Partners, S corporation shareholders, beneficiaries of an estate or trust, owners of a foreign trust, or residual interest holders in a real estate mortgage investment conduit (REMIC) file this form if they wish to report items differently than the way they were reported to them on Schedule K-1, Schedule Q, or a foreign trust statement.
Taxpayers and tax return preparers use this form to disclose items or positions that are not otherwise adequately disclosed on a tax return to avoid certain penalties.
Partnerships file this form to report the sale or exchange by a partner of all or part of a partnership interest where any money or other property received in exchange for the interest is attributable to unrealized receivables or inventory items (that is, where there has been a section 751(a) exchange).
An eligible entity uses this form to elect how it will be classified for federal tax purposes, as a corporation, a partnership, or an entity disregarded as separate from its owner.
A U.S. person files this form to report the information required under section 6038 (reporting with respect to controlled foreign partnerships), section 6038B (reporting of transfers to foreign partnerships), or section 6046A (reporting of acquisitions, dispositions, and changes in foreign partnership interests).
Small partnerships use this form to elect the unified audit and litigation procedures.
Small partnerships use this form to revoke a prior election to be governed by the unified audit and litigation procedures as set forth in Internal Revenue Code Section 6231(a)(1)(B)(ii).