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

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Online 1040ez Form

Online 1040ez form 7. Online 1040ez form   How To Get Tax Help Table of Contents Low Income Taxpayer Clinics Whether it's help with a tax issue, preparing your tax return or a need for a free publication or form, get the help you need the way you want it: online, use a smart phone, call or walk in to an IRS office or volunteer site near you. Online 1040ez form Free help with your tax return. Online 1040ez form   You can get free help preparing your return nationwide from IRS-certified volunteers. Online 1040ez form The Volunteer Income Tax Assistance (VITA) program helps low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers. Online 1040ez form The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Online 1040ez form Most VITA and TCE sites offer free electronic filing and all volunteers will let you know about credits and deductions you may be entitled to claim. Online 1040ez form In addition, some VITA and TCE sites provide taxpayers the opportunity to prepare their own return with help from an IRS-certified volunteer. Online 1040ez form To find the nearest VITA or TCE site, you can use the VITA Locator Tool on IRS. Online 1040ez form gov, download the IRS2Go app, or call 1-800-906-9887. Online 1040ez form   As part of the TCE program, AARP offers the Tax-Aide counseling program. Online 1040ez form To find the nearest AARP Tax-Aide site, visit AARP's website at www. Online 1040ez form aarp. Online 1040ez form org/money/taxaide or call 1-888-227-7669. Online 1040ez form For more information on these programs, go to IRS. Online 1040ez form gov and enter “VITA” in the search box. Online 1040ez form Internet. Online 1040ez form    IRS. Online 1040ez form gov and IRS2Go are ready when you are —24 hours a day, 7 days a week. Online 1040ez form Download the free IRS2Go app from the iTunes app store or from Google Play. Online 1040ez form Use it to check your refund status, order transcripts of your tax returns or tax account, watch the IRS YouTube channel, get IRS news as soon as it's released to the public, subscribe to filing season updates or daily tax tips, and follow the IRS Twitter news feed, @IRSnews, to get the latest federal tax news, including information about tax law changes and important IRS programs. Online 1040ez form Check the status of your 2013 refund with the Where's My Refund? application on IRS. Online 1040ez form gov or download the IRS2Go app and select the Refund Status option. Online 1040ez form The IRS issues more than 9 out of 10 refunds in less than 21 days. Online 1040ez form Using these applications, you can start checking on the status of your return within 24 hours after we receive your e-filed return or 4 weeks after you mail a paper return. Online 1040ez form You will also be given a personalized refund date as soon as the IRS processes your tax return and approves your refund. Online 1040ez form The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Online 1040ez form Use the Interactive Tax Assistant (ITA) to research your tax questions. Online 1040ez form No need to wait on the phone or stand in line. Online 1040ez form The ITA is available 24 hours a day, 7 days a week, and provides you with a variety of tax information related to general filing topics, deductions, credits, and income. Online 1040ez form When you reach the response screen, you can print the entire interview and the final response for your records. Online 1040ez form New subject areas are added on a regular basis. Online 1040ez form  Answers not provided through ITA may be found in Tax Trails, one of the Tax Topics on IRS. Online 1040ez form gov which contain general individual and business tax information or by searching the IRS Tax Map, which includes an international subject index. Online 1040ez form You can use the IRS Tax Map, to search publications and instructions by topic or keyword. Online 1040ez form The IRS Tax Map integrates forms and publications into one research tool and provides single-point access to tax law information by subject. Online 1040ez form When the user searches the IRS Tax Map, they will be provided with links to related content in existing IRS publications, forms and instructions, questions and answers, and Tax Topics. Online 1040ez form Coming this filing season, you can immediately view and print for free all 5 types of individual federal tax transcripts (tax returns, tax account, record of account, wage and income statement, and certification of non-filing) using Get Transcript. Online 1040ez form You can also ask the IRS to mail a return or an account transcript to you. Online 1040ez form Only the mail option is available by choosing the Tax Records option on the IRS2Go app by selecting Mail Transcript on IRS. Online 1040ez form gov or by calling 1-800-908-9946. Online 1040ez form Tax return and tax account transcripts are generally available for the current year and the past three years. Online 1040ez form Determine if you are eligible for the EITC and estimate the amount of the credit with the Earned Income Tax Credit (EITC) Assistant. Online 1040ez form Visit Understanding Your IRS Notice or Letter to get answers to questions about a notice or letter you received from the IRS. Online 1040ez form If you received the First Time Homebuyer Credit, you can use the First Time Homebuyer Credit Account Look-up tool for information on your repayments and account balance. Online 1040ez form Check the status of your amended return using Where's My Amended Return? Go to IRS. Online 1040ez form gov and enter Where's My Amended Return? in the search box. Online 1040ez form You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Online 1040ez form It can take up to 3 weeks from the date you mailed it to show up in our system. Online 1040ez form Make a payment using one of several safe and convenient electronic payment options available on IRS. Online 1040ez form gov. Online 1040ez form Select the Payment tab on the front page of IRS. Online 1040ez form gov for more information. Online 1040ez form Determine if you are eligible and apply for an online payment agreement, if you owe more tax than you can pay today. Online 1040ez form Figure your income tax withholding with the IRS Withholding Calculator on IRS. Online 1040ez form gov. Online 1040ez form Use it if you've had too much or too little withheld, your personal situation has changed, you're starting a new job or you just want to see if you're having the right amount withheld. Online 1040ez form Determine if you might be subject to the Alternative Minimum Tax by using the Alternative Minimum Tax Assistant on IRS. Online 1040ez form gov. Online 1040ez form Request an Electronic Filing PIN by going to IRS. Online 1040ez form gov and entering Electronic Filing PIN in the search box. Online 1040ez form Download forms, instructions and publications, including accessible versions for people with disabilities. Online 1040ez form Locate the nearest Taxpayer Assistance Center (TAC) using the Office Locator tool on IRS. Online 1040ez form gov, or choose the Contact Us option on the IRS2Go app and search Local Offices. Online 1040ez form An employee can answer questions about your tax account or help you set up a payment plan. Online 1040ez form Before you visit, check the Office Locator on IRS. Online 1040ez form gov, or Local Offices under Contact Us on IRS2Go to confirm the address, phone number, days and hours of operation, and the services provided. Online 1040ez form If you have a special need, such as a disability, you can request an appointment. Online 1040ez form Call the local number listed in the Office Locator, or look in the phone book under United States Government, Internal Revenue Service. Online 1040ez form Apply for an Employer Identification