Form 8924 - Excise Tax On Certain Transfers Of Qualifying Geothermal Or Mineral Interests Page 2

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Form 8924 (Rev. 1-2011)
Page
Specific Instructions
Where To File
Eligible federal land. The term eligible
federal land means the Bureau of Land
File Form 8924 with the Department of the
Management land and the Forest Service
Name and address. Enter the name
Treasury, Internal Revenue Service Center,
land, as generally depicted on the map
shown on the eligible entity’s most
Cincinnati, OH 45999.
entitled “Rocky Mountain Front Mineral
recently filed federal income tax return.
Withdrawal Area” and dated January 8,
Include the suite, room, or other unit
Rounding Off to Whole
2007. You can view an electronic version
number after the street address. If the Post
Dollars
of the map at
Office does not deliver mail to the street
rocky_mtn_front_withdrawal.shtml.
address and the entity has a P.O. box,
You may show money items on the return
show the box number instead of the street
Forest Service land. This term means the
as whole dollars. To do so, drop any
address.
Forest Service land and any federally-
amount less than 50 cents and increase
owned minerals located:
any amount from 50 cents through 99
Tax Computation
cents to the next higher dollar.
• In the Rocky Mountain Division of the
Lewis and Clark National Forest, including
Line 10
Signature
the approximately 356,111 acres of land
The tax due must be paid in full when
made unavailable for leasing by the August
See the instructions for the signature
Form 8924 is filed. Make the check or
28, 1997, Record of Decision for the Lewis
section of your federal income tax return.
money order payable to the “United States
and Clark National Forest Oil and Gas
Treasury.” Write the entity’s name,
Interest and Penalties
Leasing Environmental Impact Statement
address, employer identification number,
and that is located from T. 31 N. to T. 16 N.
and Form 8924 on the check or money
Interest. Interest is charged on taxes not
and R. 13 W. to R. 7 W.; and
order.
paid by the due date at a rate determined
• Within the Badger Two Medicine Area of
under section 6621.
Line 11
the Flathead National Forest including the
Late filing of return. A penalty of 5% a
land located in T. 29 N. from the western
The IRS will refund the amount on line 11 if
month or part of a month, up to a
edge of R. 16 W. to the eastern edge of R.
no other taxes are owed.
maximum of 25%, is imposed on the net
13 W., and the land located in T. 28 N., Rs.
amount due if Form 8924 is not filed when
13, and 14 W.
due.
Paperwork Reduction Act Notice. We
Qualifying letter of intent. A qualifying
ask for the information on this form to carry
Late payment of tax. Generally, the
letter of intent means a written letter of
out the Internal Revenue laws of the United
penalty for not paying tax when due is 1/2
intent that includes the following statement:
States. You are required to give us the
of 1% of the unpaid amount, up to a
“The transferee’s intent is that this
information. We need it to ensure that you
maximum of 25%, for each month or part
acquisition will serve one or more of the
are complying with these laws and to allow
of a month the tax remains unpaid. The
conservation purposes specified in clause
us to figure and collect the right amount of
penalty is imposed on the net amount due.
(i), (ii), or (iii) of section 170(h)(4)(A) of the
tax. Section 6109 requires return preparers
Definitions
Internal Revenue Code of 1986, that the
to provide their identifying numbers on the
transferee’s use of the deposits so
return.
Bureau of Land Management land. This
acquired will be consistent with section
You are not required to provide the
term means the Bureau of Land
170(h)(5) of such Code, and that the use of
information requested on a form that is
Management land and any federally-owned
the deposits will continue to be consistent
subject to the Paperwork Reduction Act
minerals located south of the Blackfeet
with such section, even if ownership or
unless the form displays a valid OMB
Indian Reservation and east of the Lewis
possession of such deposits is
control number. Books or records relating
and Clark National Forest to the eastern
subsequently transferred to another
to a form or its instructions must be
edge of R. 8 W., beginning in T. 29 N.
person.”
retained as long as their contents may
down to and including T. 19 N. and all of
Qualifying mineral or geothermal
become material in the administration of
T. 18 N., R. 7 W.
interest. A qualifying mineral or geothermal
any Internal Revenue law. Generally, tax
Conservation sale. A conservation sale
interest means an interest in any mineral or
returns and return information are
means a sale which meets the following
geothermal deposit located on eligible
confidential, as required by section 6103.
requirements.
federal land that constitutes the
The time needed to complete and file
transferor’s entire interest in the deposit.
• The transferee of the qualifying mineral or
this form will vary depending on individual
An interest in any mineral or geothermal is:
geothermal interest is an eligible entity.
circumstances. The estimated average
deposit is not the transferor’s entire
time is:
• At the time of the sale, the transferee
interest if the interest in that mineral or
provides the transferor with a qualifying
Recordkeeping .
.
.
.
4 hr., 4 min.
geothermal deposit was divided in order to
letter of intent.
avoid the requirements of a qualifying
Learning about the law
mineral or geothermal interest or section
• The sale is not made under an order of
or the form
.
.
.
.
.
.
. 42 min.
170(f)(3)(A). The transferor’s entire interest
condemnation or eminent domain.
Preparing, copying, assembling,
in such deposit does not fail to be a
Eligible entity. An eligible entity means:
and sending the form to the IRS 47 min.
qualifying mineral or geothermal interest
solely because the transferor has retained
• A governmental unit referred to in section
If you have comments concerning the
an interest in other deposits, even if the
170(c)(1) or an agency or department
accuracy of these time estimates or
other deposits are contiguous with such
thereof operated primarily for one or more
suggestions for making this form simpler,
certain deposit and were acquired by the
of the conservation purposes specified in
we would be happy to hear from you. You
transferor along with such certain deposit
clause (i), (ii), or (iii) of section170(h)(4)(A), or
can write to the Internal Revenue Service,
in a single conveyance.
Tax Products Coordinating Committee,
• An entity that is described in section
SE:W:CAR:MP:T:T:SP, 1111 Constitution
170(b)(1)(A)(vi) or section 170(h)(3)(B) and
Ave., NW, IR-6526, Washington, DC
organized and at all times operated
20224. DO NOT send the tax form to this
primarily for one or more of the
address. Instead, see Where To File
conservation purposes specified in clause
above.
(i), (ii), or (iii) of section 170(h)(4)(A).

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