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Cary North Carolina online Form 8840: What You Should Know

The guidance that will appear in Form 8883 is based directly on guidance in Rev. Pro. 2017-15 (which was published on 10/2/17). This guidance does not apply to the current (previously announced) Forms 8806, 1096, and 1099-CAP, or any other forms or guidance that are  pending. Therefore, a copy of Guidance on IRS Guidance for the Asset Allocation Statement under Section 338 was issued. Please note that, as a result of the revisions to Form 8443, Form 8643, and Form 8949, the previous guidance on the Asset Allocation Statement under Section 338 of the Code in Rev. Pro. 2017-15 was no longer applicable. So now, Form 8883 for certain deemed sale transactions is subject to  the Guidance. If you have purchased, in good faith, assets through the IRA, real estate, or other regulated securities, or if you do not intend to take or dispose  of them prior to the sale of your investment property, you should report in the Summary table at the bottom of the  Form 8883 as “Not Assessed and Paid in Cash” (unless you are exempt). Reporting under the “Not Assessed and Paid in Cash” (NAPS) column indicates that you are  contrary to the letter and spirit of the Code, and that an asset is owned by the U.S. government because of public policy or  fundamental policy requirements, as described in Treasury Order 13379. The “Not Assessed and Paid in Cash” section is available as a special section  to those who prefer it for their own tax purposes. It is recommended that you refer to Rev. Pro. 2017-15 for instructions on how to report under the “Not Assessed and Paid in Cash” (APC) section as opposed  to the “Assessed and Paid in Cash” column in the Table of Contents. You can also refer to Rev. Pro. 2017-15 for instructions on how to report under the “Not Assessed and Paid in Cash (NAPS) section, which is the Special Section for those wishing to report under the NAPS column. This form will replace the previous Form 8023, Form 8803, and Forms 8806.

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