Number (EIN). Online 1040ez form Go to IRS. Online 1040ez form gov and enter Apply for an EIN in the search box. Online 1040ez form Read the Internal Revenue Code, regulations, or other official guidance. Online 1040ez form Read Internal Revenue Bulletins. Online 1040ez form Sign up to receive local and national tax news and more by email. Online 1040ez form Just click on “subscriptions” above the search box on IRS. Online 1040ez form gov and choose from a variety of options. Online 1040ez form    Phone. Online 1040ez form You can call the IRS, or you can carry it in your pocket with the IRS2Go app on your smart phone or tablet. Online 1040ez form Download the free IRS2Go app from the iTunes app store or from Google Play. Online 1040ez form Call to locate the nearest volunteer help site, 1-800-906-9887 or you can use the VITA Locator Tool on IRS. Online 1040ez form gov, or download the IRS2Go app. Online 1040ez form Low-to-moderate income, elderly, people with disabilities, and limited English proficient taxpayers can get free help with their tax return from the nationwide Volunteer Income Tax Assistance (VITA) program. Online 1040ez form The Tax Counseling for the Elderly (TCE) program helps taxpayers age 60 and older with their tax returns. Online 1040ez form Most VITA and TCE sites offer free electronic filing. Online 1040ez form Some VITA and TCE sites provide IRS-certified volunteers who can help prepare your tax return. Online 1040ez form Through the TCE program, AARP offers the Tax-Aide counseling program; call 1-888-227-7669 to find the nearest Tax-Aide location. Online 1040ez form Call the automated Where's My Refund? information hotline to check the status of your 2013 refund 24 hours a day, 7 days a week at 1-800-829-1954. Online 1040ez form If you e-file, you can start checking on the status of your return within 24 hours after the IRS receives your tax return or 4 weeks after you've mailed a paper return. Online 1040ez form The IRS issues more than 9 out of 10 refunds in less than 21 days. Online 1040ez form Where's My Refund? will give you a personalized refund date as soon as the IRS processes your tax return and approves your refund. Online 1040ez form Before you call this automated hotline, have your 2013 tax return handy so you can enter your social security number, your filing status, and the exact whole dollar amount of your refund. Online 1040ez form The IRS updates Where's My Refund? every 24 hours, usually overnight, so you only need to check once a day. Online 1040ez form Note, the above information is for our automated hotline. Online 1040ez form Our live phone and walk-in assistors can research the status of your refund only if it's been 21 days or more since you filed electronically or more than 6 weeks since you mailed your paper return. Online 1040ez form Call the Amended Return Hotline, 1-866-464-2050, to check the status of your amended return. Online 1040ez form You can generally expect your amended return to be processed up to 12 weeks from the date we receive it. Online 1040ez form It can take up to 3 weeks from the date you mailed it to show up in our system. Online 1040ez form Call 1-800-TAX-FORM (1-800-829-3676) to order current-year forms, instructions, publications, and prior-year forms and instructions (limited to 5 years). Online 1040ez form You should receive your order within 10 business days. Online 1040ez form Call TeleTax, 1-800-829-4477, to listen to pre-recorded messages covering general and business tax information. Online 1040ez form If, between January and April 15, you still have questions about the Form 1040, 1040A, or 1040EZ (like filing requirements, dependents, credits, Schedule D, pensions and IRAs or self-employment taxes), call 1-800-829-1040. Online 1040ez form Call using TTY/TDD equipment, 1-800-829-4059 to ask tax questions or order forms and publications. Online 1040ez form The TTY/TDD telephone number is for people who are deaf, hard of hearing, or have a speech disability. Online 1040ez form These individuals can also contact the IRS through relay services such as the Federal Relay Service. Online 1040ez form    Walk-in. Online 1040ez form You can find a selection of forms, publications and services — in-person. Online 1040ez form Products. Online 1040ez form You can walk in to some post offices, libraries, and IRS offices to pick up certain forms, instructions, and publications. Online 1040ez form Some IRS offices, libraries, and city and county government offices have a collection of products available to photocopy from reproducible proofs. Online 1040ez form Services. Online 1040ez form You can walk in to your local TAC for face-to-face tax help. Online 1040ez form An employee can answer questions about your tax account or help you set up a payment plan. Online 1040ez form Before visiting, use the Office Locator tool on IRS. Online 1040ez form gov, or choose the Contact Us option on the IRS2Go app and search Local Offices for days and hours of operation, and services provided. Online 1040ez form    Mail. Online 1040ez form You can send your order for forms, instructions, and publications to the address below. Online 1040ez form You should receive a response within 10 business days after your request is received. Online 1040ez form Internal Revenue Service 1201 N. Online 1040ez form Mitsubishi Motorway Bloomington, IL 61705-6613    The Taxpayer Advocate Service Is Here to Help You. Online 1040ez form The Taxpayer Advocate Service (TAS) is your voice at the IRS. Online 1040ez form Our job is to ensure that every taxpayer is treated fairly and that you know and understand your rights. Online 1040ez form   What can TAS do for you? We can offer you free help with IRS problems that you can't resolve on your own. Online 1040ez form We know this process can be confusing, but the worst thing you can do is nothing at all! TAS can help if you can't resolve your tax problem and: Your problem is causing financial difficulties for you, your family, or your business. Online 1040ez form You face (or your business is facing) an immediate threat of adverse action. Online 1040ez form You've tried repeatedly to contact the IRS but no one has responded, or the IRS hasn't responded by the date promised. Online 1040ez form   If you qualify for our help, you'll be assigned to one advocate who'll be with you at every turn and will do everything possible to resolve your problem. Online 1040ez form Here's why we can help: TAS is an independent organization within the IRS. Online 1040ez form Our advocates know how to work with the IRS. Online 1040ez form Our services are free and tailored to meet your needs. Online 1040ez form We have offices in every state, the District of Columbia, and Puerto Rico. Online 1040ez form   How can you reach us? If you think TAS can help you, call your local advocate, whose number is in your local directory and at Taxpayer Advocate, or call us toll-free at 1-877-777-4778. Online 1040ez form   How else does TAS help taxpayers?  TAS also works to resolve large-scale, systemic problems that affect many taxpayers. Online 1040ez form If you know of one of these broad issues, please report it to us through our Systemic Advocacy Management System. Online 1040ez form Low Income Taxpayer Clinics Low Income Taxpayer Clinics (LITCs) serve individuals whose income is below a certain level and need to resolve tax problems such as audits, appeals and tax collection disputes. Online 1040ez form Some clinics can provide information about taxpayer rights and responsibilities in different languages for individuals who speak English as a second language. Online 1040ez form Visit Taxpayer Advocate or see IRS Publication 4134, Low Income Taxpayer Clinic List. Online 1040ez form Prev  Up  Next   Home   More Online Publications
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Understanding your CP24E Notice

