Catalog Number 31727W www.irs.gov
Form
921-I (Rev. 10-2012)
(See back of form for signature instructions)
Form 921-I
(October 2012)
Department of the Treasury-Internal Revenue Service
Consent Fixing Period of Limitation on Assessment of
Income and Profits Tax
(S-Corporations, Partnerships, Limited Liability Companies, Trusts, Syndicates, Pools, Etc.)
Estimated Future Expense Allowance for Real Estate Sales Under Contract
In reply refer to
Taxpayer Identification
Number(s)
For income or profits tax purposes, the Commissioner of Internal Revenue has tentatively allowed
(Entity Name)
a
(S-Corporation, Partnership, Limited Liability Company,
Trust, Syndicate, Pool, Etc.)
with identifying numbers
(Taxpayer Identification Number)
, whose address is
(Number, Street, City or Town, State, ZIP Code)
, to consider in whole
or in part the allocable share of the estimated cost of future common improvements as part of the cost or other basis of
certain real estate sold or otherwise disposed of under contract.
Real Estate Project covered by this consent agreement:
As a provision of this tentative allowance, the undersigned taxpayer,
(Name of Investor)
a
(Shareholder, Partner, Member, Beneficiary, Etc.)
of the entity named above and the Commissioner of Internal Revenue agree that:
The amount of federal income or profits tax due on any return filed by or for the taxpayer for tax year(s) ended
may be assessed
at any time before and up to one year after a return is filed for tax year ended
(Ending Date for Tax Year of Expected Project Completion)
.
A return filed before the expected project completion date shall be considered filed on the day prescribed above without
regard to extensions. This consent agreement to extend the time to assess tax is limited to the assessment of deficiencies
attributable to the use of the alternative cost method with respect to the real estate project described above. If a notice of
tax deficiency is sent to the taxpayer by certified or registered mail on or before the date above, the time to assess income
tax under this consent agreement is further extended by the assessment suspension period, plus 60 days.
THIS CONSENT AGREEMENT DOES NOT DEPRIVE THE TAXPAYER(S) OF ANY
APPEAL RIGHTS TO WHICH THEY WOULD OTHERWISE BE ENTITLED
YOUR SIGNATURE HERE
(Date signed)
SPOUSE'S SIGNATURE HERE
(Date signed)
TAXPAYER'S REPRESENTATIVE
SIGN HERE
(Date signed)
ENTITY
NAME
(S-Corporation, Partnership, Limited Liability Company, Trust, Syndicate, Pool, Etc.)
ENTITY
OFFICER(S)
SIGN HERE
(Name/Title/Taxpayer Identification Number)
(Date signed)
(Name/Title/Taxpayer Identification Number)
(Date signed)
INTERNAL REVENUE SERVICE SIGNATURE AND TITLE
(IRS Official's Name - See Instructions)
(IRS Official's Title - See Instructions)
BY
(IRS Official's Signature - See Instructions)
(Date signed)
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