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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Tax forms

Form 8023 is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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