Get the free Rev. Proc. 2003–48

This revenue procedure modifies and amplifies Rev. Proc. 96–30, detailing the information required for a ruling request under § 355 of the Internal Revenue Code, and outlines the IRS's policy on

How to fill out rev proc 200348

How to fill out Rev. Proc. 2003–48

1. Obtain a copy of Rev. Proc. 2003–48 from the IRS website or other reliable sources.
2. Review the guidelines to understand the purpose and eligibility for its use.
3. Gather all necessary documentation required to support your application.
4. Complete the form as per the instructions outlined in the Rev. Proc. 2003–48.
5. Ensure all information is accurate and complete to avoid delays.
6. Submit the completed form along with any required attachments by the specified deadline.
7. Keep a copy of the submitted form and any correspondence for your records.

Who needs Rev. Proc. 2003–48?

1. Taxpayers who seek a safe harbor for their tax position regarding certain transactions.
2. Individuals or businesses that need to address specific tax compliance issues.
3. Tax professionals assisting clients with compliance under the guidelines of Rev. Proc. 2003–48.

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What is the IRS revenue procedure 2003 51?

This revenue procedure sets forth guidelines for use by taxpayers and Internal Revenue Service personnel in making fair market value determinations for inventory items acquired when a taxpayer purchases the assets of a business for a lump sum or a corporation acquires the stock of another corporation and makes an

What is rev proc 84 35?

Revenue Procedure 84-35 Reasonable cause for failure to file a timely and complete partnership return will be presumed if the partnership (or any of its partners) is able to show that all of the following conditions have been met: The partnership had no more than 10 partners for the taxable year.

What is an IRS rev proc?

A revenue procedure is an official statement of a procedure that affects the rights or duties of taxpayers or other members of the public under the Internal Revenue Code, related statutes, tax treaties and regulations and that should be a matter of public knowledge.

What is rev proc 91 12?

Proc. 91-12; 1991-1 C.B. 473. 01. Nonresident aliens and foreign corporations are subject to a four percent tax on their United States source gross transportation income under section 887 of the Internal Revenue Code for taxable years beginning after December 31, 1986.

What is a private letter ruling from the IRS?

A private letter ruling, or PLR, is a written statement issued to a taxpayer that interprets and applies tax laws to the taxpayer's represented set of facts. A PLR is issued in response to a written request submitted by a taxpayer. A PLR may not be relied on as precedent by other taxpayers or by IRS personnel.

What is a IRS reversal?

The IRS will notify the State Department of the reversal of the certification when: The tax debt is fully satisfied or becomes legally unenforceable. The tax debt is no longer seriously delinquent. The certification is erroneous.

What is rev proc 97 48 and rev proc 2003 43?

Proc. 97-48 and Rev. Proc. 2003-43 provide simplified methods for taxpayers to request relief for a late S corporation election in certain circumstances. .02 ESBT and QSST Elections.

Are IRS revenue rulings binding?

A letter ruling binds only the IRS and the requesting taxpayer, so it may not be cited or relied on for precedent. The IRS does have the option of redacting the text of a private ruling and issuing it as a revenue ruling, which may become binding on all taxpayers and the IRS.

For pdfFiller’s FAQs

What is Rev. Proc. 2003–48?

Rev. Proc. 2003–48 is a revenue procedure issued by the IRS that provides guidance on the qualification and requirements for organizations to obtain tax-exempt status under Section 501(c)(3) of the Internal Revenue Code.

Who is required to file Rev. Proc. 2003–48?

Organizations seeking recognition of exemption under Section 501(c)(3) of the Internal Revenue Code, especially those that are newly formed or have not previously applied, are required to file Rev. Proc. 2003–48.

How to fill out Rev. Proc. 2003–48?

To fill out Rev. Proc. 2003–48, organizations must complete Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, including all required schedules and attachments as outlined in the procedure.

What is the purpose of Rev. Proc. 2003–48?

The purpose of Rev. Proc. 2003–48 is to provide simplified procedures for applying for tax-exempt status for organizations and to streamline the process of approval by the IRS.

What information must be reported on Rev. Proc. 2003–48?

Information that must be reported includes the organization's name, address, purpose, activities, financial statements, and details about its governance and compensation structure.