We made changes to your return because we found a difference between the amount of estimated tax payments on your tax return and the amount we posted to your account. You have a potential overpayment credit because of these changes.

Printable samples of this notice (PDF)

Tax publications you may find useful

How to get help

Calling the 1-800 number listed on the top right corner of your notice is the fastest way to get your questions answered.

You can also authorize someone (such as an accountant) to contact the IRS on your behalf using this Power of Attorney and Declaration of Representative (Form 2848).

Or you may qualify for help from a Low Income Taxpayer Clinic.
 


What you need to do

  • Read your notice carefully — it will explain the changes we made to your return.
  • Check the list of payments we applied to your account to see if we applied all the payments you made.
  • Correct the copy of your tax return that you kept for your records.
  • You don't need to do anything if you agree with the notice.
  • If you disagree with the notice, please contact us at the toll-free number listed on its top right-hand corner (within 60 days of the notice’s date).

You may want to...


Answers to Common Questions

Is an overpayment credit different from a refund?
You get an overpayment credit when your tax payments exceed what you owe. You will receive the overpayment credit as a refund automatically. You also, however, can ask us to apply the credit as an advance payment towards your next year's taxes instead of sending it to you as a refund.

When can I expect to receive my refund?
You will receive it in four to six weeks if you owe no other taxes or debts we're required to collect.

What can I do if I don't receive my refund in four to six weeks?
Call us at the toll-free number listed on the top right-hand corner of your notice.

How can I find out what caused my tax return to change?
Please contact us at the number listed on your notice for specific information concerning your tax return.

What should I do if I find you misapplied a payment or haven't credited a payment that I made?
Contact us with your information at the toll-free number listed on your notice. Please have your documentation (such as cancelled checks, amended return, etc.) ready when you call. Our representative will discuss the issue with you and give you further instructions.

What should I do if I disagree with the changes you made?
Contact us at the toll free number listed on the top right-hand corner of your notice.

How do I adjust my estimated tax payments?
You can adjust your estimated tax payments by completing a Form 1040-ES, Estimated Tax for Individuals. See Publication 505, Tax Withholding and Estimated Tax for more information.

What should I do if I need to make another correction to my tax return?
You'll need to file Form 1040X, Amended U.S. Individual Income Tax Return.


Tips for next year

Consider filing your taxes electronically. Filing online can help you avoid mistakes and find credits and deductions that you may qualify for. In many cases you can file for free. Learn more about e-file.

You can receive your refund quickly with a direct deposit to your bank account by completing the banking information in the refund section of your tax return.

