Summary of changes to Form 2438

2008 Form 2438
Undistributed Capital Gains Tax Return
This is the first circulated draft of the 2008 Form 24388 for your review and comments. See the discussion below for any changes.

Purpose:

TPCC meeting: No meeting is planned, but you may request one by contacting John R. Nelson.
Prior Revsions:

The previous version of Form 2438 is available at:
http://www.irs.gov/pub/irs-pdf/f2438.pdf

Other products

Circulations of draft tax forms and instructions are posted at:
http://taxforms.web.irs.gov/Circulations/index.htm
Please email, fax, or call, any comments by November 12, 2008, to me at the address below and email the form’s reviewer, Clarence Light, at:
Clarence.O.Light@irs.gov

Comments

John R. Nelson
Tax Law Specialist,
SE:W:CAR:MP:T:B:C
Phone: 202-927-9488
Fax: 202-622-3262
Email: john.r.nelson@irs.gov

Major Changes for 2008 Revision of Form 2438
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On page 1, Part III, we deleted line 13. In its place we added new lines 13
through 17 which provide for the computation of tax on qualified timber gain at
the temporary reduced rate of 15% under Code section 857(b)(3)(A)(ii) that was
added by Act section 15311 of P.L. 110-246, The Food, Conversation, and Energy Act of 2008.
On page 3, under the topic “Penalty for Late Filing of Return,” we increased the
amount of the penalty from $100 to $135 as required under Code section
6651(a)(3) as amended by Act section 303 of P.L. 110-245, The Heroes Earnings
Assistance and Relief Tax Act of 2008. This change is effective for returns required to be filed after 2008.