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Printed: 12/22/2024 Form Approved OMB No. 09380391Department of Health & Human Services Centers for Medicare & Medicaid Services STATEMENT OF DEFICIENCIES AND PLAN OF CORRECTION(X1) PROVIDER/SUPPLIER/CLIA
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The 1202 form, also known as the 'IRS Form 1202', is a tax form used to report the exclusion of gains from the sale of qualified small business stock (QSBS) under Section 1202 of the Internal Revenue Code.
Taxpayers who have realized gains from the sale of qualified small business stock and wish to exclude some or all of those gains from their gross income are required to file the 1202 form.
To fill out the 1202 form, taxpayers must provide details about the sale of the qualified small business stock, including the name of the corporation, date of acquisition, date of sale, and the amount of gain, following the specific instructions provided by the IRS.
The purpose of the 1202 form is to enable qualified small business investors to report their eligible gains and claim the gain exclusion under Section 1202, which can significantly reduce their tax liability.
The information required includes details of the stock sold, the dates of acquisition and sale, the gross proceeds, and the amount of gain eligible for exclusion, along with any other pertinent financial information.
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