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Form Instructions 4797 UT: What You Should Know

Form 4868 or Form 8806 registration documents (see IRM 25.21.4.5.7, Registration Documents), should report the net gain realized on the disposition on the Schedule M-1 adjustment line (see IRM 25.23.9, Schedule M-1, Adjustments for Form 4797). For example, a company that disposed of a property and then filed Form 8646 should report the net gain on Schedule M-1 line 11. If the gain is 1,000, the company would report a net capital gain of 50,000, rather than the 500 limit for general reporting. If the gain is 500, the company would report a net capital gain of 250,000, rather than the 300 limit for general reporting. See IRM 25.23.6, Schedule M-1-Adjustment, For more Information. 23.2.1.7.8 (08-18-2018) S Corporation Expatriation Tax (TIE) A. A business enterprise may elect to defer or pay the S corporation individual amount tax (ITT) for a foreign personal holding company (HOC), if the HOC receives the S corporation business entity (BSE) share price distributions as described in 26.6.2.2. b) A business enterprise may elect to pay the ITT liability for any foreign personal holding company (HOC) that acquired the S corporation BSE share price distributions by accepting the income from such distributions to the extent that the business entity that obtained the distributions is not otherwise required to file Form 8938 (see IRM 20.11.1.18.3) as described in 26.6.2.2. c) A business enterprise must complete Form 2350S-EZ for tax purposes and include the Form 2350S-EZ with Form 4797. d) In lieu of payment of the S corporation ITT through Form 2350S-EZ, the business entity should determine whether it elected to pay the ITT to the HOC or pay this liability to the HOC. If the business entity electing to pay the ITT or pay the ITT liability through Form 2350S-EZ elects to pay the obligation to the HOC, the business entity should include with Form 4797 a completed Form 2350-EZ.

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