8848 Consent to Extend the Time to Assess the Branch Profits

Form

8848

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

(Rev. September 2017)
Department of the Treasury
Internal Revenue Service

OMB No. 1545-0123

Attach to the corporation's income tax return.
▶ Go to www.irs.gov/Form8848 for the latest information.
▶

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 during the
tax year, check here . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ▶
• 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 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 ▶
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 ended
,

, may be assessed at any time on or before

,

(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

3

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.
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 ended
,
to the extent of the liability at law or in equity as 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

▶

For Paperwork Reduction Act Notice, see instructions.

(Title)
Cat. No. 16321K

(Date signed)
Form 8848 (Rev. 9-2017)

Page 2

Form 8848 (Rev. 9-2017)

Section references are to the Internal Revenue Code unless
otherwise noted.

Future Developments
For the latest information about developments related to
Form 8848 and its instructions, such as legislation enacted
after they were published, go to www.irs.gov/Form8848.

General Instructions
Who Must File
• 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.

Specific Instructions
Signature
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.
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
burden for business taxpayers filing this form is approved
under OMB control number 1545-0123.
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.