8865 Sch. G
Statement of Application of the Gain Deferral Method Under Section 721(c)
Schedule G (Form 8865) is the Statement of Application of the Gain Deferral Method Under Section 721(c). The form says to attach it to Form 8865 and to see the Instructions for Form 8865. It reports section 721(c) property, the remaining built-in gain on that property, remedial income and gain recognized, and how partnership items for that property are allocated.
The header names the person filing Form 8865, the partnership and the U.S. transferor, with boxes for a successor partnership and a successor U.S. transferor. A filing year box shows whether the schedule covers the tax year of the gain deferral contribution or annual reporting.
The form says a Yes to any Part V question 1 through 6b means completing Schedule H, and a contribution of additional section 721(c) property means completing Schedule O. You can fill out Schedule G (Form 8865) free in your browser on this page and download the result without an account.
Lines 1 to 4 list each property with its tax year of contribution, description, recovery period, and fair market value, basis and built-in gain on the date of contribution. Column 7 has boxes for acceleration, termination, successor, tax disposition and section 367 transfer events.
For each Part I line: remaining built-in gain at the beginning and end of the tax year, remedial income allocated to the U.S. transferor, and gain recognized due to an acceleration event or a section 367 transfer.
Percentages of income, gain, deduction and loss allocated to the U.S. transferor, related domestic partners and related foreign partners for each property.
Book and tax amounts of income, gain, deduction and loss allocated to the U.S. transferor for each property.
Yes or No questions on acceleration, termination and successor events, tax dispositions of partnership interests, section 367 transfers, additional contributions and waivers of treaty benefits.
Open space for supplemental information, with a note to see the instructions.
Enter the name and identification number of the person filing Form 8865, the partnership's name, EIN if any and reference ID number, and the U.S. transferor's name. Check the successor boxes if they apply, and mark the filing year as the tax year of the gain deferral contribution or annual reporting.
List each section 721(c) property on lines 1 to 4 with its values on the date of contribution, and check any column 7 event that occurred. Line 4a carries properties from an additional statement. Then answer whether the tiered partnership rules of Regulations section 1.721(c)-3(d) apply.
For each Part I line, enter the remaining built-in gain at the start and end of the tax year, remedial income allocated to the U.S. transferor and any gain recognized. The form says the total includes amounts on any attached statement.
Enter the allocation percentages for the U.S. transferor, related domestic partners and related foreign partners, then the book and tax amounts allocated to the U.S. transferor.
Answer questions 1 to 7b. The form says a Yes to any question 1 through 6b means completing Schedule H, and a Yes on 6a means completing Schedule O, adding the property to Parts I through IV, and answering 6b.
Add any supplemental information in Part VI, then attach the schedule to Form 8865.
You get the real form, filled in a browser tab, with nothing standing between you and the finished PDF.
The form says to attach it to Form 8865. It prints no separate mailing address and no due date of its own.
The form points to the Instructions for Form 8865 and to www.irs.gov/Form8865 for instructions and the latest information.
A header box shows whether the schedule is for the tax year of the gain deferral contribution or for annual reporting.
A Yes to Part V questions 1 through 6b leads to Schedule H. A Yes on line 6a also leads to Schedule O.
8865
461 fields, 6 pages
8865 Sch. H
82 fields, 1 page
8865 Sch. O
233 fields, 1 page
8865 Sch. P
69 fields, 1 page
8865
108 fields, 1 page
The schedule is attached to Form 8865, and its header names the parties involved in the section 721(c) contribution.
No tool matches that search.
Its title says it is a statement of application of the gain deferral method under section 721(c). It reports section 721(c) property, remaining built-in gain, remedial income, gain recognized and allocations of partnership items for that property.
No. The form says to attach it to Form 8865.
Part V says to complete Schedule H if the answer is Yes to any question 1 through 6b.
Part I has four lines plus line 4a for properties from Part I additional statements, and the form says the Part II total includes amounts on an attached statement.
The form points to the Instructions for Form 8865 and to www.irs.gov/Form8865.