Form 8082 - Instructions For Form (Page 2 of 3) in pdf

Penalties

requesting an administrative adjustment

District Court. You must file the petition

to correct pass-through items on your

before the date that is 2 years after the

If you disregard the requirements for filing

income tax return.

date you filed the AAR, but not until after

Form 8082, you may be subject to the

the date that is 6 months from the date of

accuracy-related penalty under section

such filing. The 2-year period may be

Who May Not File

6662 or the fraud penalty under section

extended if the IRS and you agree in

6663. Either penalty is in addition to any

Do not file Form 8082:

writing. For more details, see sections

tax that results from a computational

1. If you are a REMIC and want to

6228 and 6252.

adjustment to make your amount or

correct items on the original REMIC

treatment of the item consistent with the

Special Rules for Electing

return. Instead, file Form 1065X.

amount or treatment of the item on the

Large Partnerships

2. For any amount of loss, deduction,

pass-through entity’s return.

or credit from Schedule K-1, Schedule Q,

An electing large partnership may file an

How Many Forms To Complete

or the foreign trust statement that you do

AAR to adjust partnership items.

not report on your return because the

However, a partner may not file an AAR.

You must complete and file a separate

amount is otherwise limited by law (such

Generally, the electing large partnership

form for each pass-through entity for

as a loss limited by the at-risk or passive

has two choices for handling the

which you are reporting an inconsistent or

activity rules).

adjustment.

AAR item. If you are reporting more than

3. If you are a partner, and all of the

four inconsistent or AAR items from one

1. It can combine the adjustment with

following apply:

pass-through entity, use additional Forms

the same partnership item for the year in

•

Your partnership had no more than

8082.

which the IRS allows the adjustment and

10 partners at any one time during the tax

pass it through to the current partners for

How and When To File

year. A husband and wife (and their

that year. However, if the adjustment

estates) are treated as one partner.

If you file Form 8082 as a notice of

involves a reduction in a credit which

•

Each partner was either an

inconsistent treatment, complete a single

exceeds the amount of that credit for the

individual (other than a nonresident alien)

copy of the form, attach it to your tax

partnership tax year in which the

or an estate of a deceased partner, or a C

return, and file it when you file your

adjustment is allowed, the partnership

corporation.

original return.

must pay tax in an amount equal to that

•

The partnership did not have an

If a TMP or electing large partnership

excess amount.

election in effect under section

files Form 8082 as an AAR on behalf of

2. It may elect not to pass the

6231(a)(1)(B)(ii) for the tax year to have

the pass-through entity, the TMP or

adjustment through to current partners by

the consolidated audit rules apply.

paying tax on any imputed underpayment

electing large partnership must file it with

4. If you are a shareholder in an S

the service center where the original

that results from the adjustment, as

corporation, except as a notice of

return was filed.

explained in section 6242(b)(4).

inconsistent treatment when the

If a partner or residual interest holder

shareholder’s return is not consistent with

In either case, the partnership is liable

files Form 8082 as an AAR, it must be

the return of the S corporation. Form

for any interest and penalties on the

filed in duplicate. The original copy is filed

8082 cannot be filed by a shareholder to

imputed underpayment that results from

with the partner’s or residual interest

request an administrative adjustment to

the adjustment. See section 6242(b) for

holder’s amended income tax return, and

his or her tax return to correct S

details. Interest is figured on the imputed

the other copy is filed with the service

corporation items. Instead, the

underpayment for the period beginning on

center where the pass-through entity

shareholder must file an amended income

the day after the due date (excluding

return is filed.

tax return.

extensions) of the partnership return for

Generally, you may file an AAR to

5. If you are a beneficiary of an estate

the adjusted year and ending on the due

change items from a pass-through entity

or domestic trust, or a beneficiary or an

date (excluding extensions) of the

for any tax year of that entity at any time

owner of a foreign trust, except as a

partnership return for the tax year the

that is:

notice of inconsistent treatment when the

adjustment takes effect (or the date the

beneficiary’s or owner’s return is not

1. Within 3 years after the later of:

partnership paid the tax due under 2

•

consistent with the return of the estate or

The date on which the pass-through

above, if earlier). The adjusted year is

trust. Form 8082 cannot be filed by a

entity return for that year is filed, or

the partnership tax year in which the item

•

beneficiary or owner to request an

The last day for filing the

being adjusted arose.

administrative adjustment to his or her tax

pass-through entity return for that year

How to file. Attach Form 8082 to an

return to correct estate or trust items.

(excluding extensions); and

amended Form 1065-B for the adjusted

Instead, the beneficiary or owner must file

2. Before a notice of final

year. Enter in the top margin of the

an amended income tax return.

pass-through entity administrative

amended return “See attached Form

6. If you are a residual interest holder,

adjustment for that year is mailed to the

8082 for AAR per IRC section 6251.” Be

and all of the following apply:

TMP.

sure to check box G(4) on page 1 of the

•

Your REMIC had no more than 1

amended return. Identify in Part II of Form

A partnership return or a REMIC return

residual interest holder at any one time

8082 the amount and treatment of any

is generally due by the 15th day of the 4th

during the tax year.

item the partnership is changing from the

•

month following the close of the

If at any time during the tax year the

way it was reported on the original return.

partnership’s or REMIC’s tax year. The

REMIC had more than one residual

If the partnership elects to pay the tax,

tax year of a REMIC always ends on

interest holder, each residual interest

enter it on line 26 of page 1 of the

December 31.

holder was either an individual (other than

amended Form 1065-B. Do not enter any

a nonresident alien) or an estate, or a C

Special rules apply if the period of

other amounts on the amended Form

corporation.

limitations has been extended by

1065-B. Attach a computation of the tax

•

The REMIC did not have an election

agreement and in the case of an AAR that

to Form 8082. The IRS will bill the

in effect under section 6231(a)(1)(B)(ii) for

relates to the deductibility of bad debts or

partnership for any interest and penalties

the tax year to have the consolidated

worthless securities. See sections 6227

it owes.

audit rules apply.

and 6251 for details.

7. If you are a partner in an electing

If the income, deductions, credits, or

Judicial Review of an AAR

large partnership. Partners must report all

other information provided to any partner

partnership items consistently with their

If the IRS fails to act on an AAR, you may

on Schedule K-1 are incorrect under

treatment on the partnership return as

file a petition for judicial review with the

section 704 in the partner’s distributive

shown on Schedule K-1 (Form 1065-B).

United States Tax Court, United States

share of any partnership item shown on

Only the partnership may file an AAR.

Court of Federal Claims, or United States

Form 1065-B, file an amended Schedule

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Form 8082 - Instructions For Form Page 2

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