Federal Consent of Shareholder To Include Specific Amount in Gross Income
Extracted from PDF file 2016-federal-form-972.pdf, last modified December 2016
Consent of Shareholder To Include Specific Amount in Gross IncomeForm Consent of Shareholder To Include Specific Amount in Gross Income 972 (Rev. December 2016) Department of the Treasury Internal Revenue Service (Under Section 565 of the Internal Revenue Code) (Send this form to the corporation claiming the deduction for consent dividends.) ▶ OMB No. 1545-0043 Information about Form 972 and its instructions is at www.irs.gov/form972. Identifying number (see instructions) Name of shareholder Number, street, and room or suite no. (If a P.O. box, see instructions.) City or town, state or province, country, and ZIP or foreign postal code The shareholder named above agrees to include $ and ending beginning 1 in gross income on its tax return for the tax year . This amount is treated as a taxable dividend to (Month, day, year) (Month, day, year) the shareholder on the stock of the (Name of corporation) (Number, street, and room or suite no.) (City or town, state or province, country, and ZIP or foreign postal code) (If a P.O. box, see instructions.) Note: If the amount to be included in gross income (on line 1, above) is different than the total shown on Schedule A, line 4, attach a statement to Form 972 explaining the reason and authority for the discrepancy. Schedule A Statement of Shares in Each Class of Stock Owned by the Shareholder on the Last Day of the Corporation’s Tax Year 2 Enter the last day of the corporation’s tax year ▶ (Month, day, year) Consent is given to include a specific amount in gross income based on the shares of stock owned on the last day of the corporation’s tax year as shown below. Class of stock Number of shares Amount of consent distribution allocable to each class of stock owned Certificate numbers 3 4 Total consent distribution . $ . . . . . . . . . . . . . . . . . . . . . . . ▶ $ Signature Under penalties of perjury, I declare that I have examined this consent, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Consenting shareholder ▶ Title ▶ For Paperwork Reduction Act Notice, see back of form. Date Cat. No. 17058E ▶ Form 972 (Rev. 12-2016) Form 972 (Rev. 12-2016) General Instructions Purpose of form. Form 972 is used by a shareholder who agrees to report a consent dividend as taxable income in the form of a dividend on the shareholder’s own tax return even though the shareholder receives no actual cash distribution of the consented amounts. A dividend is a consent dividend only if it would have been included in the shareholder’s gross income if it was actually paid. If the shareholder agrees to treat the dividend as taxable, the corporation may be able to claim a consent dividend deduction on its income tax return. Also, the shareholder increases its basis in the stock of that corporation in the amount of the consent dividend for which the shareholder is taxed. Who may file. A shareholder who agrees to treat the consent dividend as a taxable dividend must complete and send Form 972 to the corporation that will claim the consent dividend as a deduction. When and where to file. Send the completed Form 972 to the corporation by the due date of the corporation’s tax return for the tax year the corporation will claim the consent dividends as a deduction. The corporation must attach Form 973, Corporation Claim for Deduction for Consent Dividends, and a copy of each completed Form 972 to its income tax return. Note: The shareholder must report the consent dividend as a taxable dividend in the same tax year the corporation will claim the consent dividend deduction. For example, the corporation has a fiscal tax year that begins on July 1, 2016, and ends on June 30, 2017. In November 2016, a calendar year Page shareholder agrees to a consent dividend and sends a completed Form 972 to the corporation. The corporation claims the consent dividend deduction on its tax return for the fiscal year ending on June 30, 2017. The shareholder reports the consent dividend as a taxable dividend on its tax return filed for the calendar year ending on December 31, 2017. Identifying number. Individuals enter their social security number. All others enter their employer identification number. Address. Include the room, suite, or other unit number after the street address. If the Post Office doesn't deliver mail to the street address and the shareholder has a P.O. box, show the box number instead of the street address. Signature. Form 972 must be signed by the shareholder. If the shareholder is a partnership, one of the partners must sign. If the shareholder is an estate or trust, the fiduciary or officer representing the estate or trust must sign. For a corporate shareholder, the president, vice president, treasurer, assistant treasurer, chief accounting officer, or other authorized officer (such as tax officer) must sign the consent. The shareholder’s attorney or agent may sign this consent if he or she is specifically authorized by a power of attorney which, if not previously filed, must accompany Form 972. Paperwork Reduction Act Notice We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the 2 information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax. You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as required by section 6103. The time needed to complete and file this form will vary depending on individual circumstances. The estimated burden for individuals is approved under OMB control number 1545-0074, the estimated burden for businesses is approved under OMB number 1545-0123, and the estimated burden for all others who file this form is shown below. Recordkeeping . . 3 hrs., 35 min. Learning about the law or the form . . . . . 6 min. Preparing the form . . . . 9 min. If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. You can send us comments from www.irs.gov/forms-pubs. Click on “More information” and then on “Give us feedback.” Or you can write to Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send the tax form to this office. Instead, see When and where to file on this page.
Form 972 (Rev. December 2016)
More about the Federal Form 972 Estate Tax TY 2016
We last updated the Consent of Shareholder To Include Specific Amount in Gross Income in May 2017, so this is the latest version of Form 972, fully updated for tax year 2016. You can download or print current or past-year PDFs of Form 972 directly from TaxFormFinder. You can print other Federal tax forms here.
Other Federal Estate Tax Forms:
|Form Code||Form Name|
|8858 (Schedule M)||Transactions Between Foreign Disregarded Entity of a Foreign Tax Owner and the Filer or Other Related Entities|
|990 (Schedule R-1)||Continuation Sheet for Schedule R (Form 990)|
|941 (Schedule D)||Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations|
|990 (Schedule I-1)||Continuation Sheet for Schedule I (Form 990)|
|990 (Schedule K)||Supplemental Information on Tax-Exempt Bonds|
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 972 from the Internal Revenue Service in May 2017.
About the Estate Tax
The IRS, and many states, impose an estate tax on the transfer of cash and property between a decedent and their beneficiaries. These taxes generally only apply to estates over a certain size threshold, generally several million dollars, and therefore only affects the largest few percent of estates in the United States.
Historical Past-Year Versions of Federal Form 972
We have a total of five past-year versions of Form 972 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
Form 972 (Rev. December 2016)
Form 972 (Rev. November 2014)
Form 972 (Rev. November 2014)
While we do our best to keep our list of Federal Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.