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The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
Reasonable basis. Generally, you • An item (other than a tax shelter • The preparer knew or reasonably
can avoid the disregard of rules and item) that is adequately disclosed on should have known of the position,
substantial understatement portions this form if there is a reasonable and
of the accuracy-related penalty if the basis for the tax treatment of the item. • The position is frivolous or not
position is adequately disclosed and (In no event will a corporation be adequately disclosed on the return or
the position has at least a reasonable treated as having a reasonable basis on the appropriate disclosure
basis. Reasonable basis is a for its tax treatment of an item statement.
relatively high standard of tax attributable to a multi-party financing The penalty will not apply if it can
reporting that is significantly higher transaction entered into after August be shown that there was reasonable
than not frivolous or not patently 5, 1997, if the treatment does not cause for the understatement and
improper. The reasonable basis clearly reflect the income of the that the preparer acted in good faith.
standard is not satisfied by a return corporation.) In cases where any part of the
position that is merely arguable. • A tax shelter item (other than a understatement of the liability is due
The penalty will not be imposed on corporate tax shelter item) for tax to a willful attempt by the return
any part of an underpayment if there years ending before October 23, preparer to understate the liability, or
was reasonable cause for your 2004, if (a) there was substantial if the understatement is due to
position and you acted in good faith authority for the treatment at the time reckless or intentional disregard of
in taking that position. the return was filed or on the last day rules or regulations by the preparer,
If you failed to keep proper books of the tax year to which the return the preparer is subject to a $1,000
and records or failed to substantiate relates, and (b) you reasonably penalty.
items properly, you cannot avoid the believed that the tax treatment of the For returns or claims for refund
penalty by disclosure. item was more likely than not the filed after May 25, 2007. A preparer
proper tax treatment. who files a return or claim for refund
Substantial Understatement For corporate tax shelter is subject to a penalty in an amount
An understatement is the excess of: transactions (and for tax shelter items equal to the greater of $1000 or 50
1. The amount of tax required to of other taxpayers for tax years percent of the income derived (or to
be shown on the return for the tax ending after October 22, 2004), the be derived) by the tax return
year, over only exception to the substantial preparer, with respect to the return or
2. The amount of tax shown on understatement portion of the claim, for taking a position which
the return for the tax year, reduced by accuracy-related penalty is the understates any part of the liability if:
any rebates. reasonable cause exception. For • There is not a reasonable belief
more details, see section 1.6664-4(f). that the position would more likely
There is a substantial than not be sustained on its merits,
understatement of income tax if the Tax shelter items. A tax shelter, for • The preparer knew or reasonably
amount of the understatement for any purposes of the substantial should have known of the position,
tax year exceeds the greater of: understatement portion of the and
1. 10% of the tax required to be accuracy-related penalty, is a • The position was not disclosed as
shown on the return for the tax year, partnership or other entity, plan, or provided in section 6662(d)(2)(B)(ii);
or arrangement, with a significant or
2. $5,000 ($10,000 for a purpose to avoid or evade federal • There was no reasonable basis for
corporation other than an S income tax. For transactions on or the position.
corporation or a personal holding before August 5, 1997, a tax shelter The penalty will not apply if it can
company as defined in section 542). is a partnership or other entity, plan, be shown that there was reasonable
or arrangement, whose principal cause for the understatement and
For tax years beginning after purpose is to avoid or evade federal that the preparer acted in good faith.
October 22, 2004, an understatement income tax.
of a corporation (other than an S In cases where any part of the
corporation or a personal holding A tax shelter item is any item of understatement of the liability is due
company) is substantial if it exceeds income, gain, loss, deduction, or to a willful attempt by the return
the lesser of: credit that is directly or indirectly preparer to understate the liability, or
attributable to the principal or if the understatement is due to
1. 10% of the tax required to be
significant purpose of the tax shelter reckless or intentional disregard of
shown on the return for the tax year
to avoid or evade federal income tax. rules or regulations by the preparer,
(or, if greater, $10,000), or
the preparer is subject to a penalty
2. $10,000,000.
