Form 8883 PDF Details

The intricacies of tax reporting following major corporate transactions are often challenging to navigate, and Form 8883, titled "Asset Allocation Statement Under Section 338," serves as a critical tool in this process. Mandated by the Department of the Treasury's Internal Revenue Service, this document is a necessary attachment to income tax returns for businesses undergoing significant changes, such as acquisitions. Form 8883 intricately lays out the details required from filing entities, facilitating a transparent declaration of asset allocations as mandated under Section 338. It requires comprehensive identification and informational details, including both the filer and other parties involved, alongside specifics about the target corporation. With parts dedicated to the finer points of the transaction—spanning acquisition dates, percentage of stock purchased, financial statistics like acquisition costs, and the eventual asset classification and valuation—Form 8883 is designed to ensure accurate tax reporting. Moreover, it addresses scenarios involving affiliated groups and includes provisions for adjustments post-submission, highlighting its role in maintaining fiscal compliance post-corporate restructuring. This overview highlights the essential nature of Form 8883 not just for legal compliance, but as a cornerstone document that reflects the complex financial narratives following corporate acquisitions.

QuestionAnswer
Form NameForm 8883
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names12 8883 search, form 8594, form 8883 instructions, 8883

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Form 8883 (Rev. October 2017)

Department of the Treasury Internal Revenue Service

ASSET ALLOCATION STATEMENT

UNDER SECTION 338

▶Attach to your income tax return.

▶Go to WWW.IRS.GOV/FORM8883 for instructions and the latest information.

OMB No. 1545-0123

Part I Filer’s Identifying Information

1a Name as shown on return

1b Identifying number as shown on return

1c Check applicable box (see instructions):

Old target

New target

1d Was a valid and timely Form 8023 filed? . . . .

If "Yes," enter the date filed ▶

Yes

No

Part II Other Party’s Identifying Information

2a Name of other party to the transaction

2b Other party’s identifying number

Address (number, street, and room or suite no.)

City or town, state, and ZIP code

Part III Target Corporation’s Identifying Information

3a Name and address of target corporation

3b Employer identification number

3c State or country of incorporation

Part IV

General Information

 

 

 

 

 

 

 

 

4a

Acquisition date

 

4b What percentage of target corporation stock was

 

 

 

 

 

 

 

purchased:

 

 

 

 

 

 

 

 

 

 

(I) During the 12-month acquisition period?

 

 

%

 

 

 

 

 

(II) On the acquisition date?

. . . . .

 

 

%

5a

Stock price

 

5b Acquisition costs/Selling costs

5c Target liabilities

 

5d AGUB/ADSP

 

 

$

 

 

 

$

$

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

Yes

No

6 Was the filer listed in Part I, above, a member of an affiliated group of corporations before the acquisition date? .

 

 

 

7 Was the target corporation a member of an affiliated group before the acquisition date?

 

 

 

8 Is the target corporation or any target affiliate:

 

 

 

 

 

 

 

a

A controlled foreign corporation? If “No,” check here if it was a CFC at any time during the preceding 5 years ▶

 

 

 

b

A foreign corporation with income, gain, or loss effectively connected with the conduct of a trade or business

 

 

 

 

within the United States (including U.S. real property interests)?

 

 

 

c

A qualifying foreign target under Regulations section 1.338-2(e)(1)(iii)?

 

 

 

d

A corporation electing under section 1504(d) or section 953(d)?

 

 

 

e

A domestic international sales corporation (DISC)?

 

 

 

f

A passive foreign investment company (PFIC)?

 

 

 

g

If the answer to item 8f is “Yes,” is the PFIC a pedigreed qualified electing fund?

 

 

 

For Paperwork Reduction Act Notice, see separate instructions.

Cat. No. 33707Y

Form 8883 (Rev. 10-2017)

Form 8883 (Rev. 10-2017)

 

Page 2

 

 

 

 

Part V

Original Statement of Assets Transferred

 

9 Assets

 

Aggregate fair market value (actual amount for Class I)

Allocation of AGUB or ADSP

 

 

 

 

 

Class I

 

 

$

$

Class II

 

 

$

$

Class III

 

 

$

$

Class IV

 

 

$

$

Class V

 

 

$

$

Class VI and VII

 

$

$

Total

 

 

$

$

Part VI

Supplemental Statement of Assets Transferred—Complete if amending an original statement or previously filed

 

supplemental statement because of an increase or decrease in AGUB or ADSP.

10

Enter the tax year and tax return form number with which the original Form 8023 or Form 8883 and any supplemental

 

statements were filed. ▶

 

 

11

Assets

Allocation of sales price as previously reported

Increase or (decrease)

Redetermined allocation of AGUB or ADSP

 

 

 

 

 

Class I

 

$

$

$

Class II

$

$

$

Class III

$

$

$

Class IV

$

$

$

Class V

$

$

$

Class VI and VII

$

$

$

Total

 

$

 

$

12

Reason(s) for increase or decrease. Attach additional sheets if more space is needed.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Form 8883 (Rev. 10-2017)

How to Edit Form 8883 Online for Free

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Step 1: Hit the "Get Form" button above. It is going to open our tool so you can start completing your form.

Step 2: When you access the online editor, there'll be the document prepared to be completed. Aside from filling out different blank fields, you may as well perform some other actions with the form, namely putting on custom text, modifying the initial text, adding graphics, placing your signature to the form, and much more.

As a way to complete this form, make certain you enter the necessary details in each and every blank:

1. While completing the form 8023, be sure to complete all needed blank fields in its corresponding section. This will help speed up the process, which allows your information to be handled efficiently and appropriately.

The way to complete 2017 assets adsp step 1

2. Your next part would be to fill in the following blanks: a Acquisition date, b What percentage of target, a Stock price, b Acquisition costsSelling costs, c Target liabilities, d AGUBADSP, purchased i During the month, Yes No, Was the filer listed in Part I, Is the target corporation or any, a A controlled foreign corporation, A foreign corporation with income, b c A qualifying foreign target, For Paperwork Reduction Act Notice, and Cat No Y.

Filling out part 2 of 2017 assets adsp

Be extremely careful while filling out b What percentage of target and For Paperwork Reduction Act Notice, as this is the section in which a lot of people make some mistakes.

3. Your next part will be simple - fill out all the blanks in Assets, Aggregate fair market value actual, Allocation of AGUB or ADSP, Supplemental Statement of Assets, Enter the tax year and tax return, Allocation of sales price as, Increase or decrease, Redetermined allocation of AGUB or, Class I, Class II, Class III, Class IV, Class V, Class VI and VII, and Total Part VI in order to finish this process.

How you can fill in 2017 assets adsp part 3

4. Filling in Class III, Class IV, Class V, Class VI and VII, Total, Reasons for increase or decrease, and Form Rev is vital in this part - always invest some time and be attentive with each field!

Part number 4 for submitting 2017 assets adsp

Step 3: Once you've looked once more at the information you filled in, just click "Done" to complete your form. After registering a7-day free trial account here, it will be possible to download form 8023 or send it via email right away. The PDF form will also be easily accessible in your personal account menu with all your changes. At FormsPal, we aim to ensure that all your information is kept secure.

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