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Anaheim California online Form 8843: What You Should Know
What do you need to know about Form 8855 to file for an election? You need to know the following information about your qualified Revocable Trust, (ART) to make the election: The specific name of the trust when you file Form 8855. The amount you pay to the trust each year as taxable income for purposes of determining the value of the trust assets to be distributed as part of the sale of the ART. The number of shares of stock you own that are being counted as part of the sales proceeds of the ART. When you can file for the election period. What You Need to Know About Forms 8855 & 8856 — Asset Sale — Trusts The following two types of trust assets are part of the assets sold at the sale of the ART: Distributions from the ART. (Amounts paid to the ART that are taxed in the year you pay them are not part of the sale proceeds—the sale is a sale of property that is part of the ART because it is an asset used primarily in carrying and making the ART's income.) If you are a part of a trust that is not a qualified REIT (see page 9 of IRS Publication 519 for more information on qualified Rests), you may need to file Form 8856 (or 8855) with your annual tax return. There will be a 5.00 penalty if you file a Form 8856 on or before your tax year-end. Once you file Form 8856 with your tax return, a Section 7706 election can be made for the trust to be treated as an estate during the election period, as described under Section 7706. A Form 8855(Rev.) is necessary for certain trusts that qualify as a qualified REIT. The filing date for Form 8855(Rev.) is the 15th day of the 6th month following the close of the tax year; except that any subsequent filing in any taxable year of a person who is taxed on trusts, shall be filed in the month of the month following such taxable year, except that such filing shall be no earlier than the 30th and no later than the 15th day after the close of such taxable year. The deadline for making the election is the date the election is filed.
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