(Rev. November 2016). Department of the Treasury. Internal Revenue Service. Elections Under Section 338 for. Corporations Making Qualified Stock Purchases .
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How to fill out the Form 8023 online
Filling out Form 8023 is essential for corporations making qualified stock purchases. This guide provides a comprehensive and user-friendly approach to complete the form online, ensuring accuracy and compliance.
Follow the steps to successfully fill out Form 8023 online.
- Click ‘Get Form’ button to obtain the form and open it in an online editor.
- Begin with Section A-1, where you will enter the name and address of the purchasing corporation, the employer identification number, tax year ending, and state or country of incorporation.
- Continue to Section A-2, which requires the name and address of the common parent of the purchasing corporation, along with the employer identification number, tax year ending, and state or country of incorporation.
- In Section B, provide the target corporation’s name and address, its employer identification number, tax year ending, and state or country of incorporation.
- If applicable, complete Section C. This section is for the common parent of the selling consolidated group, selling affiliate, or U.S. shareholder. Include their name, address, identifying number(s), and tax year ending.
- Move to Section D for general information. Record the acquisition date and the percentage of target corporation stock that was purchased, both during the 12-month acquisition period and on the acquisition date.
- Proceed to Section E. Check the appropriate boxes to indicate if you are making a section 338(h)(10) election or other section 338 election, and, if applicable, check for any additional target corporations.
- Finally, provide the necessary signatures in the designated areas, including the date and title of the authorized person making the election on behalf of the purchasing corporation(s), selling consolidated group, or S corporation shareholders.
- Once all sections are completed, you can save your changes, download your filled form, print it, or share it as needed.
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Sep 19, 2020 — Information about Form 8023, Elections Under Section 338 for Corporations...
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Get answers to your most pressing questions about US Legal Forms API.
Who needs to file form 8883?
More In Forms and Instructions Use Form 8883 to report information about transactions involving the deemed sale of corporate assets under section 338. This includes information previously reported on Form 8023, Elections Under Section 338 for Corporations Making Qualified Stock Purchases.
What is 8838 signature document?
Form 8838 is used for gain recognition agreements under Internal Revenue Code sections 367(a) and 367(e)(2).
Does form 8023 need to be attached to tax return?
A copy of Form 8023 must be attached to the final income tax return of the old target, to the first income tax return of the new target, and to the income tax return of the purchasing corporation for its tax year that includes the acquisition date; but failure to do so will not invalidate a section 338 election.
What is the benefit of a 338 election?
A Section 338 election is useful when the buyer has a good business reason to acquire stock rather than assets (e.g., difficulty in re-assigning licenses or permits), but the buyer still wants the tax benefits of an asset acquisition.
What are the requirements for a 338 election?
Section 338(g) Election The election is made unilaterally by the acquirer after purchasing stock from the target's shareholders. The acquirer generally bears the incremental tax burden from the gain on the deemed sale of the target's assets.
What is a qualified stock purchase?
—A qualified stock purchase is the purchase of at least 80% of the total voting power and value of the stock of a corporation by another corporation during a 12-month acquisition period.
What is form 8023 for?
Purpose of Form Use Form 8023 to make elections under section 338 for a corporation (the “target” corporation) if the purchasing corporation has made a qualified stock purchase (QSP) of the target corporation.
Who must file form 8023?
Generally, a purchasing corporation must file Form 8023 for the target. If a section 338(h)(10) election is made for a target, Form 8023 must be filed jointly by the purchasing corporation and the common parent of the selling consolidated group (or the selling affiliate or an S corporation shareholder(s)).
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