Form 976 - Claim For Deficiency Dividends Deductions By A Personal Holding Company, Regulated Investment Company, Or Real Estate Investment Trust Page 2

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Form 976 (Rev. 11-2014)
Page
Instructions
Corporate acquisitions. When the assets of one corporation are acquired
by another corporation in a distribution or transfer described in section
381(a), see sections 381(c)(17) and 381(c)(23) for special rules for claiming a
Section references are to the Internal Revenue Code unless otherwise noted.
deficiency dividend deduction.
Future Developments
Address. Include the suite, room, or other unit number after the street
address. If the Post Office does not deliver mail to the street address and the
For the latest information about developments related to Form 976 and its
taxpayer has a P.O. box, show the box number instead of the street address.
instructions, such as legislation enacted after they were published, go to
Line 1. Enter the amount of the tax liability established by the determination
without taking into account the deficiency dividend deduction claimed and
Purpose of form. File Form 976 for a personal holding company (PHC),
without regard to whether the tax liability is (or was) a deficiency as defined
regulated investment company (RIC), or real estate investment trust (REIT)
under section 6211(a)(1).
that is claiming a deficiency dividend deduction under section 547 or 860. If
Line 2. Enter the ending date of the tax year for which the deficiency
the claim is allowed, taxpayers will be relieved, in whole or in part, from the
dividend deduction is claimed. A separate Form 976 must be filed for each
payment of certain taxes (or allowed a credit or refund of certain taxes). In
deficiency dividend deduction claimed.
addition, a RIC or REIT will owe interest determined with respect to the
amount of the deficiency dividend deduction allowed. See sections 860(a),
Line 3a. Enter the amount paid, if any, of the tax liability entered on line 1
860(c), 6601, and 6621. The Service will notify the RIC or REIT of the amount
without taking into account the deficiency dividend deduction.
of interest.
Line 5f. A RIC or REIT can file Form 8927 with the IRS to make a self-
When and where to file. File Form 976 within 120 days after the
determination. If a statement is used instead of Form 8927, attach a copy of
determination date (defined below). A PHC must file Form 976 with the IRS
the statement to Form 976.
office where the determination of PHC status was made. A RIC or a REIT
Line 6. See Determination date, earlier, for more information.
must file Form 976 with the Internal Revenue Service Center where the
income tax return for the tax year for which the determination applies was
Line 8(b). If a stock distribution by a publicly traded RIC or REIT meets all
filed, unless the situations below apply.
the requirements of section 3.02 of Rev. Proc. 2010-12, the RIC or REIT that
made the distribution must enter the fair market value of the stock distributed
If the determination is made by a RIC or REIT under section 860(e)(4), file
on line 8(b)(1) and is not required to complete line 8(b)(2). See Rev. Proc.
Form 976 with the Internal Revenue Service, P.O. Box 9941, Mail Stop 4912,
2010-12 for more information.
Ogden, UT 84409. This is the same address for filing Form 8927,
Determination Under Section 860(e)(4) by a Qualified Investment Entity.
Signature. The return must be signed and dated by the president, vice
president, treasurer, assistant treasurer, chief accounting officer, or any other
If the determination is from an agreement with the delegate (under section
officer (such as tax officer) authorized to sign. A receiver, trustee, or assignee
547(c)(3) or 860(e)(3)) any claim resulting from the deficiency dividend
must sign and date any return filed on behalf of the company or trust.
deduction may be filed with the delegate or corresponding IRS office.
If an officer completed Form 976, the Paid Preparer Use Only space under
Deficiency dividends. Deficiency dividends must be distributed no later than
“Signature of officer” should remain blank. If someone prepares Form 976
90 days after the determination date (defined below) and prior to filing
and does not charge the corporation, that person should not sign the return.
Form 976.
Certain others who prepare Form 976 should not sign. For example, a
The deficiency dividend must be of such a nature as would have permitted
regular, full-time employee, such as a clerk, secretary, etc., should not sign.
its inclusion in the computation of the deduction for dividends paid under
Generally, anyone who is paid to prepare Form 976 must sign the return
section 561 for the tax year for which the tax liability exists, if it had been
and fill in the other blanks in the “Paid Preparer Use Only” section of the
distributed during that year.
return.
Determination date. If the determination was made by:
The preparer required to sign the return must complete the required
• A decision of the Tax Court, the determination date is the date the decision
preparer information and:
becomes final under section 7481.
• Sign it, by hand, in the space provided for the preparer’s signature
• A judgment, decree, or order by a court, the determination date is the date
(signature stamps or labels are not acceptable) and
the judgment, decree, or order becomes final.
• Give a copy of Form 976 to the taxpayer in addition to the copy filed with
• A closing agreement made under section 7121, the determination date is
the IRS.
the date the agreement is approved by the Commissioner.
• An agreement between the IRS and the taxpayer under section 547(c)(3)
Paperwork Reduction Act Notice. We ask for the information on this form
(Form 2198) (see below) or section 860(e)(3) and the signed copy of the
to carry out the Internal Revenue laws of the United States. We need it to
agreement is sent to the taxpayer by registered mail, the determination date
ensure that you are complying with these laws and to allow us to figure and
is the date of the registration. If the agreement is sent by certified mail, the
collect the right amount of tax.
determination date is the date of the postmark on the sender’s receipt. But if
You are not required to provide the information requested on a form that is
the dividend is paid before the registration or postmark date, and on or after
subject to the Paperwork Reduction Act unless the form displays a valid
the date the agreement is signed by the delegate of the Commissioner, the
OMB control number. Books or records relating to a form or its instructions
determination date is the date the agreement was signed.
must be retained as long as their content may become material in the
• A RIC or REIT under section 860(e)(4) (Form 8927), in general, the
administration of any Internal Revenue law. Generally, tax return and return
determination date is the date Form 8927 was mailed to the IRS. See Rev.
information are confidential, as required by section 6103.
Proc. 2009-28 for more information. A RIC or REIT should retain written
The time needed to complete and file this form will vary depending on
evidence with its records to establish the date Form 8927 was mailed.
individual circumstances. The estimated average time is:
Enter this date on line 6.
Recordkeeping
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5 hr., 44 min.
Form 2198. Form 2198, Determination of Liability for Personal Holding
Learning about the law or the form .
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53 min.
Company Tax Section 547(c)(3) of the Internal Revenue Code, is used as the
agreement required by section 547(c)(3). The form is jointly signed by a
Preparing, copying, assembling, and
delegate of the Commissioner of Internal Revenue and a qualified officer of
sending the form to the IRS .
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. 1 hr., 2 min.
the PCH to establish the PCH’s tax liability.
If you have comments concerning the accuracy of these time estimates or
Claim for credit or refund. If the allowance of the deficiency dividend
suggestions for making this form simpler, we would be happy to hear from
deduction results in an overpayment of tax, the taxpayer must file an
you. You can send us comments from Click on
amended income tax return in addition to Form 976 to obtain a credit or
“More Information” and then “Give us feedback.” You can also send your
refund of the overpayment.
comments to the Internal Revenue Service, Tax Forms and Publications
Division, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do
not send this form to this office. Instead, see When and where to file above.

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