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TRUSTEES OFFICEPHONE: 631 28757171 1 6 H AM P TO N R O A D S O U T H AM P T O N, N Y 1 1 9 6 8F A X: 6 3 1 2 8 7 5 7 2 3B O A R D O F T RU S T E E S OF THE FREEHOLDERS AND COMMONALTY OF THROWN OF
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Section 116 of the Internal Revenue Code, which governs the reporting requirements for certain transactions.
Entities involved in covered transactions are required to file Form 116.
Form 116 should be filled out with accurate and detailed information about the transaction.
The purpose of Form 116 is to report certain transactions to the IRS.
Information such as the nature of the transaction, the parties involved, and the amounts exchanged must be reported on Form 116.
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