to file student taxes 10(3) of this revenue procedure or this section 4. How to file student taxes 12(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership, including the information described in section 4. How to file student taxes 07(2)(b)(x) of this revenue procedure. How to file student taxes If an S corporation receives a statement described in sections 4. How to file student taxes 07(2) or 4. How to file student taxes 10(3) of this revenue procedure or this section 4. How to file student taxes 12(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 4. How to file student taxes 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. How to file student taxes The partnership or S corporation must attach this statement or statements to the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) that it provides to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. How to file student taxes The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. How to file student taxes (3) A partnership that receives a statement described in this section 4 identifying its COD income amount with respect to an applicable debt instrument must allocate its COD income amount, without regard to § 108(i), to the partners in the partnership immediately before the reacquisition transaction in the manner in which the income would be included in the distributive shares of these partners under § 704 and the regulations thereunder, including § 1. How to file student taxes 704-1(b)(2)(iii). How to file student taxes The partnership may determine in any manner the portion, if any, of a partner’s COD income amount that is the partner’s deferred amount and the portion, if any, of a partner’s COD income amount that is the partner’s included amount. How to file student taxes No partner’s deferred amount with respect to an applicable debt instrument may exceed its COD income amount with respect to the applicable debt instrument, and the aggregate of deferred amounts of its partners with respect to an applicable debt instrument must equal the partnership’s deferred amount with respect to the applicable debt instrument. How to file student taxes The partnership allocates amounts described in section 4. How to file student taxes 06 of this revenue procedure under this section 4. How to file student taxes 12(3) as if the additional COD income was realized. How to file student taxes (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. How to file student taxes No further adjustment to the deferred § 752 amount is made to reflect the basis or other attributes of partners that are indirect partners in the partnership. How to file student taxes (5) If an S corporation receives a statement described in this section 4 identifying its COD income amount, deferred amount, included amount or additional COD income that would be deferred with respect to an applicable debt instrument, these amounts are shared pro rata only among those shareholders that are shareholders in the S corporation immediately before the reacquisition transaction. How to file student taxes (6) This paragraph 4. How to file student taxes 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. How to file student taxes S. How to file student taxes Persons With Respect to Certain Foreign Partnerships, as defined in the instructions for Form 8865, if the foreign partnership, for which the Category 1 or Category 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items listed in section 4. How to file student taxes 07(1) of this revenue procedure, or a statement described in sections 4. How to file student taxes 07(2) or 4. How to file student taxes 10(3) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). How to file student taxes (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. How to file student taxes 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 4. How to file student taxes 12(6)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. How to file student taxes (b) A Category 2 filer must include its share of the information described in section 4. How to file student taxes 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. How to file student taxes Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. How to file student taxes (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. How to file student taxes 12(6)(a)(ii) and 4. How to file student taxes 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. How to file student taxes However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. How to file student taxes (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. How to file student taxes 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. How to file student taxes 12(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 4. How to file student taxes 12(1) and (2) of this revenue procedure. How to file student taxes Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. How to file student taxes 12(6) of this revenue procedure. How to file student taxes (8) The provisions of section 4. How to file student taxes 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. How to file student taxes 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. How to file student taxes 11(1)(b) of this revenue procedure (an S corporation need not provide its shareholders with the date(s) of the transaction(s) that would constitute the reacquisition transaction or transactions) and the share of the partner or shareholder in the amounts described in section 4. How to file student taxes 11(1)(d) of this revenue procedure. How to file student taxes SECTION 5. How to file student taxes REQUIRED INFORMATION STATEMENT . How to file student taxes 01 Annual Information Statements. How to file student taxes Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. How to file student taxes 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. How to file student taxes 02 of this revenue procedure to its federal income tax return for each taxable year beginning with the taxable year following the taxable year for which the taxpayer makes the election and ending with the first taxable year in which all items deferred under § 108(i) have been recognized. How to file student taxes . How to file student taxes 02 Contents of Statement. How to file student taxes A statement meets the requirements of this section 5. How to file student taxes 02 if the statement— (1) Label. How to file student taxes States “Section 108(i) Information Statement” across the top; (2) Required information. How to file student taxes Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies— (a) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(1); (b) COD income deferred under § 108(i) that is included in income in the current taxable year under § 108(i)(5)(D), including a description and date of the acceleration event described in § 108(i)(5)(D); (c) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years (in the case of a partnership, the aggregate of the partners’ deferred amounts that have not been included in income in the current or prior taxable years, and in the case of an S corporation, the S corporation’s COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years); (d) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (e) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D); and (f) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. How to file student taxes (3) Election attached. How to file student taxes Includes a copy of the election statement described in section 4. How to file student taxes 05 of this revenue procedure. How to file student taxes . How to file student taxes 03 Additional Annual Reporting Requirements for Certain Partnerships. How to file student taxes The rules of this section 5. How to file student taxes 03 apply to partnerships other than partnerships described in section 5. How to file student taxes 05 of this revenue procedure. How to file student taxes (1) In general. How to file student taxes A partnership that makes an election under § 108(i) (except for a protective election under section 4. How to file student taxes 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. How to file student taxes 01 of this revenue procedure. How to file student taxes In addition, for each taxable year in which a statement is required under section 5. How to file student taxes 01 of this revenue procedure, the partnership must report on the Schedule K-1 (Form 