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This form is used by corporations to make elections under Section 338 regarding acquisitions of other corporations and related tax implications.
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How to fill out form 8023

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How to fill out Form 8023

01
Obtain Form 8023 from the IRS website or your tax professional.
02
Provide the name, address, and contact information for both the transferor and transferee.
03
Fill out the identification information, including the employer identification numbers (EIN) or Social Security numbers (SSN).
04
Describe the property that is being transferred, including its fair market value.
05
Complete the sections detailing the exchange of property, including any liabilities and adjusted basis.
06
Indicate whether this is a transfer in connection with a tax-free reorganization.
07
Sign and date the form, ensuring that all information is accurate and complete.
08
Submit the completed Form 8023 to the IRS along with any required documentation.

Who needs Form 8023?

01
Any business entity or individual that is transferring property to another entity and needs to report this transaction for tax purposes.
02
Entities engaged in mergers, acquisitions, or reorganizations that require a transfer of assets.
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Form 8023 is a tax form used by corporations to make elections under Section 351 of the Internal Revenue Code, which relates to the transfer of property to a corporation in exchange for stock.
Any corporation that is involved in a transfer of property for stock under Section 351 must file Form 8023.
To fill out Form 8023, you need to provide information such as the names of the transferring shareholders, the description of the property being exchanged, and the number of shares received. Consult the form instructions for specific details.
The purpose of Form 8023 is to notify the IRS of the election being made under Section 351, thereby allowing for tax-deferred treatment of assets transferred to the corporation.
Information that must be reported on Form 8023 includes the names and addresses of the parties involved, a detailed description of the property transferred, the number of shares exchanged, and any liabilities assumed by the corporation.
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