Form 8038-R - Request For Recovery Of Overpayments Under Arbitrage Rebate Provisions Page 2
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Form 8038-R (Rev. 9-2017)
Page
Section references are to the Internal Revenue Code unless otherwise
Generally, this information will be sufficient to determine whether a
noted.
refund is appropriate. For refund claim rejections where there is a
procedural deficiency or where an issuer has failed to provide sufficient
Future Developments
information to enable a determination that an overpayment occurred, the
IRS will contact the issuer or its representative to resolve the deficiency.
For the latest information about developments related to Form 8038-R,
If all the requested information isn’t timely received, a letter will be sent
such as legislation enacted after they were published, go to
explaining that the request for recovery is deficient and that its
processing is rejected.
What’s New
For refund claim denials, in full or in part, if the IRS makes a
preliminary determination to deny a refund claim, the IRS will notify the
Claims for recovery of overpayments cannot be filed later than the date
issuer in writing that it may submit additional information or participate
that is 2 years after (1) the date that is 60 days after the final
in a conference, or both. Additional information must be submitted
computation date of the issue to which the payment relates; or (2) with
within 21 days of the request for additional information or the
respect to the portion of the overpayment paid more than 60 days after
conference. If the issuer fails to submit additional information or if the
the final computation date, the date that the payment was made to the
IRS disagrees that an overpayment occurred, the IRS will send the
United States. See Rev. Proc. 2017-50, which is on page 234 of Internal
issuer a registered or certified letter denying the claim, subject to the
Revenue Bulletin 2017-37 at
issuer's appeal rights.
General Instructions
The procedures for processing a request for refund are detailed in
Rev. Proc. 2008-37, which is on page 137 of Internal Revenue Bulletin
2008-29 at as modified by Rev.
Note: Use a separate Form 8038-R for each issue.
Proc. 2017-50.
Purpose of Form
An issuer is entitled to appeal a refund claim denial. See Rev. Proc.
2006-40, which is on page 694 of Internal Revenue Bulletin 2006-42 at
Form 8038-R is used by issuers of state and local bonds to request a
, for details.
refund of amounts paid with Form 8038-T, Arbitrage Rebate, Yield
Reduction, and Penalty in Lieu of Arbitrage Rebate.
Where To File
Payments made with Form 8038-T that may be recoverable include:
File Form 8038-R, and attachments, with the Internal Revenue Service,
1. Yield reduction payments,
Ogden Submission Processing Center, Ogden, UT 84201.
2. The arbitrage rebate to the United States,
Private delivery services. Filers can use certain private delivery
3. A penalty in lieu of rebating arbitrage to the United States, or
services (PDSs) designated by the IRS to meet the “timely mailing as
timely filing” rule for tax returns. Go to for the current
4. A penalty to terminate the election to pay a penalty in lieu of
list of designated services.
rebating arbitrage.
The PDS can tell you how to get written proof of the mailing date.
Recovery of Overpayment
For the IRS mailing address to use if you’re using a PDS, go to
In general, an issuer may recover an overpayment of rebate for an issue
streetAddresses.
of bonds by establishing to the IRS that the overpayment occurred. An
PDSs can’t deliver items to P.O. boxes. You must use the
▲
overpayment is the excess of the amount paid to the United States for
!
U.S. Postal Service to mail any item to an IRS P.O. box
an issue under section 148 over the sum of the rebate amount for the
address.
issue as of the most recent computation date and all amounts that are
CAUTION
otherwise required to be paid under section 148 as of the date the
recovery is requested.
Specific Instructions
An overpayment may be recovered only to the extent that a recovery
Line 1. Enter the name of the governmental entity that issued the
on the date that it is first requested wouldn’t result in an additional
rebate amount if that date were treated as a computation date.
bonds, not the name of the entity receiving the benefit of the financing.
Except for overpayments of penalty in lieu of rebate under section
Part I. Reporting Authority
148(f)(4)(C)(vii) and Regulations section 1.148-7(k), an overpayment of
less than $5,000 may not be recovered before the final computation
Line 6. Enter the date of issue. This date should be identical to the date
date. See Regulations section 1.148-3(i).
on the corresponding Form 8038-T, Part I, line 6. This is generally the
first date on which there is a physical exchange of the bonds for the
The amount of rebate overpayment is based on the amount actually
purchase price.
paid, not the future value of the amount paid.
Line 7. Enter the name of the issue. This name should be identical to the
Note: Regulations section 1.148-3(b) provides that as of any date, the
name listed on the corresponding Form 8038-T, Part I, line 7. If there is
rebate amount for an issue is the excess of the future value, as of that
no name, please provide other identification of the issue.
date, of all receipts on nonpurpose investments over the future value, as
of that date, of all payments on nonpurpose investments. The definitions
Line 8. Enter the CUSIP (Committee on Uniform Securities
of payments and receipts in Regulations section 1.148-3(d), in part,
Identification Procedures) number of the bond with the latest maturity.
require inclusion of transactions (including, but not limited to,
The CUSIP number should be identical to the CUSIP number listed on
acquisition, earnings, and return of principal) on a date for each
the corresponding Form 8038-T, Part I, line 8. Enter “None” if the issue
nonpurpose investment. Any cash flow representation to the contrary
doesn’t have a CUSIP number.
may result in the understatement of rebate amount. Yield reduction
Lines 9 and 10. Enter the name, title, and telephone number of the
payments are determined using payments and receipts as described in
officer of the issuer whom the IRS may call for more information. If the
Regulations section 1.148-5(b)(1).
issuer designates a person other than an officer of the issuer (including
a legal representative or paid preparer) whom the IRS may call for more
Processing the Request
information with respect to this return, enter the name, title, and
When filing Form 8038-R, you must provide:
telephone number of such person here.
• All copies of Form(s) 8038-T related to the request for refund, and
Note: By authorizing a person other than an authorized officer of the
issuer to communicate with the IRS and whom the IRS may call for
• The computations of the overpayment and interest (if any) on line 17.
more information with respect to this return, the issuer authorizes the
The computations must show all cash flows from the issue date to the
IRS to communicate directly with the individual listed in line 9 and
computation date reflecting the overpayment (for example, if a series of
consents to the disclosure of the issuer’s return information to that
reports were prepared, all such reports must be provided, unless the
individual, as necessary, in order to process this return.
last report details all cash flows). Provide any additional attachments if
needed.
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