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Video instructions and help with filling out and completing Where Do You Mail Irs Form 966

Instructions and Help about Where Do You Mail Irs Form 966

Form 926 is used to report certain transfers of property by US persons to foreign corporations generally the form is required only in a corporate non-recognition transaction such as an outbound section 351 exchange or an outbound section 332 liquidation if the transfer order is a partnership with us partners the US partners are required to file form 926 in part 1 you list the name of the transfer or and their US taxpayer identification number line 1 is completed only if the u.s. transfer or is a corporation line 2 is completed only if the transfer or is a partnership if the transfer or is a u.s. individual then put their name and social security number at the top and then go directly to part 2 in part 2 you list the name and address of the foreign corporation then you list the country code on line 6 and the foreign law characterization on line 7 for example partnership or corporation on line 8 you check yes or no whether the foreign corporation is a controlled foreign corporation very generally this means a foreign corporation controlled by US persons moving on to part 3 sometimes the only type of property transferred is cash in this case you just list the date of the transfer and the amount transferred on the first line if cash was transferred on multiple dates I attach a statement showing amounts transferred on each date if property other than cash is transferred to a foreign corporation the rules are quite complex often gain but not loss must be recognized on the transfers of certain types of assets such as receivables inventory or property to be sold sometimes inclusions in income are required such as for depreciation recapture many other special rules can apply to outbound...