Rev July 2001
The document is a consent agreement between taxpayers and the Internal Revenue Service (IRS) to extend the time for assessing income tax on real estate sales under contract. The IRS has tentatively allowed the taxpayers to consider the allocable share of estimated future common expenses as part of the cost basis of certain real estate sold or disposed of under contract. The agreement grants an extension of time to assess deficiencies attributable to the use of the alternative cost method for the specified real estate project, and it also outlines instructions for Internal Revenue Service and taxpayer signatures and returns.
Form 921 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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