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Federal Free Printable Form 921-P (Rev. 4-2015) for 2020 Federal Consent Fixing Period of Limitation on Assessment of Income and Profits Tax

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Consent Fixing Period of Limitation on Assessment of Income and Profits Tax
Form 921-P (Rev. 4-2015)

In reply refer to Department of the Treasury-Internal Revenue Service Form 921-P (April 2015) Consent Fixing Period of Limitation on Assessment of Income and Profits Tax Taxpayer Identification Number(s) (Partnerships and Limited Liability Companies) Estimated Future Common Expense Allowance for Real Estate Sales Under Contract For income or profits tax purposes, the Commissioner of Internal Revenue has tentatively allowed (Entity Name) a , whose address is (Partnership, Limited Liability Company, Etc.) , to consider in whole (Number, Street, City or Town, State, ZIP Code) or in part the estimated cost of future common improvements as part of the cost or other basis of certain real estate sold or otherwise disposed of under contract. Real Estate Project covered by this consent agreement: As a provision of this tentative allowance, the undersigned taxpayer, a Tax Matters Partner of the entity named above, and the Commissioner of Internal Revenue agree that: The amount of any federal income tax due with respect to all partners attributable to partnership items resulting from this tax treatment for the specified project for the above named partnership for tax year(s) ended may be assessed . at any time before and up to one year after a return is filed for tax year ended (Ending Date for Tax Year of Expected Project Completion) A return filed before the expected project completion date shall be considered filed on the day prescribed above without. regard to extensions. This consent agreement to extend the time to assess tax is limited to the assessment of deficiencies attributable to the use of the alternative cost method with respect to the real estate project described above. If a notice of Final Partnership Administrative Adjustment is mailed to the Tax Matters Partner, the time for assessing the tax for the period(s) stated in the notice of Final Partnership Administrative Adjustment shall be suspended for the period during which an action may be brought under 6226 of the Internal Revenue Code (and, if an action with respect to such administrative adjustment is brought during such period until the decision of the court in such action becomes final) and for 1 year thereafter. THIS CONSENT AGREEMENT DOES NOT DEPRIVE THE TAXPAYER(S) OF ANY APPEAL RIGHTS TO WHICH THEY WOULD OTHERWISE BE ENTITLED. Partnership name Under penalties of perjury, I declare that I am not currently in bankruptcy nor have I previously been named as a debtor in a bankruptcy proceeding in which the United States could have filed a claim for income tax due with respect to any partnership taxable year covered by this consent. Tax Matters Partner’s name (type or print) Tax Matters Partner’s signature Date Authorized Person’s name (type or print) Authorized Person’s signature Date (You must also attach written authorization as stated in the instructions on the back of this form.) INTERNAL REVENUE SERVICE SIGNATURE AND TITLE IRS Official’s name - See Instructions (type or print) IRS Official’s Title - See Instructions IRS Official’s Signature - See Instructions Catalog Number 32811X (See back of form for signature instructions) Date www.irs.gov Form 921-P (Rev. 4-2015) Page 2 Instructions for Taxpayer(s) Please sign and return the original and copy of Form 921-P, Consent Fixing Period of Limitation On Assessment of Income and Profits Tax, to apply for a consent in accordance with Revenue Procedure 92-29 and its successors. 1. The consent generally applies to partnership returns filed for partnership tax years beginning after September 3, 1982. Other entities (those not subject to the unified audit and litigation procedures for TEFRA partnerships) must use Form 921-I. 2. The consent may be signed for the partnership in the appropriate space by either: a. The Tax Matters Partner for the partnership for the year(s) covered by the consent, or b. any other person authorized by the partnership in writing to sign the consent (see item 5 below). 3. If the Tax Matters Partner is not an individual and the consent is signed by a person acting in a representative capacity for the Tax Matters Partner, for example, the trustee of a trust, the declaration above the signature line for the Tax Matters Partner refers to the bankruptcy of the Tax Matters Partner, not the person who actually signed the consent. 4. If the Tax Matters Partner has filed a joint return with his or her spouse for the taxable years(s) covered by the consent and the consent is signed by the Tax Matters Partner, the declaration above the signature line for the Tax Matters Partner refers to the bankruptcy of either spouse, not just to the person who actually signed the consent. 5. If the consent is signed by any person other than the Tax Matters Partner, a copy of the written authorization from the partnership must be attached to the consent. The information that must be included in the authorization is described in Temporary Regulations 301.6229(b)-l and is listed below. The written authorization must: a. Provide that it is an authorization for a person other than the Tax Matters Partner to extend the assessment period with respect to all partners. b. Identify the partnership and the person being authorized by name, address, and taxpayer identification number. c. Specify the partnership tax year or years for which the authorization is effective, and d. Include the signatures of all persons who were general partners at any time during the year or years for which the authorization is effective. Instructions for Internal Revenue Service Employees Complete the delegated IRS official’s name and title of the employee who is signing the form on behalf of the IRS. An IRS official delegated authority under Delegation Order 25-2 must sign and date the consent. (IRM 1.2.52.3) Catalog Number 32811X www.irs.gov Form 921-P (Rev. 4-2015)
Extracted from PDF file 2019-federal-form-921-p.pdf, last modified October 2019

More about the Federal Form 921-P Other TY 2019

We last updated the Consent Fixing Period of Limitation on Assessment of Income and Profits Tax in February 2020, so this is the latest version of Form 921-P, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 921-P directly from TaxFormFinder. You can print other Federal tax forms here.

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Form Sources:

The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 921-P from the Internal Revenue Service in February 2020.

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Historical Past-Year Versions of Federal Form 921-P

We have a total of seven past-year versions of Form 921-P in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 921-P

Form 921-P (Rev. 4-2015)

2018 Form 921-P

Form 921P (Rev 10-2001)

2017 Form 921-P

Form 921P (Rev 10-2001)

2016 Form 921-P

Form 921P (Rev 10-2001)

Consent Fixing Period of Limitation on Assessment of Income and Profits Tax 2015 Form 921-P

Form 921P (Rev 10-2001)

Consent Fixing Period of Limitation on Assessment of Income and Profits Tax 2012 Form 921-P

Form 921P (Rev 10-2001)

Consent Fixing Period of Limitation on Assessment of Income and Profits Tax 2011 Form 921-P

Form 921P (Rev 10-2001)


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