Form 921 I PDF Details

In the labyrinth of tax regulations and forms, Form 921-I emerges as a specific tool for entities such as S-Corporations, Partnerships, Limited Liability Companies, Trusts, Syndicates, and Pools, defining an agreement between these entities and the Internal Revenue Service (IRS) regarding the period of limitation on the assessment of income and profits tax. This form, a product of intricate tax legislation, acts as a consent agreement, allowing for the use of an alternative cost method in accounting for certain real estate transactions under contract. The essence of Form 921-I lies in its ability to extend the timeframe within which the IRS can assess taxes on the realized income or profits from sold or disposed of real estate, intricately tied to future common improvements estimated costs. By stipulating conditions such as the extension of the assessment period to one year after a return is filed post-project completion and the preservation of appeal rights for taxpayers, the form underscores a mutual agreement framework. It meticulously outlines the signatures required from various stakeholders—ranging from individual investors and IRS officials to entity officers—thereby binding all parties under the agreed terms. Furthermore, instructions for both taxpayers and IRS employees embedded within the document ensure clarity and compliance, illustrating the form’s role not just as a financial instrument but also as a guideline navigating through the procedural aspects of tax assessment agreements.

QuestionAnswer
Form NameForm 921 I
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesS-Corporation, 921-P, 921 form, irs form 921

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Form 921-I

(October 2012)

Department of the Treasury-Internal Revenue Service

Consent Fixing Period of Limitation on Assessment of

Income and Profits Tax

(S-Corporations, Partnerships, Limited Liability Companies, Trusts, Syndicates, Pools, Etc.)

Estimated Future Expense Allowance for Real Estate Sales Under Contract

In reply refer to

Taxpayer Identification Number(s)

For income or profits tax purposes, the Commissioner of Internal Revenue has tentatively allowed

 

 

 

(Entity Name)

 

 

 

a

 

 

with identifying numbers

 

 

, whose address is

 

(S-Corporation, Partnership, Limited Liability Company,

(Taxpayer Identification Number)

 

Trust, Syndicate, Pool, Etc.)

 

 

 

 

 

 

 

, to consider in whole

 

 

(Number, Street, City or Town, State, ZIP Code)

 

 

 

or in part the allocable share of the estimated cost of future common improvements as part of the cost or other basis of certain real estate sold or otherwise disposed of under contract.

Real Estate Project covered by this consent agreement:

As a provision of this tentative allowance, the undersigned taxpayer,

(Name of Investor)

a

 

of the entity named above and the Commissioner of Internal Revenue agree that:

(Shareholder, Partner, Member, Beneficiary, Etc.)

The amount of federal income or profits tax due on any return filed by or for the taxpayer for tax year(s) ended

may be assessed

at any time before and up to one year after a return is filed for tax year ended

 

.

(Ending Date for Tax Year of Expected Project Completion)

A return filed before the expected project completion date shall be considered filed on the day prescribed above without regard to extensions. This consent agreement to extend the time to assess tax is limited to the assessment of deficiencies attributable to the use of the alternative cost method with respect to the real estate project described above. If a notice of tax deficiency is sent to the taxpayer by certified or registered mail on or before the date above, the time to assess income tax under this consent agreement is further extended by the assessment suspension period, plus 60 days.

THIS CONSENT AGREEMENT DOES NOT DEPRIVE THE TAXPAYER(S) OF ANY APPEAL RIGHTS TO WHICH THEY WOULD OTHERWISE BE ENTITLED

YOUR SIGNATURE HERE

(Date signed)

SPOUSE'S SIGNATURE HERE

(Date signed)

TAXPAYER'S REPRESENTATIVE

SIGN HERE

(Date signed)

ENTITY

NAME

ENTITY OFFICER(S)

SIGN HERE

(S-Corporation, Partnership, Limited Liability Company, Trust, Syndicate, Pool, Etc.)

(Name/Title/Taxpayer Identification Number)

(Date signed)

(Name/Title/Taxpayer Identification Number)

(Date signed)

INTERNAL REVENUE SERVICE SIGNATURE AND TITLE

 

 

(IRS Official's Name

- See Instructions)

(IRS Official's Title

- See Instructions)

BY

 

 

 

 

(IRS Official's Signature - See Instructions)

 

(Date signed)

 

 

 

 

Catalog Number 31727W

(See back of form for signature instructions)

www.irs.gov

Form 921-I (Rev. 10-2012)

Page 2

Instructions for Taxpayer(s)

This form should be used by investors in the electing S-Corporation, Partnership, Limited Liability Company, Trust, Syndicate, Pool, etc. that are not subject to unified audit and litigation procedures for TEFRA (Tax Equity & Fiscal

Responsibility Act) partnerships.

Please sign and return the original and copy of Form 921-I , Consent Fixing Period of Limitation On Assessment of Income and Profits Tax, to apply for an extension according to Revenue Procedure 92-29 and its successors.

Form 921 must be signed by each partner/shareholder/beneficiary or their authorized representative. If you're an individual and this consent form includes tax years where a joint return was filed, the signature of both husband and wife is required. One spouse may sign as agent for the other, if acting under an authorized power of attorney.

If you're an attorney or agent for the taxpayer(s), you may sign the consent form provided the action is specifically authorized by a power of attorney. If you haven't filed a power of attorney, please include it with this form. If you're acting as a fiduciary (executor, administrator, trustee, etc.) you must include a completed Form 56, Notice Concerning Fiduciary Relationship, if you haven't already filed one.

If the investor is a corporation or a multiple-owned entity, the shareholder/partner/member/ beneficiary/officer(s) duly authorized to sign on behalf of the entity must sign the consent. Include the name and entity type and the name, signature, title, and taxpayer identification number of the officer(s)/signer(s). It isn't necessary to affix a seal, unless the entity is required by charter or by law of jurisdictions to affix the seal in the execution of instruments.

Investors in electing entities that fall under TEFRA requirements must use Form 921-P.

Instructions for Internal Revenue Service Employees

Complete the delegated IRS official's name and title of the employee who is signing the form on behalf of the IRS.

An IRS official delegated authority under Delegation Order 25-2 must sign and date the consent. (IRM 1.2.52.3)

Catalog Number 31727W

www.irs.gov

Form 921-I (Rev. 10-2012)

How to Edit Form 921 I Online for Free

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To be able to finalize this form, ensure you enter the right information in every single field:

1. Begin completing the S-Corporation with a group of necessary blank fields. Collect all of the necessary information and be sure not a single thing missed!

Step # 1 for filling in Sept

2. After this selection of blank fields is filled out, proceed to type in the applicable information in all these - at any time before and up to one, may be assessed, A return filed before the expected, Ending Date for Tax Year of, THIS CONSENT AGREEMENT DOES NOT, APPEAL RIGHTS TO WHICH THEY WOULD, YOUR SIGNATURE HERE, SPOUSES SIGNATURE HERE, TAXPAYERS REPRESENTATIVE, SIGN HERE, ENTITY NAME, ENTITY OFFICERS SIGN HERE, Date signed, Date signed, and Date signed.

Stage no. 2 in filling out Sept

3. This next step is normally hassle-free - fill in all the fields in INTERNAL REVENUE SERVICE SIGNATURE, IRS Officials Name See, IRS Officials Title See, IRS Officials Signature See, Catalog Number W, See back of form for signature, wwwirsgov, Date signed, and Form I Rev in order to finish this process.

Part no. 3 in submitting Sept

Be very careful when filling in Form I Rev and IRS Officials Signature See, as this is the part where many people make some mistakes.

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