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Form 8038-GC (Rev. 10-2021) Page 3
mail to the street address and the issuer has a purchase. For line 9d, enter the type of item Paid Preparer
P.O. box, show the box number instead of the that is leased. For lines 9e through 9h, enter
street address. If a change in address occurs the amount on the appropriate line that If an authorized representative of the issuer
after the return is filed, use Form 8822, represents a bank loan. For line 9h, enter the filled in its return, the paid preparer’s space
Change of Address, to notify the IRS of the type of bank loan. should remain blank. Anyone who prepares
the return but does not charge the
new address. Lines 9i and 9j. For line 9i, enter the amount organization shouldn’t sign the return. Certain
Note: The address entered on lines 3 and 4 is of the proceeds that will be used to pay others who prepare the return shouldn’t sign.
the address the IRS will use for all written principal, interest, or call premium on any For example, a regular, full-time employee of
communications regarding the processing of other issue of bonds, including proceeds that the issuer, such as a clerk, secretary, etc.,
this return, including any notices. By will be used to fund an escrow account for shouldn’t sign.
authorizing a person other than an authorized this purpose. Several lines may apply to a
officer or other employee of the issuer to particular obligation. For example, report on Generally, anyone who is paid to prepare a
communicate with the IRS and whom the IRS lines 9i and 9j obligations used to refund prior return must sign it and fill in the other blanks
may contact about this return, the issuer issues which represent loans from the in the Paid Preparer Use Only area of the
authorizes the IRS to communicate directly proceeds of another tax-exempt obligation. return. A paid preparer cannot use a social
security number in the Paid Preparer Use Only
with the individual listed on line 6, whose Line 9k. Enter on line 9k the amount on line box. The paid preparer must use a preparer
address is entered on lines 3 and 4 and 8a that doesn’t represent an obligation tax identification number (PTIN). If the paid
consents to disclose the issuer’s return described on lines 9a through 9j. preparer is self-employed, the preparer
information to that individual, as necessary, to
process this return. Line 10. Check this box if the issuer has should enter his or her address in the box.
designated any issue as a “small issuer The paid preparer must:
Line 5. This line is for IRS use only. Don’t exception” under section 265(b)(3)(B)(i)(III).
make any entries in this box. • Sign the return in the space provided for the
Line 11. Check this box if the issue is a preparer’s signature, and
Part II—Description of Obligations construction issue and an irrevocable election • Give a copy of the return to the issuer.
to pay a penalty in lieu of arbitrage rebate has
Check the appropriate box designating this as been made on or before the date the bonds
a return on a single issue basis or a were issued. The penalty is payable with a Paperwork Reduction Act Notice
consolidated return basis. Form 8038-T for each 6-month period after We ask for the information on this form to
Line 8a. The issue price of obligations is the date the bonds are issued. Don’t make carry out the Internal Revenue laws of the
generally determined under Regulations any payment of penalty in lieu of rebate with United States. You are required to give us the
section 1.148-1(b). Thus, when issued for Form 8038-GC. See Rev. Proc. 92-22, information. We need it to ensure that you are
cash, the issue price is the price at which a 1992-1 C.B. 736, for rules regarding the complying with these laws.
substantial amount of the obligations are sold “election document.”
You are not required to provide the
to the public. To determine the issue price of Line 12. Enter the name of the vendor or bank information requested on a form that is
an obligation issued for property, see sections who is a party to the installment purchase subject to the Paperwork Reduction Act
1273 and 1274 and the related regulations. agreement, loan, or financial lease. If there are unless the form displays a valid OMB control
Line 8b. For a single issue, enter the date of multiple vendors or banks, the issuer should number. Books or records relating to a form
issue (for example, 03/15/2020 for a single attach a schedule. or its instructions must be retained as long as
issue issued on March 15, 2020), generally Line 13. Enter the employer identification their contents may become material in the
the date on which the issuer physically number of the vendor or bank who is a party administration of any Internal Revenue law.
exchanges the bonds that are part of the to the installment purchase agreement, loan, Generally, tax returns and return information
issue for the underwriter’s (or other or financial lease. If there are multiple vendors are confidential, as required by section 6103.
purchaser’s) funds; for a lease or installment or banks, the issuer should attach a schedule. The time needed to complete and file this
sale, enter the date interest starts to accrue.
form will vary depending on individual
For issues reported on a consolidated basis, Signature and Consent circumstances. The estimated burden for tax
enter the first day of the calendar year during
which the obligations were issued (for An authorized representative of the issuer exempt organizations filing this form is
example, for calendar year 2020, enter must sign Form 8038-GC and any applicable approved under OMB control number
01/01/2020). certification. Also, write the name and title of 1545-0047 and is included in the estimates
the person signing Form 8038-GC. The shown in the instructions for their information
Lines 9a through 9h. Complete this section if authorized representative of the issuer signing return.
property other than cash is exchanged for the this form must have the authority to consent If you have suggestions for making this
obligation, for example, acquiring a police car, to the disclosure of the issuer’s return form simpler, we would be happy to hear from
a fire truck, or telephone equipment through a information, as necessary to process this you. You can send us comments through
series of monthly payments. (This type of return, to the person(s) that has been www.irs.gov/FormComments. Or you can
obligation is sometimes referred to as a designated in this form. write to:
“municipal lease.”) Also, complete this section
if real property is directly acquired in Note: If the issuer authorizes on line 6 the IRS Internal Revenue Service
exchange for an obligation to make periodic to communicate with a person other than an Tax Forms and Publications
payments of interest and principal. officer or other employee of the issuer (such 1111 Constitution Ave. NW, IR-6526
authorization shall include contact both in Washington, DC 20224
Don’t complete lines 9a through 9d if the writing regardless of the address entered on
proceeds of an obligation are received in the lines 3 and 4, and by telephone), by signing Do not send Form 8038-GC to this
form of cash even if the term “lease” is used this form, the issuer’s authorized address. Instead, see Where To File, earlier.
in the title of the issue. For lines 9a through representative consents to the disclosure of
9d, enter the amount on the appropriate line the issuer’s return information, as necessary
that represents a lease or installment to process this return, to such person.
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