Federal Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust
Extracted from PDF file 2019-federal-form-976.pdf, last modified November 2018
Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment TrustForm 976 Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust (Rev. November 2018) Department of the Treasury Internal Revenue Service Name of entity OMB No. 1545-0123 (Under Section 547 or 860 of the Internal Revenue Code) Employer identification number Type of entity filing the claim: Number, street, and room or suite no. (If a P.O. box, see instructions.) Personal holding company City or town, state, and ZIP code Regulated investment company Real estate investment trust 1 2 3a b 4 5 a b c d e f Amount of tax deficiency . . . . . . . . . . . Tax year of deficiency ends: / / . Amount paid . . . . . . . . . . . . . . . Date paid / / . Amount unpaid. Subtract line 3a from line 1 . . . . How was the deficiency established? Tax Court Decision—Attach a copy. Court Judgment—Attach a copy. If established by a United States for refund: . . . . . . . . . . . . 1 . . . . . . . . . . . . 3a . . . . . . . . . . . . 4 final judgment in a suit against the (1) Date the claim for refund was filed / / . (2) Date the suit was brought / / . Closing agreement under section 7121. If a personal holding company, agreement under section 547(c)(3)—Attach a copy of a properly executed Form 2198. If a regulated investment company or real estate investment trust, agreement under section 860(e)(3)—Attach a copy of the agreement. If a regulated investment company or real estate investment trust, a statement under section 860(e)(4)—Attach a copy of the Form 8927 filed with the IRS (see instructions). 6 7 Determination date (see instructions) / / . Date the deficiency dividend was distributed / / . (Attach a certified copy of the resolution of the board of directors or other authority authorizing the payment of the deficiency dividend.) 8 Deficiency dividend was distributed as follows: a Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b Other property (attach description): (1) Fair market value . . . . . . . . . . . . . . . . . . . . . . . . (2) Adjusted basis . . . . . . . . . . . . . . . . . . . . . . . . . 9a Amount claimed as a deduction for deficiency dividends . . . . . . . . . . . . b For a regulated investment company or real estate investment trust, enter the amount of line 9a designated or reported as capital gain dividends . . . . . . . . . . . . . . 10 Only personal holding companies must complete line 10. (b) Class of stock and number of shares of each class of stock held at date of payment of deficiency dividend (a) Name and address of each shareholder Signature of officer Print/Type preparer’s name Date Preparer’s signature ▲ Paid Preparer Use Only 8b(1) 8b(2) 9a 9b (c) Amount of deficiency dividend paid to each shareholder on each class of stock Under penalties of perjury, I declare that I have examined this claim, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. ▲ Sign Here 8a Title Date Check if self-employed Firm’s name ▶ Firm’s EIN Firm’s address ▶ Phone no. For Privacy Act and Paperwork Reduction Act Notice, see instructions. Cat. No. 17061B PTIN ▶ Form 976 (Rev. 11-2018) Form 976 (Rev. 11-2018) Instructions Section references are to the Internal Revenue Code unless otherwise noted. Future Developments For the latest information about developments related to Form 976 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form976. Purpose of form. File Form 976 for a personal holding company (PHC), regulated investment company (RIC), or real estate investment trust (REIT) that is claiming a deficiency dividend deduction under section 547 or 860. If the claim is allowed, taxpayers will be relieved, in whole or in part, from the payment of certain taxes (or allowed a credit or refund of certain taxes). In addition, a RIC or REIT will owe interest determined with respect to the amount of the deficiency dividend deduction allowed. See sections 860(a), 860(c), 6601, and 6621. The Service will notify the RIC or REIT of the amount of interest. When and where to file. File Form 976 within 120 days after the determination date (defined below). A PHC must file Form 976 with the IRS office where the determination of PHC status was made. A RIC or a REIT must file Form 976 with the Internal Revenue Service Center where the income tax return for the tax year for which the determination applies was filed, unless the situations below apply. If the determination is made by a RIC or REIT under section 860(e)(4), file Form 976 with the Internal Revenue Service, P.O. Box 9941, Mail Stop 4912, Ogden, UT 84409. This is the same address for filing Form 8927, Determination Under Section 860(e)(4) by a Qualified Investment Entity. If the determination is from an agreement with the delegate (under section 547(c)(3) or 860(e)(3)) any claim resulting from the deficiency dividend deduction may be filed with the delegate or corresponding IRS office. Deficiency dividends. Deficiency dividends must be distributed no later than 90 days after the determination date (defined below) and prior to filing Form 976. The deficiency dividend must be of such a nature as would have permitted its inclusion in the computation of the deduction for dividends paid under section 561 for the tax year for which the tax liability exists, if it had been distributed during that year. Determination date. If the determination was made by: • A decision of the Tax Court, the determination date is the date the decision becomes final under section 7481. • A judgment, decree, or order by a court, the determination date is the date the judgment, decree, or order becomes final. • A closing agreement made under section 7121, the determination date is the date the agreement is approved by the Commissioner. • An agreement between the IRS and the taxpayer under section 547(c)(3) (Form 2198) (see below) or section 860(e)(3) and the signed copy of the agreement is sent to the taxpayer by registered mail, the determination date is the date of the registration. If the agreement is sent by certified mail, the determination date is the date of the postmark on the sender’s receipt. But if the dividend is paid before the registration or postmark date, and on or after the date the agreement is signed by the delegate of the Commissioner, the determination date is the date