What other forms need to be filed along with Form 8023?

Each U.S. shareholder must also file Form 8883, Asset Allocation Statement Under Section 338, with Form 5471.

Who needs to file Form 8023?

The foreign entity must file Form 8023 along with the Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, for the tax year that includes the acquisition date.

Are there any special instructions for foreign targets?

Yes, a section 338 election will not be valid for a target that is a CFC, passive foreign investment company, or foreign personal holding company unless affected U.S. persons are notified in writing.

Is there a deadline to file Form 8023?

No, there is no specific deadline stated in the regulations to file Form 8023. However, it is recommended to file as soon as possible after the acquisition date to avoid any potential penalties or interest.

When should Form 8023 be filed?

Form 8023 should be filed for the foreign entity's tax year that includes the acquisition date.

What is required for a U.S. shareholder to make this election?

Each U.S. shareholder must file Form 8023 and attach a statement to it showing the name, address, identifying number, country of organization, and stock interest. The statement must be signed by each U.S. shareholder under penalties of perjury.

What is Form 8023 used for?

Form 8023, Election to File Joint Return on Behalf of a Deemed Foreign Corporation or Branch, is used by a foreign corporation or branch (collectively referred to as 'foreign entity') that is a deemed U.S. person under section 7701(a)(2)(C) or (g) of the Internal Revenue Code to make an election to file a joint U.S. income tax return with its 50% or more owned U.S. corporate parent.

What is the alternative for a U.S. shareholder to sign the statement in Form 8023?

The person signing for the U.S. shareholder must state under penalties of perjury that they are authorized to sign the statement on behalf of the U.S. shareholder.

Form 8023

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Elections Under Section 338 for Corporations Making Qualified Stock Purchases

Rev. October 2023

Form 8023 (Rev. 10-2023) is a tax form used for elections under Section 338 of the Internal Revenue Code for corporations making qualified stock purchases. The form includes sections for the purchasing corporation, common parent of the purchasing corporation, target corporation, and general information. The form requires entities to provide identifying information such as names, street addresses, cities, states, ZIP codes, countries, and employer identification numbers. It also requires the acquisition date and percentage of target corporation stock purchased. The form includes checkboxes for making various elections under Section 338(h)(10) or other than Section 338(h)(10). Signatures from authorized persons for the purchasing corporation(s), common parent or selling affiliate, and S corporation shareholder(s) are required.

Instructions

Form 8023 Instructions - Instructions for Form 8023, Elections Under Section 338 for Corporations Making Qualified Stock Purchases

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FAQ

What other forms need to be filed along with Form 8023?
Each U.S. shareholder must also file Form 8883, Asset Allocation Statement Under Section 338, with Form 5471.
Who needs to file Form 8023?
The foreign entity must file Form 8023 along with the Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, for the tax year that includes the acquisition date.
Are there any special instructions for foreign targets?
Yes, a section 338 election will not be valid for a target that is a CFC, passive foreign investment company, or foreign personal holding company unless affected U.S. persons are notified in writing.
Is there a deadline to file Form 8023?
No, there is no specific deadline stated in the regulations to file Form 8023. However, it is recommended to file as soon as possible after the acquisition date to avoid any potential penalties or interest.
When should Form 8023 be filed?
Form 8023 should be filed for the foreign entity's tax year that includes the acquisition date.
What is required for a U.S. shareholder to make this election?
Each U.S. shareholder must file Form 8023 and attach a statement to it showing the name, address, identifying number, country of organization, and stock interest. The statement must be signed by each U.S. shareholder under penalties of perjury.
What is Form 8023 used for?
Form 8023, Election to File Joint Return on Behalf of a Deemed Foreign Corporation or Branch, is used by a foreign corporation or branch (collectively referred to as 'foreign entity') that is a deemed U.S. person under section 7701(a)(2)(C) or (g) of the Internal Revenue Code to make an election to file a joint U.S. income tax return with its 50% or more owned U.S. corporate parent.
What is the alternative for a U.S. shareholder to sign the statement in Form 8023?
The person signing for the U.S. shareholder must state under penalties of perjury that they are authorized to sign the statement on behalf of the U.S. shareholder.

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ABOUT

Internal Revenue Service (IRS) Forms

Form 8023 is one of the official tax forms used in the United States to report income, claim deductions and credits, calculate tax liability, and fulfill other tax-related obligations. The IRS is the federal agency responsible for administering and enforcing the internal revenue laws in the United States.

Here are some examples of Internal Revenue Service forms:

Form 1040: This is the primary individual income tax return form used by most taxpayers. It is used to report various types of income, claim deductions and credits, calculate tax liability, and determine whether a taxpayer owes additional tax or is entitled to a refund.

Form 1099: There are different variations of Form 1099, such as 1099-MISC, 1099-INT, 1099-DIV, etc. These forms are used to report income received by individuals or businesses from various sources other than employment, such as self-employment income, interest income, dividend income, and rental income.

Form W-2: This form is used by employers to report wages paid to employees and the taxes withheld from their pay. Employees use the information on Form W-2 to complete their individual tax returns.

Form 941: Employers use this form to report employment taxes, including federal income tax withheld, Social Security tax, and Medicare tax, for their employees.

Form 1065: This form is used by partnerships to report their income, deductions, and tax liability. Partnerships themselves do not pay income tax; instead, the partners report their share of partnership income on their individual tax returns.

Form 1120: This is the corporate income tax return form used by C corporations to report their income, deductions, and tax liability.

Form 990: This form is used by tax-exempt organizations, such as nonprofits and charities, to report their financial information, activities, and compliance with tax laws.

Form 8862: This form is used by taxpayers who previously claimed the Earned Income Tax Credit (EITC) but had it disallowed, and now want to claim it again.

These are just a few examples of the numerous IRS forms that exist to fulfill various tax-related obligations. The specific forms required for an individual or business depend on their unique circumstances, income sources, and deductions. It's advisable to consult the official website of the Internal Revenue Service (www.irs.gov) or seek professional tax advice to obtain accurate and up-to-date information regarding the specific IRS forms relevant to your tax situation.

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