Instructions For Form 8582-Cr - Passive Activity Credit Limitations - 2008 Page 15
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15that reduced the basis of the
however, remains available to offset
individual circumstances. The
property.
the tax attributable to net passive
estimated burden for individual
income.
taxpayers filing this form is approved
Line 38. Check the box if you elect
under OMB control number
to increase the basis of credit
Paperwork Reduction Act Notice.
1545-0074 and is included in the
property used in a passive activity by
We ask for the information on this
estimates shown in the instructions
the unallowed credit that reduced the
form to carry out the Internal
for their individual income tax return.
property’s basis. The election is
Revenue laws of the United States.
The estimated burden for all other
available for a fully taxable disposition
You are required to give us the
taxpayers who file this form is shown
of an entire interest in an activity for
information. We need it to ensure that
below.
which a basis adjustment was made
you are complying with these laws
as a result of placing in service
and to allow us to figure and collect
Recordkeeping . . . . . . .
2 hr., 4min.
property for which a credit was taken.
the right amount of tax.
You may elect to increase the basis
Learning about the law
You are not required to provide the
of the credit property immediately
or the form . . . . . . . . . .
6 hr., 4 min.
information requested on a form that
before the disposition (by an amount
Preparing the form . . . . 4 hr., 19 min.
is subject to the Paperwork Reduction
no greater than the amount of the
Act unless the form displays a valid
original basis reduction) to the extent
Copying, assembling,
OMB control number. Books or
that the credit had not been allowed
and sending the form to
records relating to a form or its
the IRS . . . . . . . . . . . . .
1 hr., 9 min.
previously because of the passive
instructions must be retained as long
activity credit limitations. The amount
If you have suggestions for making
as their contents may become
of the unallowed credit that may be
this form simpler, we would be happy
material in the administration of any
applied against tax is reduced by the
to hear from you. See the instructions
Internal Revenue law. Generally, tax
amount of the basis adjustment.
for the tax return with which this form
returns and return information are
No basis adjustment may be
is filed.
confidential, as required by section
elected on a partial disposition of your
6103.
interest in a passive activity or if the
The time needed to complete and
disposition is not fully taxable. The
file this form will vary depending on
amount of any unallowed credit,
-15-
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