Form 921-A

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Form 921-A

A form a corporation or partnership files with the IRS to request an extension of the time necessary to file an income tax return due to the fact that real estate owned by the corporation or partnership is under contract to be sold but has not been sold yet. As the price of the sale may affect one's tax liability, Form 921-A allows the taxpayer to wait for a certain period of time before filing taxes.
References in periodicals archive ?
1, Consent to Extend the Time to Assess Income Tax, or Form 921A, Consent Fixing Period of Limitation On Assessment of Income and Profits Tax.
A developer requesting permission to continue to use the alternative cost method must agree to extend the period of limitation on the assessment of income tax with respect to the use of the alternative cost method for each tax year in which the alternative cost method is used by executing and filing a consent on the applicable Form 921 or Form 921A.