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0 Mgr) IPT00WOO)9 S Md 990 POLMAR by Alicia Meckstroth private foundations, which held 16 percent of the total assets reported by all nonprofit charitable organizations for 1990, contribute billions
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Form 8697, also known as the Interest Computation Under the Look-Back Method for Completed Long-Term Contracts, is a tax form used to calculate and report the amount of interest due or to be refunded on long-term contracts.
Form 8697 must be filed by taxpayers who are engaged in long-term contracts and have chosen to use the look-back method to compute interest on such contracts.
To fill out form 8697, you will need to provide information about the long-term contracts you have, including details on the interest computation method chosen, contract information, look-back month, computations, and any interest adjustments.
The purpose of form 8697 is to determine the interest due or to be refunded on long-term contracts by using the look-back method, which compares the actual interest earned or paid with the amount that would have been payable or allowable under a constant-yield method.
Form 8697 requires taxpayers to report information such as the taxable year, applicable interest rate, look-back month, contract information, contract price, percentage of completion, and interest computation.
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