1065 or Form 1065-B) for each partner § 108(i) information in the manner described in section 4. How to file student taxes 07(1) of this revenue procedure. How to file student taxes (2) Annual information statements provided to partners. How to file student taxes The partnership must attach to the Schedule K-1 (Form 1065) provided to each partner for each taxable year in which a statement is required under section 5. How to file student taxes 01 of this revenue procedure, a statement meeting the requirements of this section 5. How to file student taxes 03(2). How to file student taxes The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner must retain that partner’s statement, in their respective books and records. How to file student taxes A statement meets the requirements of this section 5. How to file student taxes 03(2) if the statement— (a) Label. How to file student taxes States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. How to file student taxes (b) Required information. How to file student taxes Clearly identifies for each applicable debt instrument to which a § 108(i) election applies— (i) The partner’s deferred amount that has not been included in income as of the end of the prior taxable year; (ii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(1); (iii) The partner’s deferred amount that the partner must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) The partner’s deferred amount that has not been included in income in the current or prior taxable years; (v) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); (viii) The partner’s share of the partnership’s OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years; and (ix) The partner’s deferred § 752 amount that is treated as a distribution of money to the partner under § 752 in the current taxable year and any remaining deferred § 752 amount. How to file student taxes If a partner fails to provide the written statement required by section 4. How to file student taxes 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. How to file student taxes 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. How to file student taxes . How to file student taxes 04 Additional Annual Reporting Requirements for an S Corporation. How to file student taxes (1) In general. How to file student taxes An S corporation that makes an election under § 108(i) (except for a protective election under section 4. How to file student taxes 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. How to file student taxes 01 of this revenue procedure. How to file student taxes In addition, for each taxable year in which a statement is required under section 5. How to file student taxes 01 of this revenue procedure, the S corporation must report on the Schedule K-1 (Form 1120S) for each shareholder § 108(i) information in the manner described in section 4. How to file student taxes 08(1) of this revenue procedure. How to file student taxes (2) Annual information statements provided to shareholders. How to file student taxes The S corporation must attach to the Schedule K-1 (Form 1120S) provided to each shareholder for each taxable year in which a statement is required under section 5. How to file student taxes 01 of this revenue procedure a statement meeting the requirements of this section 5. How to file student taxes 04(2). How to file student taxes The S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each shareholder must retain that shareholder’s statement, in their respective books and records. How to file student taxes A statement meets the requirements of this section 5. How to file student taxes 04(2) if the statement— (a) Label. How to file student taxes States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. How to file student taxes Clearly identifies for each applicable debt instrument to which an election under § 108(i) applies, the shareholder’s share of the S corporation’s— (i) COD income deferred under § 108(i) that has not been included in income as of the end of the prior taxable year; (ii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(1); (iii) COD income deferred under § 108(i) that the shareholder must include in income in the current taxable year under § 108(i)(5)(D)(i) or (ii); (iv) COD income deferred under § 108(i) that has not been included in income in the current or prior taxable years; (v) OID deduction deferred under § 108(i)(2)(A)(i) in the current taxable year; (vi) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(2)(A)(ii); (vii) OID deduction deferred under § 108(i)(2)(A)(i) that is allowable as a deduction in the current taxable year under § 108(i)(5)(D)(i) or (ii); and (viii) OID deduction deferred under § 108(i)(2)(A)(i) that has not been deducted in the current or prior taxable years. How to file student taxes . How to file student taxes 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. How to file student taxes (1) The rules of this section 5. How to file student taxes 05 apply to nonfiling foreign partnerships. How to file student taxes (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. How to file student taxes 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. How to file student taxes 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. How to file student taxes 01 of this revenue procedure. How to file student taxes (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. How to file student taxes 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. How to file student taxes (4) For each taxable year in which a statement is required under section 5. How to file student taxes 01 of this revenue procedure, the nonfiling foreign partnership must provide each affected partner a Schedule K-1 (Form 1065) reporting § 108(i) information in the manner described in section 4. How to file student taxes 07(1) of this revenue procedure. How to file student taxes Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). How to file student taxes The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. How to file student taxes 6031(b)-1T(b). How to file student taxes The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. How to file student taxes 05(2) of this revenue procedure. How to file student taxes (5) For each taxable year for which a statement is required under section 5. How to file student taxes 01 of this revenue procedure, the nonfiling foreign partnership must attach to each affected partner’s Schedule K-1 (Form 1065) a statement meeting the requirements of section 5. How to file student taxes 03(2) of this revenue procedure. How to file student taxes The partnership should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain the statements, and each partner must retain that partner’s statement, in their respective books and records. How to file student taxes . How to file student taxes 06 Information Statements Made on Behalf of Certain Foreign Corporations. How to file student taxes Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. How to file student taxes 02 of this revenue procedure to the shareholder’s federal income tax return for each taxable year for which a statement is required under section 5. How to file student taxes 01 of this revenue procedure. How to file student taxes . How to file student taxes 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. How to file student taxes (1) A partnership required to file a U. How to file student taxes S. How to file student taxes partnership return other than under § 1. How to file student taxes 6031(a)-1(b)(5), or an S corporation, that receives a Schedule K-1 (Form 1065 or Form 1065-B) described in the second sentence of section 5. How to file student taxes 03(1) of this revenue procedure reflecting its share of any § 108(i) information must report on the Schedules K-1 (Form 1065, Form 1065-B, or Form 1120S) to its partners or shareholders, as the case may be, each partner’s or shareholder’s share of those items (an S corporation only reports to its shareholders the items described in section 4. How to file student taxes 07(1)(a) through (d) of this revenue procedure). How to file student taxes (2) If a partnership described in section 5. How to file student taxes 07(1) of this revenue procedure receives a statement described in sections 5. How to file student taxes 03(2) or 5. How to file student taxes 05(5) of this revenue procedure or this section 5. How to file student taxes 07(2), it