Page Last Reviewed or Updated: 03-Mar-2014

The Online 1040ez Form

Online 1040ez form Internal Revenue Bulletin:  2009-36  September 8, 2009  Rev. Online 1040ez form Proc. Online 1040ez form 2009-37 Table of Contents SECTION 1. Online 1040ez form PURPOSE SECTION 2. Online 1040ez form BACKGROUND SECTION 3. Online 1040ez form SCOPE SECTION 4. Online 1040ez form ELECTION PROCEDURES SECTION 5. Online 1040ez form REQUIRED INFORMATION STATEMENT SECTION 6. Online 1040ez form EFFECTIVE DATE SECTION 7. Online 1040ez form TRANSITION RULE SECTION 8. Online 1040ez form PAPERWORK REDUCTION ACT DRAFTING INFORMATION SECTION 1. Online 1040ez form PURPOSE . Online 1040ez form 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. Online 1040ez form . Online 1040ez form 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. Online 1040ez form This revenue procedure describes the time and manner of providing this additional information. Online 1040ez form . Online 1040ez form 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. Online 1040ez form Taxpayers should be aware that these regulations may be retroactive. Online 1040ez form See § 7805(b)(2). Online 1040ez form This revenue procedure may be modified to provide procedures consistent with additional guidance. Online 1040ez form SECTION 2. Online 1040ez form BACKGROUND . Online 1040ez form 01 Section 108(i), Generally. Online 1040ez form Section 108(i) was added to the Code by § 1231 of the American Recovery and Reinvestment Tax Act of 2009, Pub. Online 1040ez form L. Online 1040ez form No. Online 1040ez form 111-5, 123 Stat. Online 1040ez form 338. Online 1040ez form 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. Online 1040ez form 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). Online 1040ez form 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. Online 1040ez form 1273-1(d) of the Income Tax Regulations. Online 1040ez form The OID deferral rule in § 108(i)(2) applies at the entity level for a pass-through entity. Online 1040ez form For example, a partnership (and therefore its partners) may not deduct currently the OID described in § 108(i)(2)(A)(i). Online 1040ez form 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). Online 1040ez form See § 108(i)(5)(D). Online 1040ez form 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. Online 1040ez form Section 108(i)(5)(D)(ii). Online 1040ez form 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. Online 1040ez form . Online 1040ez form 02 Applicable Debt Instrument. Online 1040ez form 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. Online 1040ez form 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). Online 1040ez form Section 108(i)(3)(B). Online 1040ez form For purposes of § 108(i), in the case of an intercompany obligation (as defined in § 1. Online 1040ez form 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. Online 1040ez form 1502-13(g)(5). Online 1040ez form . Online 1040ez form 03 Reacquisition. Online 1040ez form 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). Online 1040ez form 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. Online 1040ez form See § 108(i)(4)(B). Online 1040ez form The term “acquisition” also includes an indirect acquisition within the meaning of § 1. Online 1040ez form 108-2(c) if a direct acquisition of the debt instrument would qualify for an election under § 108(i). Online 1040ez form 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. Online 1040ez form . Online 1040ez form 04 General Requirements for the Section 108(i) Election. Online 1040ez form 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. Online 1040ez form (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. Online 1040ez form ) The statement must include the amount of income to which § 108(i)(1) applies and other information the Service may prescribe. Online 1040ez form Once made, a § 108(i) election is irrevocable and, except as provided in section 7 of this revenue procedure, may not be modified. Online 1040ez form . Online 1040ez form 05 Section 108(i) Elections Made by Pass-through Entities. Online 1040ez form 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. Online 1040ez form Section 108(i)(5)(B)(iii). Online 1040ez form . Online 1040ez form 06 Additional Information on Subsequent Years’ Returns. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 07 Exclusivity. Online 1040ez form 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). Online 1040ez form . Online 1040ez form 08 Allocation of Deferred COD Income on Partnership Indebtedness. Online 1040ez form Section 4. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form 704-1(b)(2)(iii). Online 1040ez form Each partner’s share of this COD income is the partner’s COD income amount (“COD income amount”). Online 1040ez form The partner’s COD income amount that is deferred under § 108(i) is the partner’s deferred amount (“deferred amount”). Online 1040ez form 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”). Online 1040ez form . Online 1040ez form 09 Partner’s Deferred § 752 Amount. Online 1040ez form 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”). Online 1040ez form 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). Online 1040ez form 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. Online 1040ez form 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). Online 1040ez form See Rev. Online 1040ez form Rul. Online 1040ez form 92-97, 1992-2 C. Online 1040ez form B. Online 1040ez form 124, and Rev. Online 1040ez form Rul. Online 1040ez form 94-4, 1994-1 C. Online 1040ez form B. Online 1040ez form 195. Online 1040ez form 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). Online 1040ez form . Online 1040ez form 10 Allocation of Deferred COD Income on S Corporation Indebtedness. