Instructions For Form 8582-Cr (Rev. December 2009) Page 15
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15applied against tax is reduced by the
confidential, as required by section
Part VI—Election To
amount of the basis adjustment.
6103.
No basis adjustment may be
The time needed to complete and
Increase Basis of Credit
elected on a partial disposition of your
file this form will vary depending on
Property
interest in a passive activity or if the
individual circumstances. The
disposition is not fully taxable. The
estimated burden for individual
Complete Part VI if you disposed of
amount of any unallowed credit,
taxpayers filing this form is approved
your entire interest in a passive
however, remains available to offset
under OMB control number
activity and elect to increase the
the tax attributable to net passive
1545-0074 and is included in the
basis of the credit property used in
income.
estimates shown in the instructions
the activity by the unallowed credit
for their individual income tax return.
that reduced the basis of the
Paperwork Reduction Act Notice.
The estimated burden for all other
property.
We ask for the information on this
taxpayers who file this form is shown
Line 38. Check the box if you elect
form to carry out the Internal
below.
to increase the basis of credit
Revenue laws of the United States.
property used in a passive activity by
You are required to give us the
Recordkeeping . . . . . . .
2 hr., 4min.
the unallowed credit that reduced the
information. We need it to ensure that
Learning about the law
property’s basis. The election is
you are complying with these laws
or the form . . . . . . . . . .
6 hr., 4 min.
available for a fully taxable disposition
and to allow us to figure and collect
of an entire interest in an activity for
the right amount of tax.
Preparing the form . . . . 4 hr., 19 min.
which a basis adjustment was made
You are not required to provide the
Copying, assembling,
as a result of placing in service
information requested on a form that
and sending the form to
property for which a credit was taken.
is subject to the Paperwork Reduction
the IRS . . . . . . . . . . . . .
1 hr., 9 min.
You may elect to increase the basis
Act unless the form displays a valid
of the credit property immediately
If you have suggestions for making
OMB control number. Books or
before the disposition (by an amount
this form simpler, we would be happy
records relating to a form or its
no greater than the amount of the
to hear from you. See the instructions
instructions must be retained as long
original basis reduction) to the extent
for the tax return with which this form
as their contents may become
that the credit had not been allowed
is filed.
material in the administration of any
previously because of the passive
Internal Revenue law. Generally, tax
activity credit limitations. The amount
returns and return information are
of the unallowed credit that may be
-15-
Instructions for Form 8582-CR (2009)
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