Form 8810 Corporate Passive Activity Loss and Credit Limitations

2008 Form 8810, Corporate Passive Activity Loss and Credit Limitations
Purpose:

This is the first circulated draft of the 2008 Form 8810 for your
review and comments. There are no major changes.

TPCC Meeting: None, but one may be arranged if requested.
Prior Revisions: The 2007 Form 8810 is available at:
http://www.irs.gov/pub/irs-pdf/f8810.pdf
Instructions:

The 2008 Instructions for Form 8810 will be
circulated at a later date. The 2007 instructions are available at:
http://www.irs.gov/pub/irs-pdf/i8810.pdf

Other products: Circulations of draft tax forms and instructions are posted at
http://taxforms.web.irs.gov/Circulations/index.htm
Comments:

Please email, fax, call or mail any comments to me and email the
reviewer at [email protected] by May 21, 2008.

Bob Kennedy
Tax Forms and Publications
SE:W:CAR:MP:T:B:C
Email: [email protected]
Phone: 202-622-3403
Fax: 202-622-3262

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Form

8810

I.R.S. SPECIFICATIONS
TO BE REMOVED BEFORE PRINTING
INSTRUCTIONS TO PRINTERS
FORM 8810, PAGE 1 of 2 (Page 2 is BLANK)
MARGINS: TOP 13 mm (1⁄ 2 "), CENTER SIDES.
PRINTS: FACE ONLY
PAPER: WHITE WRITING, SUB. 20.
INK: BLACK
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FLAT SIZE: 216 mm (8 ⁄ 2 ") 3 279 mm (11")
PERFORATE: (NONE)
DO NOT PRINT — DO NOT PRINT — DO NOT PRINT — DO NOT PRINT

Action

Date

O.K. to print
Revised proofs
requested

Corporate Passive Activity Loss and Credit Limitations

Department of the Treasury
Internal Revenue Service

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See separate instructions.
Attach to the corporation’s tax return (personal service
corporations and closely held corporations only).

Name

Signature

OMB No. 1545-1091

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2008

Employer identification number

Part I

2008 Passive Activity Loss

Caution: See the instructions and complete Worksheets 1 and 2 before completing Part I.

1a Current year income (from Worksheet 2, column (a))

1a

b Current year deductions and losses (from Worksheet 2,
column (b))

1b (

)

c Prior year unallowed losses (from Worksheet 2, column (c))

1c (

)

1d

d Combine lines 1a, 1b, and 1c. If the result is net income or zero, see instructions
2

3

Closely held corporations enter net active income and see instructions. Personal service
corporations enter -0- on this line

2

Unallowed passive activity deductions and losses. Combine lines 1d and 2. If the
result is net income or zero, see the instructions for lines 1d and 3. Otherwise, go to
line 4

3

4

Total deductions and losses allowed. Add the income, if any, on lines 1a and 2 and
enter the result (see instructions)
Part II
2008 Passive Activity Credits

4

Caution: See the instructions and complete Worksheet 5 before completing Part II.

5a Current year credits (from Worksheet 5, column (a))
b Prior year unallowed credits (from Worksheet 5, column (b))

5a
5b

6

Add lines 5a and 5b

6

7

Enter the tax attributable to net passive income and net active income (see instructions)

7

8

Unallowed passive activity credit. Subtract line 7 from line 6. If the result is zero or
less, enter -0-

8

Allowed passive activity credit. Subtract line 8 from line 6 (see instructions)

9

9

Part III

Election To Increase Basis of Credit Property

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If the corporation disposed of its entire interest in a passive activity or former passive activity in a fully taxable
transaction, and the corporation elects to increase the basis of credit property used in that activity by the unallowed
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credit that reduced the property’s basis, check this box (see instructions)

11

Name of passive activity disposed of

12

Description of the credit property for which the election is being made

13

Amount of unallowed credit that reduced the property’s basis

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For Paperwork Reduction Act Notice, see separate instructions.

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Cat. No. 10356T

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Form

8810

(2008)