the agreement was signed. • A RIC or REIT under section 860(e)(4) (Form 8927), in general, the determination date is the date Form 8927 was mailed to the IRS. See Rev. Proc. 2009-28 for more information. A RIC or REIT should retain written evidence with its records to establish the date Form 8927 was mailed. Enter this date on line 6. Form 2198. Form 2198, Determination of Liability for Personal Holding Company Tax Section 547(c)(3) of the Internal Revenue Code, is used as the agreement required by section 547(c)(3). The form is jointly signed by a delegate of the Commissioner of Internal Revenue and a qualified officer of the PCH to establish the PCH’s tax liability. Claim for credit or refund. If the allowance of the deficiency dividend deduction results in an overpayment of tax, the taxpayer must file an amended income tax return in addition to Form 976 to obtain a credit or refund of the overpayment. Corporate acquisitions. When the assets of one corporation are acquired by another corporation in a distribution or transfer described in section 381(a), see sections 381(c)(17) and 381(c)(23) for special rules for claiming a deficiency dividend deduction. Page 2 Address. Include the suite, room, or other unit number after the street address. If the Post Office does not deliver mail to the street address and the taxpayer has a P.O. box, show the box number instead of the street address. Line 1. Enter the amount of the tax liability established by the determination without taking into account the deficiency dividend deduction claimed and without regard to whether the tax liability is (or was) a deficiency as defined under section 6211(a)(1). Attach a detailed statement that discloses the computation of the tax deficiency amount reported on line 1. This statement should identify each amount and item that changes income, expenses or credits as reported on the original or amended Form 1120-REIT, Form 1120-RIC, or Schedule PH (Form 1120), as applicable. Also, provide an explanation for these changes. For RICs or REITs that are partners in a partnership subject to the centralized partnership audit regime set out in sections 6221 through 6241 (as amended by the Bipartisan Budget Act of 2015), this detailed statement meets part of the documentation requirements for purposes of sections 6225(c) and 6226 and the regulations thereunder with respect to adjustments allocated to RICs or REITs. Line 2. Enter the ending date of the tax year for which the deficiency dividend deduction is claimed. A separate Form 976 must be filed for each deficiency dividend deduction claimed. Line 3a. Enter the amount paid, if any, of the tax liability entered on line 1 without taking into account the deficiency dividend deduction. Line 5f. A RIC or REIT can file Form 8927 with the IRS to make a selfdetermination. If a statement is used instead of Form 8927, attach a copy of the statement to Form 976. Line 6. See Determination date, earlier, for more information. Line 8(b). If a stock distribution by a publicly traded RIC or REIT meets all the requirements of section 3.02 of Rev. Proc. 2010-12, the RIC or REIT that made the distribution must enter the fair market value of the stock distributed on line 8(b)(1) and is not required to complete line 8(b)(2). See Rev. Proc. 2010-12 for more information. Signature. The return must be signed and dated by the president, vice president, treasurer, assistant treasurer, chief accounting officer, or any other officer (such as tax officer) authorized to sign. A receiver, trustee, or assignee must sign and date any return filed on behalf of the company or trust. If an officer completed Form 976, the Paid Preparer Use Only space under “Signature of officer” should remain blank. If someone prepares Form 976 and does not charge the corporation, that person should not sign the return. Certain others who prepare Form 976 should not sign. For example, a regular, full-time employee, such as a clerk, secretary, etc., should not sign. Generally, anyone who is paid to prepare Form 976 must sign the return and fill in the other blanks in the “Paid Preparer Use Only” section of the return. The preparer required to sign the return must complete the required preparer information and: • Sign it, by hand, in the space provided for the preparer’s signature (signature stamps or labels are not acceptable); and • Give a copy of Form 976 to the taxpayer in addition to the copy filed with the IRS. Paperwork Reduction Act Notice. We ask for the information on this form to carry out the Internal Revenue laws of the United States. 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 content may become material in the administration of any Internal Revenue law. Generally, tax return 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 average time is: Recordkeeping . . . . . . . . . . . . 5 hr., 44 min. Learning about the law or the form . . . . . . . . . 53 min. Preparing, copying, assembling, and sending the form to the IRS . . . . . . . . . . 1 hr., 2 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/FormComments. Or you can also send your comments to the Internal Revenue Service, Tax Forms and Publications Division, 1111 Constitution Ave. NW, IR-6526, Washington, DC 20224. Do not send this form to this office. Instead, see When and where to file above.
Form 976 (Rev. November 2018)
More about the Federal Form 976 Corporate Income Tax TY 2019
We last updated the Claim for Deficiency Dividends Deductions by a Personal Holding Company, Regulated Investment Company, or Real Estate Investment Trust in February 2020, so this is the latest version of Form 976, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 976 directly from TaxFormFinder. You can print other Federal tax forms here.
Related Federal Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 13976||Itemized Statement Component of Advisee List|
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 976 from the Internal Revenue Service in February 2020.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Federal Form 976
We have a total of eight past-year versions of Form 976 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
Form 976 (Rev. November 2018)
Form 976 (Rev. November 2018)
Form 976 (Rev. November 2014)
Form 976 (Rev. November 2014)
Form 976 (Rev. November 2014)
Form 976 (Rev. November 2014)
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