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Form W-3SS AR: What You Should Know

See the table of sections under that section title for the effective date of the revision of the regulations. Also see the notes about the regulations. General instructions for Forms W-2 and W-3 §1.1309–1.00(e)(4) (2018). Note: Forms 1099-MISC and the U.S. Individual Taxpayer Identification Number must match. For tax year 2023 or later, the regulations under section 26 and the instructions under section 1310 have been revised so that certain forms which are used as the basis in a section 831 transaction may be used on Form 947. The following requirements apply: If the business has a gross receipts (GS) of more than 500,000 in the tax year and the Form 947 is filed within the tax year, it cannot be used in connection with the transaction for which it is filed. The cost basis of the real property purchased on or before the last day of the tax year is equal to the total value of the real property on the date the Form 947 is filed. See the instructions for Form 4684. The cost basis of the business assets (other than real property) includes the amount by which the business capital cost of the property less depreciation and other specific charges exceeds the gain on the sale. The cost of property may also include certain property transferred in connection with the transaction at the same time as the property is purchased. You must include the cost of such property if the basis of such property is equal to its fair market value on the date the property is received when compared with the fair market value at the time the property was transferred on or before the date the Form 947 is filed. To determine the fair market value, do not include property that is: Acquired in a sale or exchange from another person; Equipped for business; Used for personal purposes or in the active conduct of a trade or business; or Not in use. However, the amount included on the return of an S corporation may not exceed the basis of such S corporation on such disposition (as described above). If the sale or exchange of real property involves certain items of property used primarily in connection with the business it is conducting (for example, business equipment used entirely or in part in the production of taxable gross receipts), the property must be designated in accordance with section 4681.

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