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Rev proc 97-48 Form: What You Should Know

Pro. 97-48 provides a procedure for obtaining automatic relief for a late S corporation election. This is a two-step process: First, the taxpayer must first complete form P‑1 which includes identifying information for the taxpayer, and then follow the instructions for completing the Form 8853. In order to request automatic relief under Rev. Page 478. . . You must file Form 8853 in accordance with any applicable instructions and conditions, and complete Form 8853 in accordance with any applicable instructions and conditions. Form 8853, for all taxpayers, is available on the Website of the Internal Revenue Service. For tax years prior to the date of publication of this procedure, there is an additional instruction form to be completed. Pro. 98-5. A taxpayer is notified by the IRS to file Form 8853 under Pro. 97-48. In return, you must file Form 8853 in accordance with any applicable instructions and conditions. See Form 8853, Pub. 95-35, for the instructions for completing the form. Note: Taxpayers must provide certain personal identifying information as required under this procedure. The amount of income or loss that exceeds the amount allowed by this tax rule is taxable income for which a deduction is allowable under Sec. 1.63-11 of this section. Pro. 98-5. . . . [T]he IRS sends the taxpayer a notice that the tax has been assessed. (2) For the purpose of the tax, the taxpayer's gross income for the taxable year from the work, if any, and the gross income of S corporation shareholders and other shareholders at their respective corporate levels is reduced by the amount of the tax imposed. (3) (i) This reduction takes effect when the taxpayer files Form 8853 to request automatic relief from the S corporation election. (ii) For this purpose, S corporation shareholders include, but are not limited to: S corporation shareholders who were shareholders of the S corporation during the taxable year, and, (4) Form 8853 and the other required documents are filed within 10 months after the due date for filing the first taxable year's tax return.

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