Fillable Form 2438 - Undistributed Capital Gains Tax Return (Page 4 of 4) in pdf

Form 2438 (Rev. 12-2017)

Page

Same-day wire payment option. If

Column (e). If gross sales price is

Paperwork Reduction Act Notice.

the RIC or REIT fails to submit a

reported in column (d), increase the

We ask for the information on this

deposit transaction on EFTPS by

cost or other basis by any expense

form to carry out the Internal

8 p.m. Eastern time the day before

of sale such as broker’s fees,

Revenue laws of the United States.

the date a deposit is due, it can still

commissions, or option premiums

You are required to give us the

make the deposit on time by using

before entering an amount in

information. We need it to ensure

the Federal Tax Collection Service

column (e).

that you are complying with these

(FTCS). To use the same-day wire

laws and to allow us to figure and

A RIC’s or REIT’s basis in an asset

payment method, the RIC or REIT

collect the right amount of tax.

it held on January 1, 2001, for which

will need to make arrangements with

the RIC or REIT made an election to

You are not required to provide

its financial institution ahead of time

recognize any gain (under section

the information requested on a form

regarding availability, deadlines, and

311 of the Taxpayer Relief Act of

that is subject to the Paperwork

costs. Financial institutions may

1997) is the asset’s closing market

Reduction Act unless the form

charge a fee for payments made this

price or fair market value, whichever

displays a valid OMB control

way. To learn more about the

applies, on the date of the deemed

number. Books or records relating to

information the RIC or REIT will need

sale and reacquisition, whether the

a form or its instructions must be

to provide to its financial institution

deemed sale resulted in a gain or

retained as long as their contents

to make a same-day wire payment,

unallowed loss.

may become material in the

visit the IRS website at

administration of any Internal

Line 4

Payments and click on “Same-day

Revenue law. Generally, tax returns

wire.”

and return information are

Enter any net short-term capital gain

confidential, as required by section

from line 4 in Part I of Form 8949.

Specific Instructions

6103.

Also identify the gain as “Net short-

term capital gain from line 4, Form

Period covered. Fill in the tax year

The time needed to complete and

2438” in column (a) of Form 8949.

file this form will vary depending on

space at the top of the form.

See Form 8949, Schedule D (Form

individual circumstances. The

Address. Include the suite, room, or

1120), and the related instructions

estimated burden for business

other unit number after the street

for details.

taxpayers filing this form is approved

address. If the Post Office does not

under OMB control number

Line 12

deliver mail to the street address

1545-0123 and is included in the

and the RIC or REIT has a P.O. box,

Enter the amount from line 12 in

estimates shown in the instructions

show the box number instead of the

Part II of Form 8949. Also identify

for their business income tax return.

street address.

the gain as “Undistributed capital

If you have comments concerning

Lines 1 and 5

gains not designated (from Form

the accuracy of these time estimates

2438)” in column (a) of Form 8949.

or suggestions for making this form

Column (b)—Date acquired. A

See Form 8949, Schedule D (Form

simpler, we would be happy to hear

RIC’s or REIT’s acquisition date for

1120), and the related instructions

from you. You can send us

an asset it held on January 1, 2001,

for details.

comments from

for which it made an election to

Line 13

FormComments. Or

recognize any gain (under section

you can write to the Internal

311 of the Taxpayer Relief Act of

Deposit the tax due by the 30th day

Revenue Service, Tax Forms and

1997) is the date of the deemed sale

after the end of the tax year.

Publications Division, 1111

and reacquisition.

Constitution Ave. NW, IR-6526,

Column (d). Enter either gross sales

Washington, DC 20224.

price or net sales price. If net sales

Do not send the tax form to this

price is entered, do not increase the

office. Instead, see Where To File,

cost or other basis in column (e) by

earlier.

any expenses reflected in the net

sales price.

Form 2438 - Undistributed Capital Gains Tax Return Page 4

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