Instructions For Form 8275-R - Regulation Disclosure Statement

adequately disclosed and is not

the form number or schedule and the

Revenue laws of the United States.

frivolous.

line number in columns (d) and (e)

You are required to give us the

and the amount of the item(s) in

information if you wish to use this

Note. For more information about

column (f).

form to make adequate disclosure to

the accuracy-related penalty and

avoid the portion of the

preparer penalties, and the means of

Part II

accuracy-related penalty due to a

avoiding these penalties, see

substantial understatement of income

Regulations sections 1.6662, 1.6664,

Your disclosure must include:

tax or disregard of regulations, or to

and 1.6694.

1. A description of the relevant

avoid certain preparer penalties. We

facts affecting the tax treatment of the

need it to ensure that you are

item. To satisfy this requirement you

complying with these laws and to

Specific Instructions

must include information that

allow us to figure and collect the right

reasonably may be expected to

Be sure to supply all of the

amount of tax.

apprise the IRS of the identity of the

information requested in Parts I and II

You are not required to provide the

item, its amount, and the nature of

and, if applicable, Part III. Your

information requested on a form that

the controversy or potential

disclosure will be considered

is subject to the Paperwork Reduction

controversy. Information concerning

adequate if you file Form 8275-R and

Act unless the form displays a valid

the nature of the controversy may

supply the information requested in

OMB control number. Books or

include a description of the legal

detail.

records relating to a form or its

issues presented by the facts, and

Use Part IV on page 2 if you need

instructions must be retained as long

2. A statement explaining why you

as their contents may become

more space for Part I or II. Indicate

believe this regulation to be invalid.

the corresponding part and line

material in the administration of any

number from page 1. You can use a

Internal Revenue law. Generally, tax

Disclosure will not be

continuation sheet(s) if you need

returns and return information are

considered adequate unless

additional space. Be sure to put your

confidential, as required by section

(1) and (2) above are provided

CAUTION

name and identifying number on each

6103.

using Form 8275-R. For example,

sheet.

your disclosure will not be considered

The time needed to complete and

adequate if you attach a copy of an

file this form will vary depending on

Part I

acquisition agreement to your tax

individual circumstances. The

return to disclose the issues involved

estimated burden for individual

Column (a). Enter a detailed citation

in determining the basis of certain

taxpayers filing this form is approved

for each regulation for which you

acquired assets. If Form 8275-R is

under OMB control number

have taken a contrary position.

not completed and attached to the

1545-0074 and is included in the

Column (b). Identify the item by

return, the disclosure will not be

estimates shown in the instructions

name.

considered valid even if the

for their individual income tax return.

If any item you disclose is from a

information in (1) and (2) above is

The estimated burden for all other

pass-through entity, you must identify

provided using another method, such

taxpayers who file this form is shown

the item as such. If you disclose

as a different form or an attached

below.

items from more than one

letter.

pass-through entity, you must

Recordkeeping . . . . . . .

3 hr., 35 min.

complete a separate Form 8275-R for

Part III

Learning about the law

each entity. Also, see How To File on

or the form . . . . . . . .

53 min.

Line 4. Contact your pass-through

page 1.

Preparing and sending

entity if you do not know where its

Column (c). Enter a complete

the form to the IRS . .

59 min.

return was filed. However, for

description of the item(s) you are

partners and S corporation

disclosing.

If you have comments concerning

shareholders, information for line 4

the accuracy of these time estimates

Example. If an entertainment

can be found on the Schedule K-1

or suggestions for making this form

expense was reported in column (b),

that you received from the

simpler, we would be happy to hear

then list in column (c) “theater tickets,

partnership or S corporation.

from you. See the instructions for the

catering expenses, and banquet hall

If the pass-through entity filed its

tax return with which this form is filed.

rentals.”

return electronically using e-file, enter

If you claim the same tax treatment

“e-file” on line 4.

for a group of similar items in the

same tax year, enter a description

Paperwork Reduction Act Notice.

identifying the group of items you are

We ask for the information on this

disclosing rather than a separate

form to carry out the Internal

description of each item within the

group.

Columns (d) through (f). Enter the

location of the item(s) by identifying

-3-

Instructions For Form 8275-R - Regulation Disclosure Statement - 2007 Page 3

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