must provide each of its partners a statement containing the partner’s share of each of the items listed on each statement received by the partnership. How to file student taxes If an S corporation receives a statement described in sections 5. How to file student taxes 03(2) or 5. How to file student taxes 05(5) of this revenue procedure or this section 5. How to file student taxes 07(2), it must provide each of its shareholders a statement containing the shareholder’s share of each of the items listed on each statement received by the S corporation that are described in section 5. How to file student taxes 03(2)(b)(i) through (viii) of this revenue procedure. How to file student taxes The partnership or S corporation must attach the statement or statements to the Schedule K-1 (Form 1065 or Form 1065-B) or Schedule K-1 (Form 1120S) that is provided to each of its partners or shareholders, as the case may be, for the taxable year of the partnership or S corporation. How to file student taxes The partnership or S corporation should not attach these statements to the Schedules K-1 that are filed with the Service, but must retain these statements, and each partner and shareholder must retain that partner’s or shareholder’s statement, in their respective books and records. How to file student taxes (3) This paragraph 5. How to file student taxes 07(3) provides the rules for persons described in section 4. How to file student taxes 12(6) of this revenue procedure if the foreign partnership, for which the Category 1 or 2 filer has a filing requirement, receives a Schedule K-1 (Form 1065 or Form 1065-B) reflecting the partnership’s share of any items described in the second sentence of section 5. How to file student taxes 03(1) of this revenue procedure, or a statement described in sections 5. How to file student taxes 03(2) or 5. How to file student taxes 05(5) of this revenue procedure (because the foreign partnership owns an interest directly or indirectly in another partnership in which an election was made under § 108(i) with respect to that foreign partnership’s distributive share from the other entity). How to file student taxes (a) For each partner for whom the Category 1 filer is required to complete a Schedule K-1 (Form 8865) (which includes the Category 1 filer itself), the Category 1 filer must: (i) Include the information described in section 4. How to file student taxes 07(1) of this revenue procedure in the Schedule K-1 (Form 8865) that the Category 1 filer files with the Service and completes for the partner; (ii) Produce a statement containing the partner’s share of the items listed on each statement received by the partnership; and (iii) Attach the statement described in section 5. How to file student taxes 07(3)(a)(ii) of this revenue procedure to each Schedule K-1 (Form 8865) that it is required to provide to a partner of the foreign partnership. How to file student taxes (b) A Category 2 filer must include its share of the information described in section 4. How to file student taxes 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. How to file student taxes Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. How to file student taxes (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. How to file student taxes 07(3)(a)(ii) and 5. How to file student taxes 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. How to file student taxes However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. How to file student taxes (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. How to file student taxes 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. How to file student taxes 07(1) of this revenue procedure must recognize items deferred under § 108(i), the partnership or S corporation must report these items on the Schedule K-1 (Form 1065, Form 1065-B, or Form 1120S) and statements provided to the partner or shareholder pursuant to section 5. How to file student taxes 07(1) and (2) of this revenue procedure. How to file student taxes Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. How to file student taxes 12(6) of this revenue procedure. How to file student taxes SECTION 6. How to file student taxes EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. How to file student taxes SECTION 7. How to file student taxes TRANSITION RULE . How to file student taxes 01 Noncomplying Election. How to file student taxes Except as otherwise provided in this section 7. How to file student taxes 01, the Service will treat a § 108(i) election as effective if a taxpayer files an election with the taxpayer’s federal income tax return filed on or before September 16, 2009, using any reasonable procedure to make the election. How to file student taxes However, an election that does not comply with section 4 of this revenue procedure will not be effective unless the taxpayer on or before November 16, 2009, files an amended return for the taxable year of the election and complies with the requirements of section 4 of this revenue procedure. How to file student taxes . How to file student taxes 02 Modification of Election. How to file student taxes A taxpayer that files a § 108(i) election on or before September 16, 2009, may modify that election by filing an amended return on or before November 16, 2009 (for example, to modify the amount of COD income the taxpayer elects to defer). How to file student taxes To be effective, a modification of an election described in the preceding sentence must satisfy the requirements for an election described in section 4 of this revenue procedure. How to file student taxes . How to file student taxes 03 Notations. How to file student taxes A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. How to file student taxes A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. How to file student taxes See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. How to file student taxes SECTION 8. How to file student taxes PAPERWORK REDUCTION ACT The collection of information contained in this revenue procedure has been reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act (44 U. How to file student taxes S. How to file student taxes C. How to file student taxes 3507) under control number 1545-2147. How to file student taxes An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. How to file student taxes The collection of information in this revenue procedure is in sections 4, 5 and 7. How to file student taxes This information is required to determine the amount of income and deductions a taxpayer elects to defer and to track those amounts until the taxpayer has reported all deferred income and deductions on the taxpayer’s tax return. How to file student taxes This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. How to file student taxes The collection of information is required to obtain a benefit. How to file student taxes The likely respondents are C corporations, shareholders of S corporations, partners of partnerships, and other individuals engaged in a trade or business, that reacquire applicable debt instruments in 2009 or 2010. How to file student taxes The estimated total annual reporting burden is 300,000 hours. How to file student taxes The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. How to file student taxes The estimated number of respondents is 50,000. How to file student taxes Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. How to file student taxes Generally, tax returns and return information are confidential, as required by § 6103. How to file student taxes DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. How to file student taxes Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). How to file student taxes For further information regarding this revenue procedure, contact Megan A. How to file student taxes Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. How to file student taxes Blanchard at (202) 622-3950 for questions involving OID, Ronald M. How to file student taxes Gootzeit at (202) 622-3860 for questions involving foreign entities, Robert Rhyne at (202) 622-7790 for questions involving earnings and profits and consolidated groups, and Craig Wojay at (202) 622-4920 for questions on § 108(i) generally (not toll-free calls). How to file student taxes Prev  Up  Next   Home   More Internal Revenue Bulletins
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Understanding your 2800C Letter

