IRS Form 8023, "Elections Under Section 338 for Corporations Making Qualified Stock Purchases", is used by corporations to make an election under Internal Revenue Code Section 338. This allows a purchasing corporation to treat the acquisition of a target corporation’s stock as an asset acquisition for tax purposes. This can result in a step-up in the basis of the target's assets, potentially leading to higher depreciation or amortization deductions.
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Corporations that acquire control of another corporation (typically 80% or more of stock by vote and value) through a qualified stock purchase may need to file Form 8023 if they intend to make a Section 338 election. The form can be filed by either:
Filing Form 8023 is necessary to elect Section 338 treatment, which allows a stock acquisition to be treated as if the target corporation sold its assets and then was repurchased. This election can offer strategic tax advantages, such as:
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