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BEFORE THE OFFICE OF TAX APPEALS STATE OF CALIFORNIAIN THE MATTER OF THE APPEAL OF,) ) R. LI, ) OTA NO. 220510425 ) APPELLANT. ) ) ___ )TRANSCRIPT OF ELECTRONIC PROCEEDINGS State of California Friday,
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Form 1058 is a tax form used by certain entities to report specific income or deductions to the Internal Revenue Service (IRS) and the purpose of this form is to provide a standardized method of reporting financial information.
Entities such as businesses, partnerships, or organizations that earn income subject to federal taxation are required to file Form 1058 to ensure compliance with IRS regulations.
To fill out Form 1058, individuals or entities must provide their identifying information, report their income and deductions accurately, and ensure all sections of the form are filled out completely before submission.
The purpose of Form 1058 is to gather and report financial information to the IRS, ensuring that the income reported aligns with the tax obligations of the entities filing the form.
Reported information on Form 1058 typically includes the entity's income, expenses, any deductions, and other relevant financial data required by the IRS for tax assessment purposes.
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