Form 8038-Gc - Information Return For Small Tax-Exempt Governmental Bond Issues, Leases, And Installment Sales Page 2
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Form 8038-GC (Rev. 1-2012)
Page
When To File
multiple tax-exempt governmental obligations
1. At least 75% of the available construction
if the form is used for consolidated reporting.
proceeds of the issue are to be used for
To file a separate return for a single issue, file
construction expenditures with respect to
Tax-exempt obligation. This is any obligation
Form 8038-GC on or before the 15th day of
property to be owned by a governmental unit
including a bond, installment purchase
the second calendar month after the close of
or a 501(c)(3) organization, and
agreement, or financial lease, on which the
the calendar quarter in which the issue is
2. All of the bonds that are part of the issue
interest is excluded from income under
issued.
section 103.
are qualified 501(c)(3) bonds, bonds that are
To file a consolidated return for multiple
not private activity bonds, or private activity
Tax-exempt governmental obligation. A
issues, file Form 8038-GC on or before
bonds issued to finance property to be owned
tax-exempt obligation that is not a private
February 15th of the calendar year following
by a governmental unit or a 501(c)(3)
activity bond (see below) is a tax-exempt
the year in which the issue is issued.
organization.
governmental obligation. This includes a bond
Late filing. An issuer may be granted an
issued by a qualified volunteer fire department
In lieu of rebating any arbitrage that may be
extension of time to file Form 8038-GC under
under section 150(e).
owed to the United States, the issuer of a
section 3 of Rev. Proc. 2002-48, 2002-37
construction issue may make an irrevocable
Private activity bond. This includes an
I.R.B. 531, if it is determined that the failure to
election to pay a penalty. The penalty is equal
obligation issued as part of an issue in which:
file on time is not due to willful neglect. Type
to 1-1/2% of the amount of construction
or print at the top of the form, “Request for
• More than 10% of the proceeds are to be
proceeds that do not meet certain spending
Relief under section 3 of Rev. Proc. 2002-48.”
used for any private activity business use, and
requirements. See section 148(f)(4)(C) and the
Attach to the Form 8038-GC a letter briefly
Instructions for Form 8038-T.
• More than 10% of the payment of principal
stating why the form was not submitted to the
or interest of the issue is either (a) secured by
IRS on time. Also indicate whether the
Specific Instructions
an interest in property to be used for a private
obligation in question is under examination by
business use (or payments for such property)
the IRS. Do not submit copies of any bond
In general, a Form 8038-GC must be
or (b) to be derived from payments for
documents, leases, or installment sale
completed on the basis of available
property (or borrowed money) used for a
documents. See Where To File next.
information and reasonable expectations as of
private business use.
the date of issue. However, forms that are
Where To File
filed on a consolidated basis may be
It also includes a bond, the proceeds of
completed on the basis of information readily
which (a) are to be used to make or finance
File Form 8038-GC, and any attachments,
available to the issuer at the close of the
loans (other than loans described in section
with the Department of the Treasury, Internal
calendar year to which the form relates,
141(c)(2)) to persons other than governmental
Revenue Service Center, Ogden, UT 84201.
supplemented by estimates made in good
units and (b) exceeds the lesser of 5% of the
faith.
proceeds or $5 million.
Private delivery services. You can use
certain private delivery services designated by
Part I—Reporting Authority
Issue. Generally, obligations are treated as
the IRS to meet the “timely mailing as timely
part of the same issue only if they are issued
filing/paying” rule for tax returns and
Amended return. An issuer may file an
by the same issuer, on the same date, and as
payments. These private delivery services
amended return to change or add to the
part of a single transaction, or a series of
include only the following:
information reported on a previously filed
related transactions. However, obligations
return for the same date of issue. If you are
• DHL Express (DHL): DHL Same Day Service.
issued during the same calendar year (a)
filing to correct errors or change a previously
under a loan agreement under which amounts
• Federal Express (FedEx): FedEx Priority
filed return, check the “Amended Return” box
are to be advanced periodically (a “draw-
Overnight, FedEx Standard Overnight, FedEx
in the heading of the form.
down loan”) or (b) with a term not exceeding
2Day, FedEx International Priority, and FedEx
270 days, may be treated as part of the same
The amended return must provide all the
International First.
issue if the obligations are equally and ratably
information reported on the original return, in
• United Parcel Service (UPS): UPS Next Day
secured under a single indenture or loan
addition to the new corrected information.
Air, UPS Next Day Air Saver, UPS 2nd Day
agreement and are issued under a common
Attach an explanation of the reason for the
Air, UPS 2nd Day Air A.M., UPS Worldwide
financing arrangement (for example, under the
amended return and write across the top
Express Plus, and UPS Worldwide Express.
same official statement periodically updated
"Amended Return Explanation."
to reflect changing factual circumstances).
The private delivery service can tell you
Line 1. The issuer’s name is the name of the
Also, for obligations issued under a draw-
how to get written proof of the mailing date.
entity issuing the obligations, not the name of
down loan that meets the requirements of the
the entity receiving the benefit of the
Other Forms That May Be
preceding sentence, obligations issued during
financing. In the case of a lease or installment
different calendar years may be treated as
Required
sale, the issuer is the lessee or purchaser.
part of the same issue if all of the amounts to
For rebating arbitrage (or paying a penalty in
Line 2. An issuer that does not have an
be advanced under the draw-down loan are
lieu of arbitrage rebate) to the Federal
employer identification number (EIN) should
reasonably expected to be advanced within 3
Government, use Form 8038-T, Arbitrage
apply for one on Form SS-4, Application for
years of the date of issue of the first
Rebate, Yield Reduction and Penalty in Lieu
Employer Identification Number. You can get
obligation. Likewise, obligations (other than
of Arbitrage Rebate. For private activity
this form on the IRS website at IRS.gov or by
private activity bonds) issued under a single
bonds, use Form 8038, Information Return for
calling 1-800-TAX-FORM (1-800-829-3676).
agreement that is in the form of a lease or
Tax-Exempt Private Activity Bond Issues.
You may receive an EIN by telephone by
installment sale may be treated as part of the
following the instructions for Form SS-4.
same issue if all of the property covered by
For a tax-exempt governmental obligation
that agreement is reasonably expected to be
Lines 3 and 4. Enter the issuer’s address or
with an issue price of $100,000 or more, use
delivered within 3 years of the date of issue of
the address of the designated contact person
Form 8038-G.
the first obligation.
listed on line 6. If the issuer wishes to use its
Rounding to Whole Dollars
own address and the issuer receives its mail
Arbitrage rebate. Generally, interest on a
in care of a third party authorized
state or local bond is not tax-exempt unless
You may show the money items on this return
representative (such as an accountant or
the issuer of the bond rebates to the United
as whole-dollar amounts. To do so, drop any
attorney), enter on the street address line
States arbitrage profits earned from investing
amount less than 50 cents and increase any
“C/O” followed by the third party's name and
proceeds of the bond in higher yielding
amount from 50 to 99 cents to the next higher
street address or P.O. box. Include the suite,
nonpurpose investments. See section 148(f).
dollar.
room, or other unit number after the street
Construction issue. This is an issue of tax-
Definitions
address. If the post office does not deliver
exempt bonds that meets both of the
mail to the street address and the issuer has a
following conditions:
Obligations. This refers to a single tax-
P.O. box, show the box number instead of the
exempt governmental obligation if Form
8038-GC is used for separate reporting or to
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