Form 8848 Consent To Extend the Time To Assess the Branch Profits

Form

8848

(Rev. June 2002)

Consent To Extend the Time To Assess the Branch Profits
Tax Under Regulations Sections 1.884-2(a) and (c)

Department of the Treasury
Internal Revenue Service

䊳

OMB No. 1545-1407

Attach to the corporation’s income tax return.

Name of consenting corporation

Employer identification number

Check the box in item A or B below to indicate the reason for filing Form 8848.
A If the foreign corporation is filing this form because it has completely terminated all of its U.S. trade or business
䊳
during the tax year, check here
䊳
● Enter the year of complete termination
B If the domestic transferee corporation is filing this form because U.S. assets have been transferred to it from a
䊳
foreign corporation in a section 381(a) transaction during the tax year, check here
● Enter the name, address, and employer identification number of the foreign transferor
● Enter the date of transfer

䊳

The corporation named above and the IRS, pursuant to the regulations under section 884, consent and agree to the
following:
1

Any branch profits tax due (relating to the complete termination described in item A above, or the section 381(a)
transaction described in item B above) on any income tax return made by or for the above taxpayer for the tax year
,
, may be assessed at any time on or before
,
ended
(expiration date).
Note: You must consent to extend the time to assess the tax to a date not earlier than the close of the 6th tax year
following the tax year during which the complete termination or section 381(a) transaction occurred.

2

This consent establishes an extended period for assessing the branch profits tax. The expiration of the extended
period may be suspended or otherwise affected by the operation of law in the same manner as the original period.
For example, if a notice of deficiency in tax covered by this consent is issued, the period for assessing tax will not
end prior to the end of the suspension period provided for by section 6503(a), plus any time that remains in the
assessment period, as extended, at the time the suspension takes effect. Under no circumstances will this consent
reduce the period of time otherwise provided by law for making an assessment.

3

The consenting taxpayer may file a claim for credit or refund for the tax assessed because of this consent within 6
months after the period ends for assessing tax established by this consent.

4

Any deficiency assessment covered by this consent will be limited to any branch profits tax due relating to the
complete termination described in item A above or the section 381(a) transaction described in item B above,
including any consequential changes to other items based on that adjustment.

5

Complete only for domestic transferee corporations filing Form 8848 under item B above.
Note: Completing this item satisfies the requirement to attach Form 2045 outlined in Regulations section 1.884-2(c)(2)(iii).
In consideration of the Commissioner of Internal Revenue not issuing a notice of deficiency to and making an
assessment against the above-named foreign transferor, the undersigned, as transferee of assets received from the
above-named foreign transferor, assumes and agrees to pay the amounts of any and all Federal income or
profits taxes finally determined or adjudged as due and payable by such transferor for the tax years
, to the extent of the liability at law or in equity as
ended
transferee within the meaning of section 6901 of the Internal Revenue Code and corresponding provisions of Internal
Revenue laws.
Further: The undersigned agrees, in the absence of prior written consent of the Commissioner of Internal Revenue,
not to sell, transfer, or assign without adequate consideration, all or any substantial portion of its assets; and
Further: The undersigned has, by resolution of its board of directors, been authorized to enter into this agreement
and there is attached a copy of the minutes of its board of directors evidencing the authorization and that the terms
of this agreement have been included in its corporate minutes.

Under penalties of perjury, I declare that I have examined this consent, including accompanying statements and schedules, and to the best of my knowledge and belief,
it is true, correct, and complete.

Corporate
Officer’s
Signature

䊳

For Paperwork Reduction Act Notice, see page 2.

(Title)

Cat. No. 16321K

(Date signed)

Form

8848

(Rev. 6-2002)

Form 8848 (Rev. 6-2002)

Page

2

Instructions

Signature

Who Must File

Form 8848 must be signed by the person authorized to sign
the income tax returns for the corporation (including an agent
authorized to do so under a general or specific power of
attorney). If an agent signs for the corporation, include a
copy of the power of attorney with Form 8848.

● A foreign corporation must file Form 8848 if it has
completely terminated all of its U.S. trade or business
according to Temporary Regulations section 1.884-2T(a)
during the tax year.
● A domestic transferee corporation must file Form 8848 if
U.S. assets have been transferred to it from a foreign
corporation in a transaction described in section 381(a), if the
foreign corporation was engaged (or deemed engaged) in the
conduct of a U.S. trade or business immediately prior to the
section 381(a) transaction. See Regulations section
1.884-2(c) and Temporary Regulations section 1.884-2T(c).

When To File
Form 8848 must be filed on or before the due date (including
extensions) prescribed for filing the corporation’s income tax
return. Attach Form 8848 to the corporation’s return for the
tax year during which the complete termination or section
381(a) transaction occurred.
If the corporation timely filed its return for the tax year
during which the complete termination or section 381(a)
transaction occurred without executing a consent to extend
the time to assess the branch profits tax under Regulations
sections 1.884-2(a) and (c), the corporation may still execute
the consent by filing an amended return within 6 months of
the due date of the original return (excluding extensions).
Attach Form 8848 to the amended return and write “Filed
pursuant to section 301.9100-2” at the top of Form 8848.
File the amended return at the same address the original
return was filed.

Paperwork Reduction Act Notice. We ask for the
information on this form to carry out the Internal Revenue
laws of the United States. You are required to give us the
information. We need it to ensure that you are complying
with these laws and to allow us to figure and collect the right
amount of tax.
You are not required to provide the information requested
on a form that is subject to the Paperwork Reduction Act
unless the form displays a valid OMB control number. Books
or records relating to a form or its instructions must be
retained as long as their contents may become material in
the administration of any Internal Revenue law. Generally, tax
returns and return information are confidential, as required by
section 6103.
The time needed to complete and file this form will vary
depending on individual circumstances. The estimated
average time is:
Recordkeeping

3 hr., 35 min.
1 hr.

Learning about the law or the form
Preparing and sending the form to the IRS

1 hr., 6 min.

If you have comments concerning the accuracy of these
time estimates or suggestions for making this form simpler,
we would be happy to hear from you. See the instructions
for the tax return with which this form is filed.

Form

8848

(Rev. 6-2002)