Rev. January 2021
Form 965-A is used by S corporations to report the deferred net 965 tax liability related to 965 amounts allocated from the S corporation. It includes information on election or transfer year, S corporation name, tax identification number, and beginning deferred 965 net tax liability transferred (out) or transferred in by agreement. The form also has space for reserved lines.
Form 965-A, also known as the 'Installment Sale Income' form, is used by taxpayers who are reporting an installment sale or an involuntary conversion of a capital asset. This form allows taxpayers to calculate and report their income from the sale, as well as any related deductions or credits.
A deferred 965 net tax liability refers to the amount of taxes that are due from a taxpayer but have been deferred under certain provisions of the Internal Revenue Code. This means that the taxpayer does not have to pay the taxes immediately, but instead has more time to do so.
To fill out Form 965-A, you will need to provide information such as the name and address of the buyer and seller, the sale price or fair market value of the asset being sold, any down payments received, and any outstanding installment obligations. Additionally, you may need to report any related deductions or credits.
Form 965-A has several columns that are used to report various pieces of information related to an installment sale or involuntary conversion. These include columns for the name and address of the buyer and seller, the sale price or fair market value of the asset being sold, any down payments received, outstanding installment obligations, deferred S corporation-related net 965 tax liability, transfers in and out, and the total amount of income from the sale.
An involuntary conversion refers to a situation where a taxpayer is forced to sell a capital asset for less than its adjusted basis. This can occur due to events such as a casualty loss or foreclosure.
Form 965-A 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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