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You must file Form 8404 if (a) you are a shareholder of an IC-DISC, (b) the IC-DISC reports deferred DISC income to you on line 10, Part III of Schedule K (Form 1120-IC-DISC), and (c) the addition of this income would result in increased taxable income if it were included on your tax return for the tax year.
IRC 453A requires a seller to pay interest on the deferred tax liability that results when it reports a gain under the installment method of accounting provided in IRC 453. The seller owes IRC 453A interest in subsequent taxable years for outstanding year-end obligations.
To enter the calculated interest: Go to Federal Interview Form 21 - 1040 Adjustments, Other Taxes, Payments and Refuldable Credits. In Box 49 - Interest on deferred tax - Section 453A(c) interest, enter the amount.
Taxpayers with installment sale income must also report interest charged to the buyer, which is taxed at ordinary income rates.
Interest Generally Deductible The payment of interest under 453A is counted as interest paid for purposes of determining the deduction allowed to the taxpayer for interest paid or accrued during the taxable year.
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Use Form 6252, Installment Sale Income to report an installment sale in the year the sale occurs and for each year of the installment obligation.
IRC 453A requires a seller to pay interest on the deferred tax liability that results when it reports a gain under the installment method of accounting provided in IRC 453. The seller owes IRC 453A interest in subsequent taxable years for outstanding year-end obligations.

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