(i) The assignment is considered a non-recognition transaction. (B) Outcome. In the absence of the fair value of GRA`s FS share, gra was not closed on all essential points. As a result, there is no timely filing of GRA. Since DC knowingly omitted this information, DC`s omission is a deliberate failure to file a GRA in a timely manner. Accordingly, DC is not entitled to an exemption under paragraph (p) of this Section, the GRA is not considered to be presented in a timely manner for the purposes of paragraph (d)(1) of this Section and DC must recognize the full amount of profit realized by the transfer of MSDS. The same result would occur if DC had included the fair value of FS`s share, but had knowingly omitted its GRA tax base. In addition, paragraphs 1.367 (a) and 8 (c) (2) (iii), 1.367 (e)-2 (b) (2) (i) (C) (1) and 1.367 (e)-2 (b) (2)(iii) (D) of these Final Regulations are revised to clarify that, when filing an GRA in accordance with the provisions of paragraph 1.367 (a) -8 or a liquidation document in accordance with section 1.367 (e)-2, agrees to extend the limitation period for taxation, in the circumstances set out in Article 1.367(a)-8(j)(8) and 1.367(e)-2(e)(4)(ii)(B), as applicable. This Agreement shall be deemed to be approved and signed by the Secretary within the meaning of Section 6501(c)(4). (A) General Rule. Immediately following the relevant transaction described in paragraph (o) (5) (i) of this Section, the aggregate basis of the transferred shares or securities received by the eligible recipient shall not exceed the aggregate basis of such shares or securities at the time of the first transfer (adjusted for the profit recorded by the U.S. transferor on the initial transfer of such shares or securities).
For this purpose, the basis of the stock transferred into the hands of the qualified beneficiary shall be determined, without taking into account, on the basis of income inclusions in relation to the stock (e.g. .B. in accordance with Article 961 (a)). In the case of a distribution to which section 355 applies, any adjustment of the basis referred to in paragraph 1.367 (b) -5 (c) shall be made before determining whether the basic condition of this paragraph is met. (ii) procedures to determine that a breach was not intentional – (A) date and manner of filing. The declaration by a taxable person that the non-compliance was not intentional shall be taken into account only if, as soon as the omission has been reported, an amended return is submitted for the tax year covered by the infringement containing the information which should have been included in the initial declaration for the tax year or which otherwise complies with the rules of this Section. this includes a written statement explaining the reasons for the non-compliance. . . .