We sent you this letter because we believe your employee may have filed an incorrect Form W-4, Employee's Withholding Allowance Certificate.  

What you need to do

Begin withholding income tax from this employee's wages based on the following withholding rates, effective 60 days from the date of this letter:  

  • Withholding rate (marital status): single
  • Withholding allowances:  0000   

You may want to…

  • Search keyword "withholding compliance" for more information on income tax withholding
  • Download the following materials:
    • Publication 15 (Circular E), Employer's Tax Guide  
    • Publication 51 (Circular A), Agricultural Employer's Tax Guide

Answers to Common Questions

If the IRS determines that an employee doesn’t have enough federal income tax withheld, what will you ask an employer to do?
If we determine that an employee doesn’t have enough withholding, we’ll send you a lock-in letter that specifies the maximum number of withholding allowances permitted for the employee. You must withhold tax as indicated in the lock-in letter by the date specified unless we notify you otherwise. This date is 60 days after the date of the lock-in letter. Once a lock-in rate is effective, an employer can’t decrease withholding unless the IRS approves it.
 

You’ll also receive a copy of the letter to give to the employee. If the employee no longer works for you, you don’t need to do anything. However, if the employee returns to work within 12 months, you should begin withholding income tax from the employee’s wages based on the withholding rate in the letter.

The letter will explain how the employee can provide additional information to help us determine the appropriate number of withholding exemptions. We’ll give the employee some time before the lock-in rate is effective to submit a new Form W-4 and a statement that supports the claims made on it. The employee must send the Form W-4 and the statement to the IRS address as shown on this webpage.

If an employer no longer has to submit Forms W-4 claiming complete exemption from withholding or claiming more than 10 allowances, how does the IRS determine adequate withholding?
We‘re more effectively using information in our records and reported on Form W-2 wage statements to ensure that employees have enough federal income tax withheld.

After I lock in withholding on an employee, what do I do if I receive a revised Form W-4 from the employee?
You must disregard any Form W-4 that decreases the amount of withholding. The employee must submit for IRS approval any new Form W-4 and a statement that supports his or her request to decrease federal income tax withholding. The employee should send the Form W-4 and statement to the address on the lock-in letter. We’ll notify you if we approve the employee’s request. However, if the employee submits a Form W-4 that claims fewer withholding allowances than the maximum number specified in the lock-in letter, you must increase withholding based on that Form W-4.

As an employer who has received a modification letter (Letter 2808C) from the Withholding Compliance Program, do I wait for another 60 days to change the marital status or number of allowances as indicated in the modification letter?
The changes to the marital status or number of allowances become effective immediately upon receipt of the Letter 2808C.

Our employees can submit or change their Forms W-4 on line. How can I prevent them from changing their Forms W-4 after the IRS has locked them in?
You’ll need to block employees who have been locked-in from using an on-line Form W-4 system to decrease their withholding.

