338 election is filed with the IRS using Form 8023
, Elections Under Section 338 for Corporations Making Qualified Stock Purchases:, in addition, Form 8883, Asset Allocation Statement Under Section 338, is required to report the asset allocation.
shareholder is missing from a Form 8023 and the IRS is unable to identify the U.S.
A purchasing corporation that has made a qualified stock purchase of a target corporation must file Form 8023 to make an election under either Sec.
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.
338(h)(10) election on Form 8023
, Elections Under Section 338 for Corporations Making Qualified Stock Purchases?
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. Significantly, for S corporations, Temp.
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.
To make the election, both the buying and selling parties must complete Form 8023
, Election Under Section 338 for Corporations Making Qualified Stock Purchase.
338(h)(10) election is made jointly by the purchasing corporation and the S shareholder on Form 8023
, Corporate Qualified Stock Purchase Elections.
1.338(h)(10)-1 provides that a proper election is made using Form 8023
, Corporate Qualified Stock Purchase Elections (Under Temporary Regulations Section 1.338), not later than the fifteenth day of the ninth month after the month of acquisition.