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Form 8283 Oklahoma City Oklahoma: What You Should Know

The Tax Court held the Commissioner was correct in using 8283 as a source of information and in determining that the report should be filed. However, the court held the report was not timely filed, even if it was made within the required time. The court held the Commissioner was correct in using 8283 as a source of information and in determining that the report should be filed. However, the court held that the report was not timely filed, even if it was made within the required time. Nov 8, 2023 — UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF OKLAHOMA In Taxation, No. 15‑567-CV— Case text — Tax court's decision The court held that Form 8283  is a form that, consistent with the Internal Revenue Code, is meant to provide the basis for the Commissioner's determination whether to accept a gift. . . . If the facts are not sufficiently different to justify any other form of statement or representation, Form 8283 is the only acceptable basis under the I.R.C. § 170(a). As the Court of Appeals stated, Form 8283, '…provides the basis for the Commissioner's  determination whether to accept a gift. It is also the only acceptable basis for the Commissioner to determine that the claim is not properly described as a gift. . . . For purposes of the I.R.C., an entity's  filing year is determined by applying its current year income tax return to the income tax return filed for the preceding year.' In determining whether a transaction is a gift, the Commissioner should evaluate the amount of the payment in the context of the value of the property. The Commissioner could properly use Form 8283 as a basis for comparison  with other documents (such as a grant) in its investigation. . . . The Court of Appeals erred in holding that the Commissioner's determination of whether to accept a gift was not based on a reasonable basis as a matter of law. Therefore, the court of appeals erred in concluding that the Commissioner's determination that the contribution was not a gift was a legally correct determination. The decision holding that there was no valid basis for the Commissioner to accept the contribution and the decision granting the Commissioner relief is remanded with instructions to remand to the Commissioner to implement the decision upholding the Commissioner's determination.

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