How to get help

  • Call toll free 1-855-839-2235 weekdays between 8:00 a.m. and 8:00 p.m.
  • Send a fax to 1-855-202-8300
  • Write to:

    Internal Revenue Service
    Compliance Services
    Withholding Compliance Unit
    P.O. Box 9047, Stop 837
    Andover, MA 01810-0947
Page Last Reviewed or Updated: 10-Jan-2014

The How To File Student Taxes

How to file student taxes Internal Revenue Bulletin:  2009-17  April 27, 2009  Rev. How to file student taxes Proc. How to file student taxes 2009-24 Table of Contents SECTION 1. How to file student taxes PURPOSE SECTION 2. How to file student taxes BACKGROUND SECTION 3. How to file student taxes SCOPE SECTION 4. How to file student taxes APPLICATION. How to file student taxes 01 In General. How to file student taxes . How to file student taxes 02 Limitations on Depreciation Deductions for Certain Automobiles. How to file student taxes . How to file student taxes 03 Inclusions in Income of Lessees of Passenger Automobiles. How to file student taxes SECTION 5. How to file student taxes EFFECTIVE DATE SECTION 6. How to file student taxes DRAFTING INFORMATION SECTION 1. How to file student taxes PURPOSE . How to file student taxes 01 This revenue procedure provides: (1) limitations on depreciation deductions for owners of passenger automobiles first placed in service by the taxpayer during calendar year 2009, including a separate table of limitations on depreciation deductions for trucks and vans; and (2) the amounts to be included in income by lessees of passenger automobiles first leased by the taxpayer during calendar year 2009, including a separate table of inclusion amounts for lessees of trucks and vans. How to file student taxes . How to file student taxes 02 The tables detailing these depreciation limitations and lessee inclusion amounts reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code. How to file student taxes SECTION 2. How to file student taxes BACKGROUND . How to file student taxes 01 For owners of passenger automobiles, § 280F(a) imposes dollar limitations on the depreciation deduction for the year that the passenger automobile is placed in service by the taxpayer and each succeeding year. How to file student taxes Section 280F(d)(7) requires the amounts allowable as depreciation deductions to be increased by a price inflation adjustment amount for passenger automobiles placed in service after 1988. How to file student taxes The method of calculating this price inflation amount for trucks and vans placed in service in or after calendar year 2003 uses a different CPI “automobile component” (the “new trucks” component) than that used in the price inflation amount calculation for other passenger automobiles (the “new cars” component), resulting in somewhat higher depreciation deductions for trucks and vans. How to file student taxes This change reflects the higher rate of price inflation that trucks and vans have been subject to since 1988. How to file student taxes . How to file student taxes 02 Section 168(k)(1)(A) provides a 50 percent additional first year depreciation deduction for certain new property acquired by a taxpayer after December 31, 2007, and before January 1, 2010, if no written binding contract for the acquisition of the property existed before January 1, 2008. How to file student taxes Section 168(k)(2)(F)(i) increases the first year depreciation allowed under § 280F(a)(1)(A) by $8,000 for passenger automobiles to which the 50 percent additional first year depreciation deduction applies. How to file student taxes . How to file student taxes 03 Section 168(k)(2)(D)(i) provides that the 50 percent additional first year depreciation deduction does not apply to any property required to be depreciated under the alternative depreciation system of § 168(g), including property described in § 280F(b)(1). How to file student taxes Section 168(k)(2)(D)(iii) permits a taxpayer to elect to not claim the 50 percent additional first year depreciation deduction for any class of property. How to file student taxes Section 168(k)(4) permits a corporation to elect to not claim the 50 percent additional first year depreciation deduction for all eligible qualified property (that is extension property or that is not extension property, as applicable) and instead to increase the business credit limitation under § 38(c) or the alternative minimum tax credit limitation under § 53(c). How to file student taxes Accordingly, this revenue procedure provides tables for passenger automobiles for which the 50 percent additional depreciation deduction applies and tables for passenger automobiles for which the 50 percent additional first year depreciation deduction does not apply, including passenger automobiles in a class of property for which the taxpayer “elects out” of the 50 percent additional first year depreciation deduction or passenger automobiles that are eligible qualified property to which the § 168(k)(4) election applies. How to file student taxes . How to file student taxes 04 For leased passenger automobiles, § 280F(c) requires a reduction in the deduction allowed to the lessee of the passenger automobile. How to file student taxes The reduction must be substantially equivalent to the limitations on the depreciation deductions imposed on owners of passenger automobiles. How to file student taxes Under § 1. How to file student