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Screen 8883 - Asset Allocation Statement (1120)

Identifying Information

The application automatically enters the next available number. Override this number if necessary, but do not leave the field blank. This is used to gather and coordinate information for the business unit activity.
If the tax results of the transaction are reported on a consolidated return for the other party or the U.S. shareholder is a member of a consolidated group, enter the name, address, city, state, zip, and EIN of the common parent of the consolidated group instead of the old or new target information. If the old or new target is a controlled foreign corporation and does not file a U.S. income tax return, enter the identifying information of the U.S. shareholder owning the largest interest in the CFC.
Enter the identifying information for the target corporation if the form is filed by the common parent of a consolidated group or by the seller, purchaser, or U.S. shareholder filing for a foreign target.

General Information

Enter the first date on which a qualified stock purchase occurred. Both the old and new target must complete this information.
Enter the percentage of stock purchased in the 12-month period beginning with the first acquisition by purchase of stock included in the qualified stock purchase.
Enter the percentage of stock purchased on the first date on which a qualified stock purchase occurred.
Enter the amount paid, without regard to selling or acquisition costs, for the target stock.
If the corporation is a new target, enter the acquisition costs, including amounts capitalized in the purchasing corporation's basis in the target stock. If the corporation is an old target, enter the selling costs that reduce the amount realized on the sale of stock to the target corporation.
Enter the amount of liabilities as of the beginning of the day after the acquisition date.
If the corporation is a new target, enter the adjusted grossed-up basis. The adjusted grossed-up basis is the amount the new target purchased all of its assets from the old target. If the corporation is an old target, enter the aggregate deemed sales price. The aggregate deemed sales price is the amount the old target sold all of its assets to the new target. The amount you enter in this field is allocated between the different class types based upon their fair market value.
If amending Form 8883 for an increase or decrease in allocation, enter
X
 in the
Transfer original information
 field in the 8883-2 screen before changing the data in this screen. Once the original information has transferred to the 8883-2 screen, enter the new amount for the adjusted grossed-up basis or aggregate deemed sales price. This amount is reallocated on Form 8883, Page 2, Part VI.
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