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 11 Deferred COD Income, Earnings and Profits, and Alternative Minimum Taxable Income. Online 1040ez form (1) In general. Online 1040ez form 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). Online 1040ez form 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. Online 1040ez form 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). Online 1040ez form 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. Online 1040ez form See § 1. Online 1040ez form 56(g)-1(c)(1). Online 1040ez form (2) Exceptions for certain special status corporations. Online 1040ez form 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. Online 1040ez form OID deductions deferred under § 108(i) generally decrease earnings and profits in the taxable year or years that the deferred OID deductions are deductible. Online 1040ez form . Online 1040ez form 12 Extension of Time to Make Election. Online 1040ez form Under § 301. Online 1040ez form 9100-1 of the Procedure and Administration Regulations, the Service may grant an extension of time to make a regulatory election. Online 1040ez form An election is a regulatory election if the due date is prescribed by regulation or other published guidance of general applicability. Online 1040ez form Section 301. Online 1040ez form 9100-2(a) provides an automatic 12-month extension from the due date for making certain regulatory elections. Online 1040ez form SECTION 3. Online 1040ez form 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). Online 1040ez form SECTION 4. Online 1040ez form ELECTION PROCEDURES . Online 1040ez form 01 In General. Online 1040ez form (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. Online 1040ez form 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. Online 1040ez form 07, 4. Online 1040ez form 08, 4. Online 1040ez form 09, or 4. Online 1040ez form 10 of this revenue procedure. Online 1040ez form (2) The Service grants an automatic extension of 12 months from the due date prescribed in section 4. Online 1040ez form 01(1)(a) of this revenue procedure for making the § 108(i) election. Online 1040ez form The rules that apply to an automatic extension under § 301. Online 1040ez form 9100-2(a) apply to this automatic extension. Online 1040ez form . Online 1040ez form 02 Section 108(i) Elections Made by Members of Consolidated Groups. Online 1040ez form The common parent of a consolidated group makes the § 108(i) election on behalf of all members of the group. Online 1040ez form See § 1. Online 1040ez form 1502-77(a). Online 1040ez form . Online 1040ez form 03 Aggregation Rule. Online 1040ez form 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. Online 1040ez form A pass-through entity may not treat two or more applicable debt instruments as one applicable debt instrument under this section 4. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 04 Partial Elections. Online 1040ez form (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. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form (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). Online 1040ez form 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. Online 1040ez form (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. Online 1040ez form 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). Online 1040ez form A partner may exclude from income the partner’s included amount under § 108(a)(1)(A), (B), (C), or (D), if applicable. Online 1040ez form The provisions of this section 4. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 05 Contents of Election Statement. Online 1040ez form A statement meets the requirements of this section 4. Online 1040ez form 05 if the statement— (1) Label. Online 1040ez form States “Section 108(i) Election” across the top. Online 1040ez form (2) Required information. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 06 Supplemental information. Online 1040ez form The statement described in section 4. Online 1040ez form 05 of this revenue procedure may specify for each applicable debt instrument an amount greater than the amount identified in section 4. Online 1040ez form 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. Online 1040ez form 05(2)(d) of this revenue procedure. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form 08, 2. Online 1040ez form 10 and, if applicable, 4. Online 1040ez form 04(3) of this revenue procedure, respectively, as if the additional COD income was realized. Online 1040ez form . Online 1040ez form 07 Additional Requirements for Certain Partnerships Making a § 108(i) Election. Online 1040ez form The rules of this section 4. Online 1040ez form 07 apply to partnerships other than partnerships described in section 4. Online 1040ez form 10 of this revenue procedure. Online 1040ez form (1) Information filing on Schedule K-1 (Form 1065 and Form 1065-B). Online 1040ez form 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. Online 1040ez form , 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. Online 1040ez form 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). Online 1040ez form (2) Election information statement provided to partners. Online 1040ez form 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. Online 1040ez form 07(2). Online 1040ez form 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. Online 1040ez form A statement meets the requirements of this section 4. Online 1040ez form 07(2) if the statement— (a) Label. Online 1040ez form States “Section 108(i) Election Information Statement for Partners” across the top. Online 1040ez form (b) Required information. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form 09 of this revenue procedure; (ix) The partner’s additional deferred amount as described in section 4. Online 1040ez form 06 of this revenue procedure; and (x) The date of the reacquisition transaction generating the COD income. Online 1040ez form (c) If a partner fails to provide the written statement required by section 4. Online 1040ez form 07(3) of this revenue procedure, the partnership must indicate that the amounts described in section 4. Online 1040ez form 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. Online 1040ez form (3) Partner reporting requirements. Online 1040ez form 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. Online 1040ez form 09 of this revenue procedure) a written statement signed under penalties of perjury that includes this information. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form If a partner provides its written statement under this section 4. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 08 Additional Requirements for an S Corporation Making a § 108(i) Election. Online 1040ez form (1) Information filing on Schedule K-1 (Form 1120S). Online 1040ez form 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. Online 1040ez form , 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. Online 1040ez form 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. Online 1040ez form (2) Election information statement provided to shareholders. Online 1040ez form 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. Online 1040ez form 08(2). Online 1040ez form 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. Online 1040ez form A statement meets the requirements of this section 4. Online 1040ez form 08(2) if the statement— (a) Label. Online 1040ez form States “Section 108(i) Election Information Statement for Shareholders” across the top. Online 1040ez form (b) Required information. Online 1040ez form 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. Online 1040ez form 06 of this revenue procedure. Online 1040ez form . Online 1040ez form 09 Section 108(i) Elections Made on Behalf of Certain Foreign Corporations. Online 1040ez form 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. Online 1040ez form 964-1(c)(3). Online 1040ez form Each controlling domestic shareholder must attach a statement identifying the foreign corporation and satisfying the requirements of section 4. Online 1040ez form 05 of this revenue procedure and, if applicable, section 4. