Form 8847 - Credit For Contributions To Selected Community Development Corporations

Download a blank fillable Form 8847 - Credit For Contributions To Selected Community Development Corporations 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 8847 - Credit For Contributions To Selected Community Development Corporations 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

8847
Credit for Contributions to Selected Community
OMB No. 1545-1416
Form
Development Corporations
(Rev. December 2006)
Attachment
Department of the Treasury
100
Sequence No.
Attach to your tax return.
(99)
Internal Revenue Service
Name(s) shown on return
Identifying number
1
Total qualified community development corporation (CDC) contributions from Part I of
1
Schedules A (Form 8847)
2
2
Multiply line 1 by 5% (.05)
3
Credit for contributions to selected community development corporations from partnerships and
3
S corporations
4
Add lines 2 and 3. Partnerships and S corporations, report this amount on Schedule K; all others,
report this amount on the applicable line of Form 3800 (e.g., line 1x of the 2006 Form 3800)
4
A qualified CDC contribution is
General Instructions
You are not required to provide
any transfer of cash to a selected
the information requested on a form
Section references are to the
CDC before June 30, 1999, that is
that is subject to the Paperwork
Internal Revenue Code unless
available for use by the CDC for at
Reduction Act unless the form
otherwise noted.
least 10 years and was designated
displays a valid OMB control
What’s New
by the CDC as a qualified
number. Books or records relating to
contribution for purposes of the
The tax liability limit is no longer
a form or its instructions must be
credit. Selected CDCs furnished
figured on this form; instead, it must
retained as long as their contents
each contributor a Schedule A (Form
be figured on Form 3800, General
may become material in the
8847), Receipt for Contribution to a
Business Credit.
administration of any Internal
Selected Community Development
Taxpayers that are not
Revenue law. Generally, tax returns
Corporation (CDC), with Part I of
partnerships or S corporations, and
and return information are
Schedule A completed.
whose only source of this credit is
confidential, as required by section
from those pass-through entities, are
6103.
Selected CDCs were announced in
not required to complete or file this
HUD News Release No. 94-94,
The time needed to complete and
form. Instead, they can report this
dated June 30, 1994.
file this form will vary depending on
credit directly on line 1x of Form
individual circumstances. The
Specific Instructions
3800.
estimated burden for individual
The IRS will revise this December
Line 1
taxpayers filing this form is approved
2006 version of the form only when
under OMB control number
You are not required to attach
necessary. Continue to use this
1545-0074 and is included in the
copies of Schedule A (Form 8847) to
version for tax years beginning after
estimates shown in the instructions
your tax return, but you may do so.
2005 until a new revision is issued.
for their individual income tax return.
You must keep all original Schedules
The estimated burden for all other
Purpose of Form
A (Form 8847) for 3 years after the
taxpayers who file this form is
due date (including extensions) of
Use Form 8847 to claim the credit
shown below.
your tax return for the last tax year
for qualified contributions made to
Recordkeeping
1 hr., 25 min.
in the 10-year credit period.
selected community development
Learning about
corporations (CDCs).
the law or
Paperwork Reduction Act Notice.
How the Credit Is Figured
the form
12 min.
We ask for the information on this
Preparing and
The credit is figured over a 10-year
form to carry out the Internal
sending the
credit period beginning with the tax
Revenue laws of the United States.
form to the IRS
13 min.
year the qualified CDC contribution
You are required to give us the
was made. The credit for each tax
If you have comments concerning
information. We need it to ensure
year in the credit period is 5% of the
the accuracy of these time estimates
that you are complying with these
qualified CDC contribution (see
or suggestions for making this form
laws and to allow us to figure and
below). The credit is part of the
simpler, we would be happy to hear
collect the right amount of tax.
general business credit and is
from you. See the instructions for
figured under section 13311 of the
the tax return with which this form is
Revenue Reconciliation Act of 1993.
filed.
8847
Cat. No. 16149K
Form
(Rev. 12-2006)

ADVERTISEMENT

00 votes

Related Articles

Related forms

Related Categories

Parent category: Legal
Go