IRS Grants Relief on Filing Certain Partnership Forms
The IRS updates a Regulation to delay the due date on filing Form 8308
The IRS just issued proposed regulations dealing with the filing due date of Part IV of Form 8308.
This Form provides information to the IRS and partners regarding the amount of gain related to Section 751 assets. Section 751 gain is ordinary income and includes unrealized receivables, appreciated inventories and Section 1245 recapture.