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 10 Section 108(i) Elections Made By Certain Foreign Partnerships. Online 1040ez form The rules of this section 4. Online 1040ez form 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”). Online 1040ez form See § 1. Online 1040ez form 6031(a)-1(b). Online 1040ez form (1) A nonfiling foreign partnership making the election must attach a statement satisfying the requirements of section 4. Online 1040ez form 05 of this revenue procedure and, if applicable, section 4. Online 1040ez form 06 of this revenue procedure, to a partnership return satisfying the requirements of § 1. Online 1040ez form 6031(a)-1(b)(5) it files with the Service. Online 1040ez form In addition, a nonfiling foreign partnership must include in the information required in section 4. Online 1040ez form 05(2)(d) and (e) of this revenue procedure the aggregate amounts for all partners as well as the aggregate amounts for all U. Online 1040ez form S. Online 1040ez form 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”). Online 1040ez form (2) The nonfiling foreign partnership must make the election, in accordance with § 1. Online 1040ez form 6031(a)-1(b)(5), by the date provided in section 4. Online 1040ez form 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. Online 1040ez form (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. Online 1040ez form 07(1) of this revenue procedure. Online 1040ez form Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). Online 1040ez form 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. Online 1040ez form 07(2) of this revenue procedure by the date provided in section 4. Online 1040ez form 01(1)(a) of this revenue procedure. Online 1040ez form The partnership should not attach any statement described in section 4. Online 1040ez form 07(2) of this revenue procedure to the Schedules K-1 that are filed with the Service. Online 1040ez form 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. Online 1040ez form (4) The partnership and each affected partner must satisfy the requirements of section 4. Online 1040ez form 07(3) of this revenue procedure. Online 1040ez form . Online 1040ez form 11 Protective § 108(i) Election. Online 1040ez form (1) In general. Online 1040ez form 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. Online 1040ez form 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). Online 1040ez form 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. Online 1040ez form A taxpayer makes a protective election by attaching a statement satisfying the requirements of this section 4. Online 1040ez form 11(1) to the taxpayer’s original federal income tax return within the period described in section 4. Online 1040ez form 01(1)(a) of this revenue procedure. Online 1040ez form 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. Online 1040ez form A statement meets the requirements of this section 4. Online 1040ez form 11(1) if the statement— (a) States “Section 108(i) Protective Election” across the top; (b) Provides the information required under section 4. Online 1040ez form 05(2)(a), (b), and (c) of this revenue procedure; (c) Provides that the amounts described in sections 4. Online 1040ez form 05(2)(d) and (e) of this revenue procedure are zero; and (d) Provides the information described in section 4. Online 1040ez form 06 of this revenue procedure. Online 1040ez form (2) Statements provided to shareholders and partners. Online 1040ez form (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. Online 1040ez form 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. Online 1040ez form 11(1)(d) of this revenue procedure. Online 1040ez form (b) The partnership or S corporation should not attach the statements described in this section 4. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 12 Election-Year Reporting by Tiered Pass-Through Entities. Online 1040ez form (1) A partnership required to file a U. Online 1040ez form S. Online 1040ez form partnership return other than under § 1. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form 07(1)(a) through (d) of this revenue procedure). Online 1040ez form (2) If a partnership described in section 4. Online 1040ez form 12(1) of this revenue procedure receives a statement described in sections 4. Online 1040ez form 07(2) or 4. Online 1040ez form 10(3) of this revenue procedure or this section 4. Online 1040ez form 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. Online 1040ez form 07(2)(b)(x) of this revenue procedure. Online 1040ez form If an S corporation receives a statement described in sections 4. Online 1040ez form 07(2) or 4. Online 1040ez form 10(3) of this revenue procedure or this section 4. Online 1040ez form 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. Online 1040ez form 07(2)(b)(i), (ii), (iii), (iv) and (ix) of this revenue procedure. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form (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. Online 1040ez form 704-1(b)(2)(iii). Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form The partnership allocates amounts described in section 4. Online 1040ez form 06 of this revenue procedure under this section 4. Online 1040ez form 12(3) as if the additional COD income was realized. Online 1040ez form (4) The deferred § 752 amount for partners in a partnership making a § 108(i) election is calculated only for the partnership’s direct partners. Online 1040ez form 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. Online 1040ez form (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. Online 1040ez form (6) This paragraph 4. Online 1040ez form 12(6) provides the rules for Category 1 and Category 2 filers of Form 8865, Return of U. Online 1040ez form S. Online 1040ez form 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. Online 1040ez form 07(1) of this revenue procedure, or a statement described in sections 4. Online 1040ez form 07(2) or 4. Online 1040ez form 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). Online 1040ez form (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. