Form 8697 - Interest Computation Under The Look-Back Method For Completed Long-Term Contracts

Download a blank fillable Form 8697 - Interest Computation Under The Look-Back Method For Completed Long-Term Contracts in PDF format just by clicking the "DOWNLOAD PDF" button.

Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.

Complete Form 8697 - Interest Computation Under The Look-Back Method For Completed Long-Term Contracts with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.

Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.

ADVERTISEMENT

8697
Interest Computation Under the Look-Back
OMB No. 1545-1031
Form
Method for Completed Long-Term Contracts
(Rev. December 2011)
Attachment
Department of the Treasury
97
See separate instructions.
Sequence No.
Internal Revenue Service
For the filing year beginning
, and ending
. See page 4 of the instructions.
A Identifying number
Name
Type
Number, street, and apt., room, or suite no. If a P.O. box, see page 4 of the instructions.
B Check applicable box to show type of taxpayer:
or
Corporation
S corporation
Print
City or town, state, and ZIP code
Individual
Partnership
Estate or trust
C If you were an owner of an interest in a pass-through entity (such as a partnership or an S corporation) that holds one or more long-term contracts to which this
interest computation relates, enter the name and employer identification number of the entity. Attach a schedule if there is more than one such entity.
Name of entity
Employer identification number
Part I
Regular Method (see instructions)
Filing Year
Redetermination Years
(c)
1
Taxable income or loss for the prior years shown on tax
Totals
return (or as previously adjusted) before net operating loss
(a)
(b)
(Add columns (a)
or capital loss carrybacks (other than carrybacks that must
Year ended
Year ended
Year ended
and (b).)
be taken into account to properly compute interest under
mo.
yr.
mo.
yr.
mo.
yr.
section 460) (see page 4 of the instructions). If you were
required to file Form 8697 for an earlier year, enter adjusted
taxable income for the prior years from line 3, Form 8697,
for the most recent filing year that affects the prior years .
2
Adjustment to income to reflect the difference between:
(a) the amount of income required to be allocated for
post-February 1986 contracts completed or adjusted
during the tax year based on the actual contract price
and costs, and (b) the amount of income reported for
such contracts based on estimated contract price and
costs. See page 4 of the instructions and attach a
schedule listing each separate contract, unless you were
an owner of an interest in a pass-through entity reporting
this amount from Schedule K-1 or a similar statement .
3
Adjusted
taxable
income
for
look-back
purposes.
Combine lines 1 and 2. If line 3 is a negative amount, see
instructions .
.
.
.
.
.
.
.
.
.
.
.
.
.
4
Income tax liability on line 3 amount using tax rates in
effect for the prior years (see page 4 of the instructions) .
5
Income tax liability shown on return (or as previously
adjusted) for the prior years (see page 4 of the
instructions). If you were required to file Form 8697 for an
earlier year, enter the amount required to be reported on
line 4, Form 8697, for the most recent filing year that
affects the prior years
.
.
.
.
.
.
.
.
.
.
6
Increase or decrease in tax for the prior years on which
interest is due (or is to be refunded). Subtract line 5 from
line 4
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
7
Interest due on increase, if any, shown on line 6 (see
page 4 of the instructions)
.
.
.
.
.
.
.
.
.
8
Interest to be refunded on decrease, if any, shown on line
6 (see page 4 of the instructions)
.
.
.
.
.
.
.
9
Net amount of interest to be refunded to you. If line 8, column (c), exceeds line 7, column (c), enter the excess. File
Form 8697 separately; do not attach it to your tax return (see page 5 of the instructions) .
.
.
.
.
.
.
.
.
10
Net amount of interest you owe. If line 7, column (c), exceeds line 8, column (c), enter the excess. Attach Form 8697
to your tax return. See page 5 of the instructions for where to include this amount on your return
.
.
.
.
.
.
8697
For Privacy Act and Paperwork Reduction Act Notice, see page 7 of the instructions.
Form
(Rev. 12-2011)
Cat. No. 64598V

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Financial
Go
Page of 2