Form 8866 - Interest Computation Under The Look-Back Method For Property Depreciated Under The Income Forecast Method

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8866

Interest Computation Under the Look-Back Method for

OMB No. 1545-1622

Form

Property Depreciated Under the Income Forecast Method

(Rev. August 2012)

Attachment

Department of the Treasury

108

Information about Form 8866 and its separate instructions is available at

▶

Sequence No.

Internal Revenue Service

For the recomputation year beginning

, and ending

. See instructions.

Name

A Identifying number

Number, street, and apt., room, or suite no. If a P.O. box, see instructions.

B Check applicable box to show type of taxpayer:

Type

Corporation

S corporation

City or town, state, and ZIP code. If a foreign address, see instructions.

Individual

Partnership

Estate or trust

C If you were an owner of an interest in a pass-through entity (such as a partnership or an S corporation) that depreciated one or more properties to which this interest

computation relates, enter the name and employer identification number of the entity. Attach a schedule if there is more than one such entity.

Employer identification number

Name of entity:

Pass-through entities: Skip lines 1, 3, 4, and 5.

Recomputation

Prior Years

1 Taxable income (or loss) for the prior years shown on tax return (or

Year

as previously adjusted) before net operating loss or capital loss

(a)

(b)

(c)

carrybacks (other than carrybacks that must be taken into account

Year ended

Totals

to properly compute interest under section 167(g)) (see instructions).

(Add columns (a) and (b))

mo.

yr.

mo.

yr.

mo.

yr.

If you were required to file Form 8866 for an earlier year, enter

adjusted taxable income for the prior years from Form 8866, line 3,

for the most recent recomputation year that affects the prior years.

2 Adjustment to taxable income for the difference between: (a) the

depreciation deducted under the income forecast method based

on estimated future income and (b) depreciation allowable under

the income forecast method based on actual income earned for

periods before the end of the recomputation year and estimated

future income to be earned after the recomputation year. See

instructions and attach a schedule listing each separate property,

unless you were an owner of an interest in a pass-through entity.

3 Adjusted taxable income for look-back purposes. Combine

lines 1 and 2. If line 3 is a negative amount, see instructions.

4 Income tax liability on line 3 amount using tax rates in effect

for the prior years (see instructions)

5 Income tax liability shown on return (or as previously

adjusted) for the prior years (see instructions). If you were

required to file Form 8866 for an earlier year, enter the

amount required to be reported on Form 8866, line 4, for the

most recent recomputation year that affects the prior years

6 Increase (or decrease) in tax for the prior years on which

interest is due (or is to be refunded). Subtract line 5 from

line 4. (Pass-through entities: See instructions.)

7 Interest due on increase, if any, shown on line 6 (see

instructions) .

8 Interest to be refunded on decrease, if any, shown on line 6

(see instructions)

9 Net amount of interest to be refunded to you. If line 8, column (c), exceeds line 7, column (c), enter the excess. File

Form 8866 separately; do not attach it to your tax return (see instructions) . . . . . . . . . . . . . . . .

10 Net amount of interest you owe. If line 7, column (c), exceeds line 8, column (c), enter the excess. Attach Form 8866 to

your tax return. See instructions for where to include this amount on your return .

Signatures. Complete this section only if this form is being filed separately and not with the tax return.

Under penalties of perjury, I declare that I have examined this form, including accompanying schedules and statements, and to the best of my knowledge

and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.

Sign

Your signature

Date

Here

Spouse’s signature. If a joint return, both spouses must sign.

Date

Print/Type preparer’s name

Preparer’s signature

Date

PTIN

Check

Paid