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California online Form 433-A: What You Should Know

BLACK--Dates of filing. (See Note(s) in Part 4) You and your spouse will be required to file a tax return for the period covered by your Form 433 filing(s) — for taxable years beginning after December 31, 1993. This filing must be on form 433-A, for the calendar year covered by the Form 433 filing. How may you change ownership of property, without selling it to avoid tax liability? You don't need to sell assets to avoid an assessment. The IRS requires that the property be owned by all owners at the time of the assessment. However, you can purchase property in an effort to avoid an assessment. This is true whether you are making an assessment of property, or deciding to take possession of property and pay tax on it. If you are considering this approach, a good idea is to first consider obtaining a certified copy of the deed from the previous purchaser of the property. Form 433-A may request information from the taxpayer, but you will not receive all pertinent information by Form 433-A. Form 433-A may request information from the property's previous owner, not the current owner of the property. Form 433-A collects information about property owned, not about the ownership of those assets. Because this is an assessment, the information collected is used to determine your ability to pay a tax liability. A deficiency determination is made if the total assessed value for property for the tax year is: 150,000 or less If the total assessed value is more than 150,000, you are assessed all your unearned income on this amount. If the current owner of the property is unknown, a form 433-D may be filed to request information. This form is not required if no current information is known. The assessment procedure is explained in Part 5, below. How do you respond to a question on Form 433-A that is not answered on Part 5? Use Part 5, next to the applicable question for your response. Form 433-A also contains instructions for using Part 5. If you answered a question on Part 5 on Form 433-A and are required to file a federal income tax return for the tax year immediately following the tax year in which the property is assessed, use Part 5 to complete Part 7, for federal income tax returns. You can find Part 7 on Schedule D, line 31, and Schedule E, line 21, of Form 1120S (Form 1040).

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