taxes 280F-7(a) of the Income Tax Regulations, this reduction requires a lessee to include in gross income an inclusion amount determined by applying a formula to the amount obtained from a table. How to file student taxes One table applies to lessees of trucks and vans and another table applies to all other passenger automobiles. How to file student taxes Each table shows inclusion amounts for a range of fair market values for each taxable year after the passenger automobile is first leased. How to file student taxes SECTION 3. How to file student taxes SCOPE . How to file student taxes 01 The limitations on depreciation deductions in section 4. How to file student taxes 02(2) of this revenue procedure apply to passenger automobiles (other than leased passenger automobiles) that are placed in service by the taxpayer in calendar year 2009, and continue to apply for each taxable year that the passenger automobile remains in service. How to file student taxes . How to file student taxes 02 The tables in section 4. How to file student taxes 03 of this revenue procedure apply to leased passenger automobiles for which the lease term begins during calendar year 2009. How to file student taxes Lessees of these passenger automobiles must use these tables to determine the inclusion amount for each taxable year during which the passenger automobile is leased. How to file student taxes See Rev. How to file student taxes Proc. How to file student taxes 2002-14, 2002-1 C. How to file student taxes B. How to file student taxes 450, for passenger automobiles first leased before January 1, 2003, Rev. How to file student taxes Proc. How to file student taxes 2003-75, 2003-2 C. How to file student taxes B. How to file student taxes 1018, for passenger automobiles first leased during calendar year 2003, Rev. How to file student taxes Proc. How to file student taxes 2004-20, 2004-1 C. How to file student taxes B. How to file student taxes 642, for passenger automobiles first leased during calendar year 2004, Rev. How to file student taxes Proc. How to file student taxes 2005-13, 2005-1 C. How to file student taxes B. How to file student taxes 759, for passenger automobiles first leased during calendar year 2005, Rev. How to file student taxes Proc. How to file student taxes 2006-18, 2006-1 C. How to file student taxes B. How to file student taxes 645, for passenger automobiles first leased during calendar year 2006, Rev. How to file student taxes Proc. How to file student taxes 2007-30, 2007-1 C. How to file student taxes B. How to file student taxes 1104, for passenger automobiles first leased during calendar year 2007, and Rev. How to file student taxes Proc. How to file student taxes 2008-22, 2008-12 I. How to file student taxes R. How to file student taxes B. How to file student taxes 658, for passenger automobiles first leased during calendar year 2008. How to file student taxes SECTION 4. How to file student taxes APPLICATION . How to file student taxes 01 In General. How to file student taxes (1) Limitations on depreciation deductions for certain automobiles. How to file student taxes The limitations on depreciation deductions for passenger automobiles placed in service by the taxpayer for the first time during calendar year 2009 are in Tables 1 through 4 in section 4. How to file student taxes 02(2) of this revenue procedure. How to file student taxes (2) Inclusions in income of lessees of passenger automobiles. How to file student taxes A taxpayer first leasing a passenger automobile during calendar year 2009 must determine the inclusion amount that is added to gross income using Tables 5 and 6 in section 4. How to file student taxes 03 of this revenue procedure. How to file student taxes In addition, the taxpayer must follow the procedures of § 1. How to file student taxes 280F-7(a). How to file student taxes . How to file student taxes 02 Limitations on Depreciation Deductions for Certain Automobiles. How to file student taxes (1) Amount of the inflation adjustment. How to file student taxes (a) Passenger automobiles (other than trucks or vans). How to file student taxes Under § 280F(d)(7)(B)(i), the automobile price inflation adjustment for any calendar year is the percentage (if any) by which the CPI automobile component for October of the preceding calendar year exceeds the CPI automobile component for October 1987. How to file student taxes The term “CPI automobile component” is defined in § 280F(d)(7)(B)(ii) as the “automobile component” of the Consumer Price Index for all Urban Consumers published by the Department of Labor. How to file student taxes The new car component of the CPI was 115. How to file student taxes 2 for October 1987 and 134. How to file student taxes 837 for October 2008. How to file student taxes The October 2008 index exceeded the October 1987 index by 19. How to file student taxes 637. How to file student taxes The Internal Revenue Service has, therefore, determined that the automobile price inflation adjustment for 2009 for passenger automobiles (other than trucks and vans) is 17. How to file student taxes 05 percent (19. How to file student taxes 637/115. How to file student taxes 2 x 100%). How to file student taxes This adjustment is applicable to all passenger automobiles (other than trucks and vans) that are first placed in service in calendar year 2009. How to