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proceeds also include, but are not limited

(including a legal representative or paid

whom the IRS may communicate with

to, amounts derived from the sale of a

preparer) to communicate with the IRS

respect to this return, leave line 10 blank.

right that is associated with a bond, and

and whom the IRS may contact with

Line 11. Enter the telephone number of

that is described in Regulations section

respect to this return (including in writing

the person whom the IRS may contact for

1.148-4(b)(4). Sale proceeds shall also

or by telephone), enter the name of that

more information identified in line 3 or

include the proceeds from the sale of

person here. The person listed in line 3

line 10, as applicable.

credit strips. Also, see Regulations section

must be an individual. Do not enter the

Part II—Type of Bonds

1.148-4(h)(5) treating amounts received

name and title of an officer of the issuer

DRAFT AS OF

upon the termination of certain hedges as

here (use line 10 for that purpose).

Elections referred to in Part II are

sale proceeds.

made on the original bond

Note. By authorizing a person other than

Issue. Generally, bonds are treated as

documents, not on this form.

an authorized officer of the issuer to

CAUTION

part of the same issue if they are issued by

communicate with the IRS and whom the

the same issuer, on the same date, and in

Line 1. You must identify the type of

IRS may contact with respect to this

a single transaction, or a series of related

bonds issued by checking the

return, the issuer authorizes the IRS to

transactions. Even if part of the same

corresponding box. If box 1b or 1c is

August 8, 2012

communicate directly with the individual

issue, build America bonds (Direct Pay),

checked, complete lines 2 and 3.

entered in line 3 and consents to disclose

build America bonds (Tax Credit), and

the issuer's return information to that

Line 2. Enter the first interest payment

recovery zone economic development

individual, as necessary, in order to

date. An interest payment date is the date

bonds must each be filed on a separate

process this return.

on which interest is payable by the

Form 8038-B.

governmental issuer to the holders of the

Line 4. This line is for IRS use only. Do

Issue price. The issue price of

bonds. (For variable rate issues, enter the

not make any entries in this box.

obligations is generally determined under

last interest payment date applicable to

Lines 5 and 6. If you listed in line 3 a

Regulations section 1.148-1(b). Thus,

the quarterly period for which the first

person other than an officer of the issuer

when issued for cash, the issue price is

8038-CP for the issue will relate.) Enter

(including a legal representative or paid

the price at which a substantial amount of

the date in an MM/DD/YYYY format.

preparer) to communicate with the IRS

the obligations are sold to the public. To

Line 3. Check the box indicating the

and whom the IRS may contact with

determine the issue price of an obligation

interest payment date frequency. In

respect to this return, enter the number

issued for property, see sections 1273 and

addition, issuers of build America bonds

and street (or P.O. Box if mail is not

1274 and the related Regulations.

(Direct Pay) and recovery zone economic

delivered to street address), city, town, or

Specific Instructions

development bonds must attach a debt

post office, state, and ZIP code of that

service statement to the Form 8038-B

person. Otherwise, enter the issuer's

Part I—Reporting Authority

which contains the information described

number and street (or P.O. Box if mail is

below for the bond issue:

not delivered to street address), city, town,

Amended return. An issuer may file an

or post office, state, and ZIP code.

1. For fixed-rate bonds, attach a

amended return to change or add to the

complete debt service statement titled

Line 7. The date of issue is generally the

information reported on a previously filed

“Fixed Rate Bond-Debt Service

date on which the issuer exchanges the

return for the same date of issue. If you

Statement” that provides a list of each

bonds for the underwriter's (or other

are filing to correct errors or change a

interest payment date, the total interest

purchaser's) funds. For a lease or

previously filed return, check the

payable on such date, the total principal

installment sale, enter the date interest

“Amended Return” box in the heading of

amount of bonds expected to be

starts to accrue in an MM/DD/YYYY

the form.

outstanding on such date, the credit

format.

The amended return must provide all

payment expected to be requested from

the information reported on the original

Line 8. If there is no name of the issue,

the IRS on such date, and the earliest date

return, in addition to the new or corrected

please provide other identification of the

that the bonds can be called.

information. Attach an explanation of the

issue.

2. For variable rate bonds, attach a

reason for the amended return and write

debt service statement titled “Variable

Line 9. Enter the Committee on Uniform

across the top, “Amended Return

Rate Bond-Debt Service Statement” that

Securities Identification Procedures

Explanation.” Failure to attach an

provides a list of each interest payment

(CUSIP) number of the latest maturity on

explanation may result in a delay in

date, the total principal amount of bonds

line 9. Attach a statement with a complete

processing this form.

expected to be outstanding on such date,

list of CUSIP numbers for each bond. If

Line 1. The issuer's name is the name of

and a description of how interest on the

some or all of the tax credits are stripped,

the entity issuing the bonds, not the name

bonds is computed.

attach a statement with the name of each

of the entity receiving the benefit of the

purchaser of the tax credit bonds or tax

Note. If the bond issue reported on Form

financing. For a lease or installment sale,

credit strips, each purchaser's EIN, and

8038-B constitutes both fixed rate bonds

the issuer is the lessee or the purchaser.

the CUSIP numbers associated with the

and variable rate bonds, both the fixed

bonds and the stripped tax credits. If the

Line 2. An issuer that does not have an

rate and variable rate bonds must be

issue does not have a CUSIP number,

employer identification number (EIN)

reported on the same Form 8038-B;

write, “None.” If the issue either has no

should apply for one on Form SS-4,

however, separate debt service

CUSIP number or is privately placed,

Application for Employer Identification

statements, as described above, must be

attach a statement with each purchaser's

Number. You can get this form on the IRS

entered for each of the bonds. Credit

EIN, name, and address.

website at IRS.gov or by calling

payments are not allowed for preissuance

1-800-TAX-FORM (1-800-829-3676). You

Line 10. Enter the name and title of the

accrued interest. Failure to provide the

may receive an EIN by telephone by

officer of the issuer whom the IRS may call

applicable debt service statements may

following the Instructions for Form SS-4.

for more information. If the issuer

result in a delay in processing the return.

designates a person in line 3 (such as a

Line 3. If the issuer wishes to authorize a

legal representative or paid preparer) with

person other than an officer of the issuer

-2-

Instructions For Form 8038-B Draft - Information Return For Build America Bonds And Recovery Zone Economic Development Bonds - Internal Revenue Service Page 3

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