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Information Return for Tax-Exempt Private

Department of the Treasury

Activity Bond Issues.

Issue.—Generally, do not treat separate

Internal Revenue Service

obligations as part of the same issue unless

the obligations are issued by the same issuer,

on the same date, and pursuant to a single

Instructions for Form 8038-G

transaction (or series of related transactions).

In cases of draw-down loans, all amounts

reasonably expected to be advanced within 3

(Rev. May 1995)

years of the date of the first draw may be

treated as part of the same issue if the draws

Information Return for Tax-Exempt Governmental

are equally and ratably secured by the same

loan agreement and are pursuant to a

Obligations

common financing arrangement. All

obligations that are issued under a single

A separate Form 8038-G must be filed for each issue of obligations.

finance lease or installment purchase

agreement may be treated as part of the

(Note: Use Form 8038-GC if the issue pr ice is under $100,000. )

same issue if all of the property covered by

Section references are to the Internal Revenue Code unless otherwise noted.

that agreement is reasonably expected to be

delivered within 3 years of the date of issue

of the first obligation.

Paperwork Reduction Act Notice

issued. Complete Form 8038-G based on the

Arbitrage rebate.—Generally, interest on a

facts as of the issue date.

We ask for the information on this form to

state or local bond is not tax exempt unless

Late filing.—An issuer may be granted an

carry out the Internal Revenue laws of the

the issuer of the bond rebates to the United

extension of time to file Form 8038-G under

United States. You are required to give us the

States arbitrage profits earned from investing

Section 3 of Rev. Proc. 88-10, 1988-1 C.B.

information. We need it to ensure that you are

proceeds of the bond in higher yielding

635, if it is determined that the failure to file

complying with these laws.

nonpurpose investments. See section 148(f).

on time is not due to willful neglect. Send a

The time needed to complete and file this

Construction issue.—A construction issue is

late Form 8038-G to: Internal Revenue

form varies depending on individual

an issue of tax-exempt bonds if (1) at least

Service, Philadelphia Service Center,

circumstances. The estimated average time

75% of the available construction proceeds

Statistics of Income Unit, P:DA:Unit F-SOI,

is:

of the issue are to be used for construction

Philadelphia, PA 19255, Stop #335. Type or

expenditures with respect to property that is

Learning about the

print at the top of the form, “This Statement

to be owned by a governmental unit or a

law or the form

2 hr., 29 min.

Is Submitted in Accordance with Rev. Proc.

501(c)(3) organization, and (2) all of the bonds

88-10.” Attach to the Form 8038-G a letter

Preparing, copying,

that are part of the issue are qualified

explaining why Form 8038-G was not

assembling, and

501(c)(3) bonds; bonds that are not private

submitted to the IRS on time. Also indicate

sending the form to

activity bonds; or private activity bonds

whether the bond issue in question is under

the IRS

2 hr., 51 min.

issued to finance property to be owned by a

examination by the IRS. Do not submit copies

governmental unit or a 501(c)(3) organization.

If you have comments concerning the

of the trust indenture or other bond

accuracy of these time estimates or

In lieu of rebating any arbitrage that may be

documents.

suggestions for making this form simpler, we

owed to the United States, the issuer of a

would be happy to hear from you. You can

Where To File

construction issue may make an irrevocable

write to the Internal Revenue Service,

election to pay a penalty. The penalty is equal

File Form 8038-G with the Internal Revenue

⁄

% of the amount of construction

Attention: Tax Forms Committee, PC:FP,

to 1

Service Center, Philadelphia, PA 19255.

Washington, DC 20224. DO NOT send the

proceeds that do not meet certain spending

requirements. See section 148(f)(4)(C).

form to this address. Instead, see Where To

Rounding Off to Whole Dollars

File below.

Specific Instructions

You may show the money items on this

General Instructions

return as whole-dollar amounts. To do so,

Part I—Reporting Authority

drop any amount less than 50 cents and

Purpose of Form

increase any amount from 50 cents through

Amended Return.—If you are filing an

99 cents to the next higher dollar.

Form 8038-G is used by issuers of

amended Form 8038-G, check the amended

tax-exempt governmental obligations to

return box and complete Part I and only

Definitions

those parts of Form 8038-G you are

provide the IRS with the information required

A “tax-exempt obligation” is an obligation

amending. Use the same report number (line

by section 149(e) and to monitor the

on which the interest is excluded from

requirements of sections 141 through 150.

4) as was used for the original report. Do not

income under the Internal Revenue Code. A

amend the estimated amounts previously

Complete Parts II through VI on the basis of

tax-exempt obligation is not limited to the

reported once the actual amounts are

available information and reasonable

formal issuance of bonds. It also includes

expectations as of the date the issue is

determined.

installment purchase agreements and

issued. If an item does not apply to the issue

Line 1.—The issuer’s name is the name of

financial leases.

you are reporting, write “N/A” in the space

the entity issuing the obligations, not the

provided for the item.

A “tax-exempt governmental bond” is a

name of the entity receiving the benefit of the

tax-exempt bond that is not a private activity

financing. For a lease or installment sale, the

Who Must File

bond.

issuer is the lessee or the purchaser.

Issuers must file a Form 8038-G for each

A “private activity bond” is generally an

Line 2.—An issuer that does not have an EIN

issue of tax-exempt governmental obligations

obligation issued as part of an issue of which

should apply for one on Form SS-4,

issued after December 31, 1986, if the price

(a) more than 10% of the proceeds are to be

Application for Employer Identification

(line 20, column (c)) of the issue is $100,000

used for any private business use; and (b)

Number. This form may be obtained from

or more. If the issue price is less than

more than 10% of the payment of principal or

most IRS and Social Security Administration

$100,000, issuers must file Form 8038-GC,

interest of the issue is either secured by an

offices. File Form SS-4 according to the

Information Return for Small Tax-Exempt

interest in property to be used for a private

instructions on that form. If the EIN has not

Governmental Bond Issues, Leases, and

business use (or payments in respect of such

been received by the due date for Form

Installment Sales. Issuers use Form 8038-T,

property), or is to be derived from payments

8038-G, write “Applied for” in the space for

Arbitrage Rebate and Penalty in Lieu of

in respect of property (or borrowed money)

the EIN.

Arbitrage Rebate, to pay the arbitrage rebate

used for a private business use. An obligation

Line 4.—Number reports consecutively based

to the United States, and to pay a penalty in

is also considered a private activity bond if

on the filing date (not the date of issue). For

lieu of arbitrage rebate.

the amount of the proceeds to be used to

example, if the issuer filed two Forms 8038-G

make or finance loans (other than loans

When To File

in the 1995 calendar year, the “report

described in section 141(c)(2)) to certain

number” for the third Form 8038-G would be

persons exceeds the smaller of 5% of the

File Form 8038-G on or before the 15th day

“G1995-3.” If an issuer (e.g., a state) issues

proceeds or $5 million. Private activity bonds

of the 2nd calendar month after the close of

obligations through many departments or

should be reported on Form 8038,

the calendar quarter in which the issue is

Cat. No. 63774D

Instructions For Form 8038-G - Information Return For Tax-Exempt Governmental Obligations - 1995

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