file student taxes The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. How to file student taxes 1705, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to passenger automobiles (other than trucks and vans) for calendar year 2009. How to file student taxes (b) Trucks and vans. How to file student taxes To determine the dollar limitations applicable to trucks and vans first placed in service during calendar year 2009, the new truck component of the CPI is used instead of the new car component. How to file student taxes The new truck component of the CPI was 112. How to file student taxes 4 for October 1987 and 133. How to file student taxes 640 for October 2008. How to file student taxes The October 2008 index exceeded the October 1987 index by 21. How to file student taxes 24. How to file student taxes The Service has, therefore, determined that the automobile price inflation adjustment for 2009 for trucks and vans is 18. How to file student taxes 90 percent (21. How to file student taxes 24/112. How to file student taxes 4 x 100%). How to file student taxes This adjustment is applicable to all trucks and vans that are first placed in service in calendar year 2009. How to file student taxes The dollar limitations in § 280F(a) therefore must be multiplied by a factor of 0. How to file student taxes 1890, and the resulting increases, after rounding to the nearest $100, are added to the 1988 limitations to give the depreciation limitations applicable to trucks and vans. How to file student taxes (2) Amount of the limitation. How to file student taxes For passenger automobiles placed in service by the taxpayer in calendar year 2009, Tables 1 through 4 contain the dollar amount of the depreciation limitation for each taxable year. How to file student taxes Use Table 1 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a passenger automobile (other than a truck or van) in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a passenger automobile that is eligible qualified property to which the § 168(k)(4) election applies. How to file student taxes Use Table 2 for a passenger automobile (other than a truck or van) placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. How to file student taxes Use Table 3 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction does not apply, including a truck or van in a class of property for which the taxpayer elects out of the 50 percent additional first year depreciation deduction or a truck or van that is eligible qualified property to which the § 168(k)(4) election applies. How to file student taxes Use Table 4 for a truck or van placed in service by the taxpayer in calendar year 2009, for which the 50 percent additional first year depreciation deduction applies. How to file student taxes REV. How to file student taxes PROC. How to file student taxes 2009-24 TABLE 1 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $2,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. How to file student taxes PROC. How to file student taxes 2009-24 TABLE 2 DEPRECIATION LIMITATIONS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $10,960 2nd Tax Year $4,800 3rd Tax Year $2,850 Each Succeeding Year $1,775 REV. How to file student taxes PROC. How to file student taxes 2009-24 TABLE 3 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION DOES NOT APPLY Tax Year Amount 1st Tax Year $3,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 REV. How to file student taxes PROC. How to file student taxes 2009-24 TABLE 4 DEPRECIATION LIMITATIONS FOR TRUCKS AND VANS PLACED IN SERVICE BY THE TAXPAYER IN CALENDAR YEAR 2009, FOR WHICH THE 50 PERCENT ADDITIONAL FIRST YEAR DEPRECIATION DEDUCTION APPLIES Tax Year Amount 1st Tax Year $11,060 2nd Tax Year $4,900 3rd Tax Year $2,950 Each Succeeding Year $1,775 . How to file student taxes 03 Inclusions in Income of Lessees of Passenger Automobiles. How to file student taxes The inclusion amounts for passenger automobiles first leased in calendar year 2009 are calculated under the procedures described in § 1. How to file student taxes 280F-7(a). How to file student taxes Lessees of passenger automobiles other than trucks and vans should use Table 5 of this revenue procedure in applying these procedures, while lessees of trucks and vans should use Table 6 of this revenue procedure. How to file student taxes REV. How to file student taxes PROC. How to file student taxes 2009-24 TABLE 5 DOLLAR AMOUNTS FOR PASSENGER AUTOMOBILES (THAT ARE NOT TRUCKS OR VANS) WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Passenger Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th & Later $18,500 $19,000 9 19 28 34 38 19,000 19,500 10 21 32 38 43 19,500 20,000 11 24 36 42 48 20,000 20,500 12 27 39 46 54 20,500 21,000 13 29 43 51 58 21,000 21,500 15 31 47 55 64 21,500 22,000 16 34 50 60 68 22,000 23,000 17 38 56 66 76 23,000 24,000 20 42 64 75 86 24,000 25,000 22 47 71 84 96 25,000 26,000 24 52 78 93 107 26,000 27,000 26 58 85 101 117 27,000 28,000 29 62 93 110 127 28,000 29,000 31 67 100 119 138 29,000 30,000 33 72 108 128 147 30,000 31,000 35 77 115 137 157 31,000 32,000 38 82 122 146 167 32,000 33,000 40 87 129 155 178 33,000 34,000 42 92 137 163 188 34,000 35,000 44 97 144 172 199 35,000 36,000 47 102 151 181 208 36,000 37,000 49 107 159 189 219 37,000 38,000 51 112 166 199 228 38,000 39,000 53 117 173 208 239 39,000 40,000 