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form (b) A Category 2 filer must include its share of the information described in section 4. Online 1040ez form 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. Online 1040ez form Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. Online 1040ez form (c) The Category 1 and Category 2 filers should not attach the statements described in sections 4. Online 1040ez form 12(6)(a)(ii) and 4. Online 1040ez form 12(6)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. Online 1040ez form However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. Online 1040ez form (7) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 4. Online 1040ez form 12(1) of this revenue procedure or a shareholder of an S corporation described in section 4. Online 1040ez form 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. Online 1040ez form 12(1) and (2) of this revenue procedure. Online 1040ez form Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. Online 1040ez form 12(6) of this revenue procedure. Online 1040ez form (8) The provisions of section 4. Online 1040ez form 12(2), (3), (5) and (6) of this revenue procedure also apply to a statement received that is described in section 4. Online 1040ez form 11(2) of this revenue procedure, except that the information that must be provided are those items described in section 4. Online 1040ez form 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. Online 1040ez form 11(1)(d) of this revenue procedure. Online 1040ez form SECTION 5. Online 1040ez form REQUIRED INFORMATION STATEMENT . Online 1040ez form 01 Annual Information Statements. Online 1040ez form Pursuant to § 108(i)(7)(B), a taxpayer that makes an election under § 108(i) (except for a protective election under section 4. Online 1040ez form 11(1) of this revenue procedure) must attach a statement meeting the requirements of section 5. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 02 Contents of Statement. Online 1040ez form A statement meets the requirements of this section 5. Online 1040ez form 02 if the statement— (1) Label. Online 1040ez form States “Section 108(i) Information Statement” across the top; (2) Required information. Online 1040ez form 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. Online 1040ez form (3) Election attached. Online 1040ez form Includes a copy of the election statement described in section 4. Online 1040ez form 05 of this revenue procedure. Online 1040ez form . Online 1040ez form 03 Additional Annual Reporting Requirements for Certain Partnerships. Online 1040ez form The rules of this section 5. Online 1040ez form 03 apply to partnerships other than partnerships described in section 5. Online 1040ez form 05 of this revenue procedure. Online 1040ez form (1) In general. Online 1040ez form A partnership that makes an election under § 108(i) (except for a protective election under section 4. Online 1040ez form 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. Online 1040ez form 01 of this revenue procedure. Online 1040ez form In addition, for each taxable year in which a statement is required under section 5. Online 1040ez form 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. Online 1040ez form 07(1) of this revenue procedure. Online 1040ez form (2) Annual information statements provided to partners. Online 1040ez form 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. Online 1040ez form 01 of this revenue procedure, a statement meeting the requirements of this section 5. Online 1040ez form 03(2). Online 1040ez form 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. Online 1040ez form A statement meets the requirements of this section 5. Online 1040ez form 03(2) if the statement— (a) Label. Online 1040ez form States “Section 108(i) Annual Information Statement for Partners” across the top of the statement. Online 1040ez form (b) Required information. Online 1040ez form 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. Online 1040ez form If a partner fails to provide the written statement required by section 4. Online 1040ez form 07(3) of this revenue procedure, the partnership must indicate that the amounts described in this section 5. Online 1040ez form 03(2)(b)(ix) cannot be calculated because the partner did not provide the information necessary to report these amounts. Online 1040ez form . Online 1040ez form 04 Additional Annual Reporting Requirements for an S Corporation. Online 1040ez form (1) In general. Online 1040ez form An S corporation that makes an election under § 108(i) (except for a protective election under section 4. Online 1040ez form 11(1) of this revenue procedure) must attach to its federal income tax returns the statements required under section 5. Online 1040ez form 01 of this revenue procedure. Online 1040ez form In addition, for each taxable year in which a statement is required under section 5. Online 1040ez form 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. Online 1040ez form 08(1) of this revenue procedure. Online 1040ez form (2) Annual information statements provided to shareholders. Online 1040ez form 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. Online 1040ez form 01 of this revenue procedure a statement meeting the requirements of this section 5. Online 1040ez form 04(2). Online 1040ez form 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. Online 1040ez form A statement meets the requirements of this section 5. Online 1040ez form 04(2) if the statement— (a) Label. Online 1040ez form States “Section 108(i) Annual Information Statement for Shareholders” across the top; (b) Required information. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 05 Additional Annual Reporting Requirements for Certain Foreign Partnerships. Online 1040ez form (1) The rules of this section 5. Online 1040ez form 05 apply to nonfiling foreign partnerships. Online 1040ez form (2) A nonfiling foreign partnership that makes an election under § 108(i) (except for a protective election under section 4. Online 1040ez form 11(1) of this revenue procedure) must file federal income tax returns with the Service containing the information under § 1. Online 1040ez form 6031(a)-1(b)(5) for each taxable year in which a statement is required by section 5. Online 1040ez form 01 of this revenue procedure. Online 1040ez form (3) The nonfiling foreign partnership must attach to its federal income tax returns the statements required under section 5. Online 1040ez form 01 of this revenue procedure, but only for that portion of the COD income allocated to affected partners. Online 1040ez form (4) For each taxable year in which a statement is required under section 5. Online 1040ez form 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. Online 1040ez form 07(1) of this revenue procedure. Online 1040ez form Except for this § 108(i) information, the partnership need not complete Part III of the Schedule K-1 (Form 1065). Online 1040ez form The partnership must provide each affected partner with a copy of the Schedule K-1 (Form 1065) by the date provided in § 1. Online 1040ez form 6031(b)-1T(b). Online 1040ez form The partnership must attach the Schedules K-1 (Form 1065) to the federal income tax returns filed with the Service pursuant to section 5. Online 1040ez form 05(2) of this revenue procedure. Online 1040ez form (5) For each taxable year for which a statement is required under section 5. Online 1040ez form 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. Online 1040ez form 03(2) of this revenue procedure. