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

Form 2438 (Rev. 12-2013)

Page

Same-day wire payment option. If

Column (e). If gross sales price is

Paperwork Reduction Act Notice.

the RIC or REIT fails to initiate 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 Application (FTA).

column (e).

that you are complying with these

Before using the same-day wire

laws and to allow us to figure and

A RIC’s or REIT’s basis in an asset

payment option, the RIC or REIT will

collect the right amount of tax.

it held on January 1, 2001, for which

need to make arrangements with its

the RIC or REIT made an election to

You are not required to provide

financial institution ahead of time.

recognize any gain (under section

the information requested on a form

Please check with the financial

311 of the Taxpayer Relief Act of

that is subject to the Paperwork

institution regarding availability,

1997) is the asset’s closing market

Reduction Act unless the form

deadlines, and costs. To learn more

price or fair market value, whichever

displays a valid OMB control

about making a same-day wire

applies, on the date of the deemed

number. Books or records relating to

payment and to download the

sale and reacquisition, whether the

a form or its instructions must be

Same-Day Payment Worksheet, visit

deemed sale resulted in a gain or

retained as long as their contents

unallowed loss.

may become material in the

administration of any Internal

Specific Instructions

Line 4

Revenue law. Generally, tax returns

Period covered. Fill in the tax year

and return information are

Enter any net short-term capital gain

space at the top of the form.

confidential, as required by section

from line 4 in Part I of Form 8949.

6103.

Also identify the gain as “Net short-

Address. Include the suite, room, or

term capital gain from line 4, Form

other unit number after the street

The time needed to complete and

2438” in column (a) of Form 8949.

address. If the Post Office does not

file this form will vary depending on

See Form 8949, Schedule D (Form

deliver mail to the street address

individual circumstances. The

1120), and the related instructions

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

estimated average time is:

for details.

show the box number instead of the

Recordkeeping . .

8 hr., 36 min.

street address.

Line 12

Learning about the

Lines 1 and 5

law or the form . . . .

30 min.

Enter the amount from line 12 in

Column (b)—Date acquired. A

Part II of Form 8949. Also identify

Preparing and sending

RIC’s or REIT’s acquisition date for

the gain as “Undistributed capital

the form to the IRS . . .

39 min.

an asset it held on January 1, 2001,

gains not designated (from Form

If you have comments concerning

for which it made an election to

2438)” in column (a) of Form 8949.

the accuracy of these time estimates

recognize any gain (under section

See Form 8949, Schedule D (Form

or suggestions for making this form

311 of the Taxpayer Relief Act of

1120), and the related instructions

simpler, we would be happy to hear

1997) is the date of the deemed sale

for details.

from you. You can write to the

and reacquisition.

Line 13

Internal Revenue Service, Tax Forms

Column (d). Enter either gross sales

and Publications Division, 1111

Deposit the tax due by the 30th day

price or net sales price. If net sales

Constitution Ave. NW, IR-6526,

after the end of the tax year.

price is entered, do not increase the

Washington, DC 20224.

cost or other basis in column (e) by

Do not send the tax form to this

any expenses reflected in the net

office. Instead, see Where To File.

sales price.

Form 2438 - Undistributed Capital Gains Tax Return Page 4

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