56 122 180 216 250 40,000 41,000 58 127 188 225 259 41,000 42,000 60 132 195 234 269 42,000 43,000 62 137 203 242 280 43,000 44,000 65 141 210 252 290 44,000 45,000 67 146 218 260 300 45,000 46,000 69 151 225 269 311 46,000 47,000 71 157 232 278 320 47,000 48,000 74 161 240 286 331 48,000 49,000 76 166 247 296 340 49,000 50,000 78 171 255 304 351 50,000 51,000 80 176 262 313 361 51,000 52,000 83 181 269 322 371 52,000 53,000 85 186 276 331 381 53,000 54,000 87 191 284 339 392 54,000 55,000 89 196 291 349 401 55,000 56,000 92 201 298 357 412 56,000 57,000 94 206 306 365 423 57,000 58,000 96 211 313 375 432 58,000 59,000 98 216 320 384 442 59,000 60,000 101 221 327 393 452 60,000 62,000 104 228 339 406 467 62,000 64,000 109 238 353 424 488 64,000 66,000 113 248 368 441 509 66,000 68,000 118 258 382 459 529 68,000 70,000 122 268 397 476 550 70,000 72,000 127 277 413 493 570 72,000 74,000 131 288 427 511 590 74,000 76,000 136 297 442 529 610 76,000 78,000 140 307 457 546 631 78,000 80,000 145 317 471 564 651 80,000 85,000 152 335 497 595 686 85,000 90,000 164 359 534 639 737 90,000 95,000 175 384 570 683 789 95,000 100,000 186 409 607 727 839 100,000 110,000 203 446 662 793 916 110,000 120,000 226 495 736 881 1,018 120,000 130,000 248 545 809 970 1,119 130,000 140,000 271 594 883 1,058 1,220 140,000 150,000 293 644 956 1,146 1,322 150,000 160,000 316 693 1,030 1,234 1,424 160,000 170,000 338 743 1,103 1,322 1,526 170,000 180,000 361 792 1,177 1,410 1,628 180,000 190,000 383 842 1,250 1,498 1,730 190,000 200,000 406 891 1,324 1,586 1,831 200,000 210,000 428 941 1,397 1,675 1,932 210,000 220,000 451 990 1,471 1,762 2,035 220,000 230,000 473 1,040 1,544 1,851 2,136 230,000 240,000 496 1,089 1,618 1,939 2,238 240,000 And up 518 1,139 1,691 2,027 2,340 REV. How to file student taxes PROC. How to file student taxes 2009-24 TABLE 6 DOLLAR AMOUNTS FOR TRUCKS AND VANS WITH A LEASE TERM BEGINNING IN CALENDAR YEAR 2009 Fair Market Value of Electric Automobile Tax Year During Lease Over Not Over 1st 2nd 3rd 4th 5th and Later $18,500 $19,000 8 17 25 30 35 19,000 19,500 9 19 29 35 40 19,500 20,000 10 22 33 38 45 20,000 20,500 11 25 36 43 50 20,500 21,000 12 27 40 48 55 21,000 21,500 13 30 43 52 60 21,500 22,000 15 32 47 56 66 22,000 23,000 16 36 52 64 72 23,000 24,000 18 41 60 72 83 24,000 25,000 21 45 68 81 93 25,000 26,000 23 50 75 90 103 26,000 27,000 25 56 82 98 114 27,000 28,000 27 61 89 107 124 28,000 29,000 30 65 97 116 134 29,000 30,000 32 70 104 125 144 30,000 31,000 34 75 112 134 154 31,000 32,000 36 80 119 143 164 32,000 33,000 39 85 126 151 175 33,000 34,000 41 90 134 160 184 34,000 35,000 43 95 141 169 195 35,000 36,000 45 100 148 178 205 36,000 37,000 48 105 155 187 215 37,000 38,000 50 110 163 195 226 38,000 39,000 52 115 170 204 236 39,000 40,000 55 120 177 213 246 40,000 41,000 57 125 185 221 256 41,000 42,000 59 130 192 231 266 42,000 43,000 61 135 199 240 276 43,000 44,000 64 139 207 249 286 44,000 45,000 66 144 215 257 296 45,000 46,000 68 149 222 266 307 46,000 47,000 70 155 229 274 317 47,000 48,000 73 159 237 283 327 48,000 49,000 75 164 244 292 338 49,000 50,000 77 169 251 301 348 50,000 51,000 79 174 259 310 357 51,000 52,000 82 179 266 318 368 52,000 53,000 84 184 273 328 378 53,000 54,000 86 189 281 336 388 54,000 55,000 88 194 288 345 399 55,000 56,000 91 199 295 354 408 56,000 57,000 93 204 302 363 419 57,000 58,000 95 209 310 371 429 58,000 59,000 97 214 317 381 439 59,000 60,000 100 219 324 389 450 60,000 62,000 103 226 336 402 465 62,000 64,000 107 236 351 420 485 64,000 66,000 112 246 365 438 505 66,000 68,000 116 256 380 455 526 68,000 70,000 121 266 394 473 546 70,000 72,000 125 276 409 491 566 72,000 74,000 130 286 423 509 586 74,000 76,000 134 296 438 526 607 76,000 78,000 139 305 454 543 627 78,000 80,000 143 316 467 561 648 80,000 85,000 151 333 493 592 684 85,000 90,000 163 357 531 635 735 90,000 95,000 174 382 567 680 785 95,000 100,000 185 407 604 724 836 100,000 110,000 202 444 659 790 912 110,000 120,000 225 493 733 878 1,014 120,000 130,000 247 543 806 966 1,116 130,000 140,000 270 592 880 1,054 1,218 140,000 150,000 292 642 953 1,143 1,319 150,000 160,000 315 691 1,027 1,230 1,421 160,000 170,000 337 741 1,100 1,319 1,522 170,000 180,000 360 790 1,174 1,407 1,624 180,000 190,000 382 840 1,247 1,495 1,726 190,000 200,000 405 889 1,321 1,583 1,828 200,000 210,000 427 939 1,394 1,671 1,930 210,000 220,000 450 988 1,468 1,759 2,031 220,000 230,000 472 1,038 1,541 1,847 2,134 230,000 240,000 495 1,087 1,615 1,935 2,235 240,000 and up 517 1,137 1,688 2,024 2,336 SECTION 5. How to file student taxes EFFECTIVE DATE This revenue procedure applies to passenger automobiles (other than leased passenger automobiles) that are first placed in service by a taxpayer during calendar year 2009, and to leased passenger automobiles that are first leased by a taxpayer during calendar year 2009. How to file student taxes SECTION 6. How to file student taxes DRAFTING INFORMATION The principal author of this revenue procedure is Bernard P. How to file student taxes Harvey of the Office of Associate Chief Counsel (Income Tax & Accounting). How to file student taxes For further information regarding this revenue procedure, contact Mr. How to file student taxes Harvey at (202) 622-4930 (not a toll-free call). How to file student taxes Prev  Up  Next   Home   More Internal Revenue Bulletins