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Form 8308 (Rev. 10-2023) Page 3
attached to the AAR. If the period for filing a If a transferor receives Form 8308 after the identity of the transferor or transferee
superseding return hasn’t expired, the Schedule K-1 or K-3 is received and Form beneficial owner is known, also complete the
partnership may file a superseding return 8308 is inconsistent with Schedule K-1 or information for the beneficial owner. See
rather than an AAR. K-3, the transferor must contact the Regulations section 1.6050K-1(a)(4)(iii). If the
• NonBBA partnership: If the partnership partnership and determine whether a transferor or transferee is a disregarded entity
incorrectly reported the section 751(a) superseding return, an amended partnership for federal income tax purposes, list the
exchange on Schedule K-1 or K-3 and the return (for a nonBBA partnership), or an AAR disregarded entity as the record holder and
period for filing a superseding return has (for a BBA partnership) has been filed with the list the first regarded owner of the partnership
expired, the partnership must file an amended IRS by the partnership relating to the interest as the beneficial owner. If the
return to make the correction. A correct Form information reported on Form 8308. If a transferor or transferee beneficial owner is
8308 that also correctly reports the gain (loss) superseding return, an amended Form 1065, also the record holder, only complete the
should be attached to the amended return. If or an AAR has been filed, the transferor information for the beneficial owner.
the period for filing a superseding return should secure a revised Schedule K-1 and Check the box in Part I if the transferor
hasn’t expired, the partnership may file a Schedule K-3 (if applicable) or Form 8986, beneficial owner of the partnership interest is
superseding return rather than an amended Partner’s Share of Adjustment(s) to a foreign person. If the identity of the
return. Partnership-Related Item(s). transferor beneficial owner isn’t known, check
Copies of Form 8308 to be furnished to Note: A BBA partnership will only issue Forms this box if the record holder is a foreign
transferor and transferee. All partnerships 8986 in instances where some or all of the person.
required to file Form 8308 must furnish a copy adjustments reported on the AAR don’t result Section 751(a) exchange. A section 751(a)
of the form to each transferor and transferee in an imputed underpayment (IU) or some or exchange occurs when money or any
by January 31 of the year following the all of the adjustments do result in an IU but property is exchanged for all or part of a
calendar year in which the section 751(a) the partnership makes an election to push out partnership interest that is attributable to
exchange occurred or, if later, 30 days after the adjustments to their partners rather than unrealized receivables or inventory items.
the partnership has notice of the exchange. paying the IU at the partnership level. Generally, any sale or exchange of a
If a Form 8308 containing incorrect If no amended Schedule K-1, Schedule partnership interest (or any portion) at a time
information is furnished to the partner before K-3, or Form 8986 is secured from the when the partnership has any unrealized
Form 1065 with Schedule K-1 is filed, the partnership and the transferor is certain that receivables or inventory items is a section
partnership should notify the partner that the the Form 8308 is correct and that transferor 751(a) exchange.
Form 8308 was incorrect and notify the should have received a corrected Schedule Unrealized receivables. Unrealized
partner of the corrections by the due date of K-1, Schedule K-3, or Form 8986, then the receivables, to the extent not previously
the return, including extensions. If the partner following apply. includible in income under the partnership’s
received a Form 8308 that isn’t consistent • BBA partnership: the partner should accounting method, are any rights to payment
with the information that the partnership affirmatively file Form 8082 because the for:
reports on Schedule K-1 (Form 1065), then partner is filing inconsistently with the • Goods delivered or to be delivered, to the
the partner should use the information on Schedule K-1 or K-3 received and is relying extent that the payment would be treated as
Schedule K-1 and request a revised Form on Form 8308. received for property other than a capital
8308 from the partnership if the partnership • NonBBA partnership: Form 8082 isn’t asset; and
didn’t provide it. required if filing inconsistently with a Schedule • Services rendered or to be rendered.
Note: The transferor of the interest is K-1 or K-3 received and relying on Form 8308.
required to notify the partnership of the Separate statement required by transferor. Unrealized receivables also include the
exchange of the partnership interest unless, The transferor is required by Regulations amount of gain that would be ordinary
under section 6045, Form 1099-B is required section 1.751-1(a)(3) to attach a statement to income if any of the following types of
to be filed. the transferor’s income tax return for the tax partnership property were sold on the date of
Instructions to Transferors year of the sale or exchange with the the section 751(a) exchange.
following information. • Mining property (section 617(f)(2)).
This form alerts transferors that they’re • The date of the sale or exchange. • Stock in an interest charge domestic
required to treat a portion of the gain realized international sales corporation (section
from a section 751(a) exchange as ordinary • The amount of any gain or loss attributable 992(a)).
income. Under these circumstances, the form to the section 751 property.
also alerts transferors of any collectibles gain • The amount of any gain or loss attributable • Farm recapture property or farmland
under section 1(h)(5) and unrecaptured to capital gain or loss on the sale of the (section 1252(a)).
section 1250 gain under section 1(h)(6). For partnership interest. • Franchises, trademarks, or trade names
more details, see Pub. 541. (section 1253(a)).
Information reported in Part IV must also Instructions to Partnerships • Oil, gas, or geothermal property (section
have been reported to you in box 20 of Partnership address. Include the suite, 1254).
Schedule K-1 (Form 1065), using codes AB, room, or other unit number after the street • Stock of a controlled foreign corporation
AC, and/or AD. See the Partner’s Instructions address. If the post office doesn’t deliver mail (section 1248).
for Schedule K-1 (Form 1065). In addition, for to the street address and the partnership has
foreign transferors, the information on line 1 a P.O. box, show the box number instead. • Section 1245 property.
must also have been reported to you on
Schedule K-3, Part XIII. See the Partner’s Parts I and II. For Parts I and II, provide the • Section 1245 recovery property.
Instructions for Schedule K-3 (Form 1065). relevant information for the record holder and/ • Section 1250 property.
Even if this information is required to be or beneficial owner of the partnership interest
reported on multiple forms, it must only be immediately before the transfer (transferor) • Market discount bonds (section 1278).
reported on the partner’s tax return once. If a and immediately after the transfer (transferee). • Short-term governmental obligations
transferor receives information on a Schedule If the transferor or transferee record holder (section 1283).
K-1 or K-3 that is inconsistent with or has owns the interest on behalf of another person
information missing from what is reported on as a nominee, agent, or custodian, complete • Other short-term obligations (section
Form 8308, the transferor should rely on the the information for the record holder. If the 1283(c)).
information on Schedule K-1 or K-3.
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