Tax Return Preparer equal to the greater of $5,000 or 50
For purposes of the substantial percent of the income derived, or to
Penalties be derived, by the tax return preparer
understatement portion of the
accuracy-related penalty, the amount For income tax returns or claims with respect to the return or claim.
of the understatement will be reduced for refund filed on or before May This penalty shall be reduced by the
by the part that is attributable to the 25, 2007. A preparer who files an amount of the penalty paid by such
following items. income tax return or claim for refund person for taking an unreasonable
• An item (other than a tax shelter is subject to a $250 penalty for taking position, or a position with no
item) for which there was substantial a position which understates any part reasonable basis, as described
authority for the treatment claimed at of the liability if: immediately above.
the time the return was filed or on the • The position has no realistic A preparer is not considered to
last day of the tax year to which the possibility of being sustained on its have recklessly or intentionally
return relates. merits, disregarded a rule if a position is
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Page 3 of 3 Instructions for Form 8275 14:17 - 16-AUG-2007
The type and rule above prints on all proofs including departmental reproduction proofs. MUST be removed before printing.
adequately disclosed and is not disclosing rather than a separate Paperwork Reduction Act Notice.
frivolous. description of each item within the We ask for the information on this
Note. For more information about group. form to carry out the Internal
the accuracy-related penalty and Columns (d) through (f). Enter the Revenue laws of the United States.
preparer penalties, and the means of location of the item(s) by identifying You are required to give us the
avoiding these penalties, see the form number or schedule and the information if you wish to use this
Regulations sections 1.6662, 1.6664, line number in columns (d) and (e) form to make adequate disclosure to
and 1.6694. and the amount of the item(s) in avoid the portion of the
column (f). accuracy-related penalty due to a
substantial understatement of income
Specific Instructions Part II
Your disclosure statement must
tax or disregard of rules, or to avoid
certain preparer penalties. We need it
Be sure to supply all the information include a description of the relevant to ensure that you are complying with
for Parts I, II, and, if applicable, Part facts affecting the tax treatment of the these laws and to allow us to figure
III. Your disclosure will be considered item. To satisfy this requirement you and collect the right amount of tax.
adequate if you file Form 8275 and must include information that You are not required to provide the
supply the information requested in reasonably may be expected to information requested on a form that
detail. apprise the IRS of the identity of the is subject to the Paperwork Reduction
Use Part IV on page 2 if you need item, its amount, and the nature of Act unless the form displays a valid
more space for Part I or II. Indicate the controversy or potential OMB control number. Books or
the corresponding part and line controversy. Information concerning records relating to a form or its
number from page 1. You can use a the nature of the controversy may instructions must be retained as long
continuation sheet(s) if you need include a description of the legal as their contents may become
additional space. Be sure to put your issues presented by the facts. material in the administration of any
name and identifying number on each Internal Revenue law. Generally, tax
sheet. Your disclosure will not be
returns and return information are
! considered accurate unless
CAUTION the information described
confidential, as required by section
Part I 6103.
above is provided using Form 8275.
Column (a). If you are disclosing a For example, your disclosure will not The time needed to complete and
position contrary to a rule (such as a be considered adequate if you attach file this form will vary depending on
statutory position or IRS revenue a copy of an acquisition agreement to individual circumstances. The
ruling), you must identify the rule in your tax return to disclose the issues estimated burden for individual
column (a). involved in determining the basis of taxpayers filing this form is approved
Column (b). Identify the item by certain acquired assets. If Form 8275 under OMB control number
name. is not completed and attached to the 1545-0074 and is included in the
return, the disclosure will not be estimates shown in the instructions
If any item you disclose is from a
considered valid even if the for their individual income tax return.
pass-through entity, you must identify
information described above is The estimated burden for all other
the item as such. If you disclose
provided using another method, such taxpayers who file this form is shown
items from more than one
as a different form or an attached below.
pass-through entity, you must
complete a separate Form 8275 for letter.
Recordkeeping . . . . . . . . 3 hr., 35 min.
each entity. Also, see How To File on Learning about the law
page 1. Part III or the form . . . . . . . . . 1 hr.
Column (c). Enter a complete Line 4. Contact your pass-through
Preparing and sending
description of the item(s) you are entity if you do not know where its the form to the IRS . . . 1 hr., 6 min.
disclosing. return was filed. However, for
Example. If entertainment partners and S corporation If you have comments concerning
expenses were reported in column shareholders, information for line 4 the accuracy of these time estimates
(b), then list in column (c) “theater can be found on the Schedule K-1 or suggestions for making this form
tickets, catering expenses, and that you received from the simpler, we would be happy to hear
banquet hall rentals.” partnership or S corporation. from you. See the instructions for the
If you claim the same tax treatment If the pass-through entity filed its tax return with which this form is filed.
for a group of similar items in the return electronically using e-file, enter
same tax year, enter a description “e-file” on line 4.
identifying the group of items you are
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