Form 8023

Form 8023

A form that a corporation files with the IRS if it is purchased by another corporation and elects to have the purchase treated as a stock (as opposed to a cash or debt) transaction. This affects the tax treatment of the purchase.
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The IRS recently launched a program to match the filing of Form 8023, Elections Under Section 338 for Corporations Making Qualified Stock Purchases, by a foreign purchasing corporation acquiring a foreign target, with Form 8883, Asset Allocation Statement Under Section 338, which is filed to report the effect of the Sec.
shareholder is missing from a Form 8023 and the IRS is unable to identify the U.
338(h)(10) election is desirable, Acquirer and Target must jointly file Form 8023 on or before June 15, 2004 since it is the fifteenth day of the ninth month beginning after the month in which the acquisition date occurred pursuant to section 338(g)(1).
As a condition to Closing, Parent and Seller shall deliver to Purchaser at Closing, a fully completed and executed Internal Revenue Service Form 8023, including all additional data and materials required to be attached to such Form 8023 pursuant to Treas.
Will Form 8023 be filed by the fifteenth day of the ninth month following the month of the QSP?
338 election affects only P; thus, P can make it on Form 8023, Corporate Qualified Stock Purchase Elections, without the seller's consent.
338(b)(10) election would affect the seller, it must be made jointly by both the buyer and the seller on Form 8023.
The final regulations recognize that this change has yet to be reflected in the instructions to Form 8023, Elections Under Section 338 for Corporations Making Qualified Stock Purchases.
338 election was made on one Form 8023 by both the purchasing and target corporations; the basis allocation between the various asset classes was also completed on Form 8023.
Form 8023 is due by the 15th day of the ninth month beginning after the acquisition date.
While guidance appears to be lacking, it is reasonable to assume that, even though Form 8023 does not expire until Oct.
338(h)(10)-1 provides that a proper election is made using Form 8023, Corporate Qualified Stock Purchase Elections (Under Temporary Regulations Section 1.