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 06 Information Statements Made on Behalf of Certain Foreign Corporations. Online 1040ez form Each controlling domestic shareholder must attach a statement identifying the foreign corporation and meeting the requirements of section 5. Online 1040ez form 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. Online 1040ez form 01 of this revenue procedure. Online 1040ez form . Online 1040ez form 07 Additional Annual Reporting Requirements for Tiered Pass-Through Entities. Online 1040ez form (1) A partnership required to file a U. Online 1040ez form S. Online 1040ez form partnership return other than under § 1. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form 07(1)(a) through (d) of this revenue procedure). Online 1040ez form (2) If a partnership described in section 5. Online 1040ez form 07(1) of this revenue procedure receives a statement described in sections 5. Online 1040ez form 03(2) or 5. Online 1040ez form 05(5) of this revenue procedure or this section 5. Online 1040ez form 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. Online 1040ez form If an S corporation receives a statement described in sections 5. Online 1040ez form 03(2) or 5. Online 1040ez form 05(5) of this revenue procedure or this section 5. Online 1040ez form 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. Online 1040ez form 03(2)(b)(i) through (viii) of this revenue procedure. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form (3) This paragraph 5. Online 1040ez form 07(3) provides the rules for persons described in section 4. Online 1040ez form 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. Online 1040ez form 03(1) of this revenue procedure, or a statement described in sections 5. Online 1040ez form 03(2) or 5. Online 1040ez form 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). Online 1040ez form (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. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form (b) A Category 2 filer must include its share of the information described in section 4. Online 1040ez form 07(1) on the Schedule K-1 (Form 8865) that it is required to complete. Online 1040ez form Category 2 filers also must complete a statement containing their share of the items listed on each statement received by the partnership. Online 1040ez form (c) The Category 1 and Category 2 filers should not attach the statements described in sections 5. Online 1040ez form 07(3)(a)(ii) and 5. Online 1040ez form 07(3)(b) of this revenue procedure, respectively, to the Schedules K-1 that are filed with the Service. Online 1040ez form However, Category 1 filers must retain the statements they complete and each partner must retain its own statement, in their respective books and records. Online 1040ez form (4) If as a result of § 108(i)(5)(D)(ii), a partner of a partnership described in section 5. Online 1040ez form 07(1) of this revenue procedure or a shareholder of an S corporation described in section 5. Online 1040ez form 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. Online 1040ez form 07(1) and (2) of this revenue procedure. Online 1040ez form Similar rules apply to Category 1 and Category 2 filers (Form 8865) described in section 4. Online 1040ez form 12(6) of this revenue procedure. Online 1040ez form SECTION 6. Online 1040ez form EFFECTIVE DATE This revenue procedure is effective for reacquisitions of applicable debt instruments in taxable years ending after December 31, 2008. Online 1040ez form SECTION 7. Online 1040ez form TRANSITION RULE . Online 1040ez form 01 Noncomplying Election. Online 1040ez form Except as otherwise provided in this section 7. Online 1040ez form 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. Online 1040ez form 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. Online 1040ez form . Online 1040ez form 02 Modification of Election. Online 1040ez form 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). Online 1040ez form 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. Online 1040ez form . Online 1040ez form 03 Notations. Online 1040ez form A taxpayer that files the amended return on paper must write “Section 108(i) Election” on the top of the first page. Online 1040ez form A taxpayer that files the amended return electronically should indicate “Section 108(i) Election” on the return. Online 1040ez form See Publication 4163, Modernized e-File (MeF) Information for Authorized IRS e-file Providers for Business Returns Tax Year 2008 for more details. Online 1040ez form SECTION 8. Online 1040ez form 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. Online 1040ez form S. Online 1040ez form C. Online 1040ez form 3507) under control number 1545-2147. Online 1040ez form 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. Online 1040ez form The collection of information in this revenue procedure is in sections 4, 5 and 7. Online 1040ez form 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. Online 1040ez form This information will be used during examination to verify that a taxpayer has correctly deferred income and deductions. Online 1040ez form The collection of information is required to obtain a benefit. Online 1040ez form 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. Online 1040ez form The estimated total annual reporting burden is 300,000 hours. Online 1040ez form The estimated annual burden per respondent varies from 1 to 8 hours, depending on individual circumstances, with an estimated average of 6 hours. Online 1040ez form The estimated number of respondents is 50,000. Online 1040ez form 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. Online 1040ez form Generally, tax returns and return information are confidential, as required by § 6103. Online 1040ez form DRAFTING INFORMATION The principal authors of this revenue procedure are Megan A. Online 1040ez form Stoner of the Office of Associate Chief Counsel (Passthroughs & Special Industries) and Craig Wojay of the Office of Associate Chief Counsel (Income Tax & Accounting). Online 1040ez form For further information regarding this revenue procedure, contact Megan A. Online 1040ez form Stoner at (202) 622-3070 for questions involving partnerships and S corporations, William E. Online 1040ez form Blanchard at (202) 622-3950 for questions involving OID, Ronald M. Online 1040ez form 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). Online 1040ez form Prev  Up  Next   Home   More Internal Revenue Bulletins