Form 8838-P - Consent To Extend The Time To Assess Tax Pursuant To The Gain Deferral Method Page 2
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Form 8838-P (12-2017)
Page
General Instructions
Line 1a
To apply the gain deferral method upon a gain deferral contribution, a
Section references are to the Internal Revenue Code unless otherwise
U.S. transferor must agree to extend the period of limitations as
noted.
described in Temporary Regulations section 1.721(c)-6T(b)(5)(i). A U.S.
Future Developments
transferor must also agree to extend the period of limitations under
Temporary Regulations section 1.721(c)-6T(b)(5)(ii). A U.S. transferor
For the latest information about developments related to Form 8838-P
must agree to extend the period of limitations under Temporary
and its instructions, such as legislation enacted after they were
Regulations section 1.721(c)-6T(b)(5)(i) through the close of the eighth
published, go to
full tax year following the tax year of the contribution, and must agree to
extend the period of limitations under Temporary Regulations section
Purpose of Form
1.721(c)-6T(b)(5)(ii) through the close of the sixth full tax year following
the tax year of the contribution. A U.S. transferor must also agree to
To apply the gain deferral method (as described in Temporary
extend the period of limitations under Temporary Regulations section
Regulations section 1.721(c)-3T), Form 8838-P must be used for:
1.721(c)-6T(b)(5)(ii) for the subsequent two years through the close of
• A gain deferral contribution (defined in Temporary Regulations section
the sixth full tax year following each such year.
1.721(c)-1T(b)(7)), and
Line 1b
• A contribution, that isn’t a gain deferral contribution, of section 721(c)
property (defined in Temporary Regulations section 1.721(c)-1T(b)(15))
Contributions upon which gain is recognized. A contribution of
to a section 721(c) partnership (defined in Temporary Regulations
section 721(c) property to a section 721(c) partnership, upon which
section 1.721(c)-1T(b)(14)) within five partnership tax years following the
gain is recognized, made within five partnership tax years following the
partnership tax year that includes a gain deferral contribution.
partnership tax year that includes a gain deferral contribution, is subject
to Temporary Regulations section 1.721(c)-6T(b)(5)(iii). With respect to
See Temporary Regulations section 1.721(c)-6T(b)(5)(i) through (iii).
the gain recognized, a U.S. transferor must agree to extend the period
For definitions and other information about contributions of property
of limitations under Temporary Regulations section 1.721(c)-6T(b)(5)(iii)
to a section 721(c) partnership, see Temporary Regulations sections
through the close of the fifth full tax year following the tax year of the
1.721(c)-1T through 1.721(c)-7T.
contribution.
Consent to extend the time to assess tax. Although you aren’t required
Line 5
to extend the period of limitations on assessment of tax under the terms
and conditions provided in this form, for a gain deferral contribution, failure
If there is more than one section 721(c) property, provide the information
to do so as required under Temporary Regulations section 1.721(c)-6T(b)(5)
requested on line 5 for each property. For each section 721(c) property,
will result in gain recognition. For a contribution, that isn’t a gain deferral
indicate whether the gain deferral method is being applied.
contribution, of section 721(c) property to a section 721(c) partnership,
Line 5c
failure to file this form as required under Temporary Regulations section
1.721(c)-6T(b)(5)(iii) may constitute an acceleration event under Temporary
If the gain deferral contribution is subject to the tiered partnership rules
Regulations section 1.721(c)-4T(b)(2)(i) for a gain deferral contribution that
under Temporary Regulations section 1.721(c)-3T(d), identify all upper-
occurred within five partnership tax years prior to the contribution.
and lower-tier partnerships.
Who Must File
Signature
In general. The rules for signatures are provided in Temporary
A U.S. transferor must file Form 8838-P in order to apply the gain
deferral method as described in Temporary Regulations section
Regulations section 1.721(c)-6T(e).
1.721(c)-3T upon a contribution of section 721(c) property to a
Joint returns. If this consent is made for any year for which a joint
section721(c) partnership.
income tax return is filed, both husband and wife must sign Form
For purposes of section 721(c), the term “U.S. transferor” includes:
8838-P unless one, acting under a power of attorney, signs as an agent
for the other.
• A citizen or resident of the United States.
Corporation. If the taxpayer is a corporation, a responsible officer of the
• A domestic corporation.
corporation must sign the return and show his or her title. Affiliated
• Any estate or trust (other than a foreign estate or trust under section
groups filing a consolidated income tax return should see Regulations
7701(a)(31)).
section 1.1502-77 for rules about a common parent signing as an agent
See also Temporary Regulations section 1.721(c)-1T(b)(18)(i).
for subsidiaries and alternative agents for affiliated groups.
Attorney or Agent. If you’re an attorney or agent of the taxpayer(s), you
How To File
may sign this consent if that action is specifically authorized by a power
of attorney. Form 2848, Power of Attorney and Declaration of
Attach Form 8838-P to a U.S. transferor’s income tax return for:
Representative, provides the authority on line 5a, Acts authorized.
• A gain deferral contribution for the tax year in which the gain deferral
Attach a copy of Form 2848 to Form 8838-P.
contribution is made and annually as required under Temporary
Fiduciaries. If you’re acting as a trustee and you sign this consent, you
Regulations section 1.721(c)-6T(b)(5), and
must attach a copy of Form 56, Notice Concerning Fiduciary
• A contribution, that isn’t a gain deferral contribution, of section 721(c)
Relationship, and the trust instrument. If you are acting as an executor,
property to a section 721(c) partnership for the tax year in which the
administrator, or other fiduciary of an estate, you must attach a copy of
contribution is made.
Form 56, and the certified copy of letters of testamentary or court
certificate certifying as to the present status of the estate, including the
Specific Instructions
name of the present fiduciary and capacity.
Bankruptcy case under Title 11, United States Code. The trustee
Identifying Number
must sign the consent in a case under Title 11 if the trustee has
The identifying number of an individual is the social security number. For
possession of, or holds title to all, or substantially all, of the property or
all other taxpayers, it’s the employer identification number.
business of a corporation.
Address
Include the suite, room, or other unit number after the street address. If
the Post Office doesn’t deliver mail to the street address and the
transferor has a P.O. box, show the box number instead.
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