IRS Form 8023 (Elections Under Section 338 for Corporations Making Qualified Stock Purchases) Fax Number
Where and How to Fax a 8023 Form?
Form 8023 is a specialized IRS document used during corporate restructuring events. It serves as a formal election tool for corporations undergoing specific types of reorganizations, helping to define how these transactions are treated for federal tax purposes.
What is an IRS Form 8023?
IRS Form 8023, "Elections Under Section 338 for Corporations Making Qualified Stock Purchases", is used by corporations to make an election under Internal Revenue Code Section 338. This allows a purchasing corporation to treat the acquisition of a target corporation’s stock as an asset acquisition for tax purposes. This can result in a step-up in the basis of the target's assets, potentially leading to higher depreciation or amortization deductions.
IRS Form 8023 Fax Numbers
Form 8023 has one nationwide, toll-free fax number.
- 844-253-9765: All U.S. states and territories
The IRS asks that you send only one Form 8023 per fax, that the fax not exceed 100 pages, and that the form be signed before you fax it. No fax confirmation or receipt is issued, so keep your fax transmission log as proof of delivery.
How to Fax Your Form 8023 Election to the IRS
Section 338 elections are time-sensitive and irrevocable, once your Form 8023 reaches the IRS, there's no walking it back. Fax.Plus delivers your signed election the same day, with a timestamped confirmation you can rely on as proof if the strict, acquisition-date-based deadline is close.
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Why do you need an IRS Form 8023?
Filing Form 8023 is necessary to elect Section 338 treatment, which allows a stock acquisition to be treated as if the target corporation sold its assets and then was repurchased. This election can offer strategic tax advantages, such as:
- Increased basis in the target corporation's assets (step-up)
- Higher depreciation/amortization deductions for the buyer
- Potential alignment with economic realities of the deal structure
Form 8023 has a strict, unforgiving deadline: the 15th day of the 9th month after the acquisition date. Miss it, and the opportunity to make the Section 338 election is generally lost, the stock purchase then gets taxed as an ordinary acquisition without the basis step-up.
Who needs to file an IRS Form 8023?
Corporations that acquire control of another corporation (typically 80% or more of stock by vote and value) through a qualified stock purchase may need to file Form 8023 if they intend to make a Section 338 election. The form can be filed by either:
- The purchasing corporation, or
- A common parent if part of a consolidated group that includes the purchasing corporation.
Can a Section 338 election be revoked once it's made?
No. Once a valid Section 338 election is filed on Form 8023, it's irrevocable. That's a separate issue from missing the original filing deadline, which is a different problem with its own limited relief process, treat the decision to elect as permanent before you file.
Do I need to file anything besides Form 8023?
Yes. Form 8883, Asset Allocation Statement Under Section 338, reports how the deemed sale price is allocated across the target's assets. You must still file Form 8023 by its deadline even if you don't yet have every detail needed for Form 8883, and Form 8883 itself gets attached to the relevant income tax return, it isn't faxed together with Form 8023.
Who has to sign Form 8023 for a section 338(h)(10) election?
For a 338(h)(10) election, Form 8023 must be filed jointly by the purchasing corporation and the common parent of the selling consolidated group (or the selling affiliate). If the target is an S corporation, every S corporation shareholder must sign, including any shareholder who isn't selling their shares.
Are there any restrictions on faxing Form 8023 to the IRS?
Yes. Send only one Form 8023 per fax, and the total can't exceed 100 pages. The form must be signed before you fax it, and the IRS doesn't send a confirmation or receipt, so keep your fax transmission log as your proof of delivery. The number is dedicated to Form 8023 only, anything else sent to it won't be processed.
Is there any relief if I miss the Form 8023 deadline?
Limited relief exists under Revenue Procedure 2003-33: if all required parties can make the representations it specifies, the IRS grants an automatic extension under Treasury Regulation section 301.9100-3, but only if you request it within 12 months of discovering the missed election. It isn't guaranteed and doesn't cover every situation, so it's not something to plan around in advance.
Section 338 elections rarely happen in isolation. Here's what else comes up around corporate acquisitions, IRS filings, and time-sensitive tax elections that need to reach the IRS fast.
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DISCLAIMER: The information on this site is for general information purposes only, and Alohi cannot guarantee that all the information on this site is current or accurate. This is not intended to be legal, accounting or tax advice and should not be a substitute for professional legal, accounting or tax advice. For legal advice, consult a licensed attorney regarding your specific legal questions.
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