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Form 13976: Itemized Statement Component of Advisee List
Internal Revenue Service Form 13976 is an Itemized Statement Component of Advisee List used to detail transactions for a reportable transaction. The form must include a summary or schedule of the tax treatment that the advisee is intended or expected to derive from participation in the reportable transaction.
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IRS Form 13976 - Itemized Statement Component of Advisee List
Internal Revenue Service Form 13976 is an Itemized Statement Component of Advisee List used to detail transactions for a reportable transaction. The form must include a summary or schedule of the tax treatment that the advisee is intended or expected to derive from participation in the reportable transaction.
Risk Radar
Scan points- 1Do not submit without a summary/schedule of the expected tax treatment for every advisee listed.
- 2Failing to include a summary/schedule of tax treatment for any advisee.
- 3Not listing an Advisee's expected tax treatment on Form 13976.
- 4Omitting the name and TIN when detailing Material Advisors in Section I.
- 5Reporting more than one type of reportable transaction if they are not substantially similar.
Plain English
This form documents who benefits (the advisees) from a specific financial deal being reported. It provides details about the advisors involved and explains exactly what kind of tax benefit each advisee expects from participating in that deal. Completing this ensures the IRS knows all parties and their expected tax outcomes.
Submission Date
- Filing date: 2012-07-17 00:00:00
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when detailing material advisor information, reportable transaction details, other material advisors involved in the transaction, or providing advisee information/tax treatment schedules related to a specific reportable transaction.
- Do not use it when only reporting general advisory relationships without specifying a particular reportable transaction or advising party.
- Check Form 13976 itself when needing to document itemized details of an Advisee List component.
Form selector
Use this form or another form?
Reporting transactions for a partnership
The form is used as a component within the broader reporting structure for partnerships.
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Documenting advice given by multiple parties on one transaction
This section allows listing up to three other material advisors related to the primary reportable transaction.
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Listing advisee details beyond the initial 5 entries
The source shows space for Advisee lines 2 through 11, requiring continuation sheets if more are needed.
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Deadline or filing window
The form must be complete to be accepted. If maintaining records under an older version of Regulations section 301.6112-1, all prior requirements must be met. No specific deadline is provided, but completeness is the primary requirement.
Checklist
What you need before filling it out
Section I: Material Advisor Information
Name (Last/Entity), First Name, TIN, Street Address, City, State, Zip, Telephone Number, Person to Contact · Section I of Form 13976
Section II: Reportable Transaction Information
Name of Reportable Transaction, Reportable Transaction #, Type(s) of Reportable Transaction, Published Guidance # · Section II of Form 13976
Section III (Advisor 2/3)
Signed Designation Agreement: Yes/No · Section III of Form 13976
Section IV, Line 1
Date Entered into Transaction · Section IV, Line 1 of Form 13976
Section IV, All Lines
Summary or Schedule of Tax Treatment · Section IV of Form 13976
Before you submit
- 1Verify that the summary or schedule of tax treatment is included for every advisee listed in Section IV.
- 2Confirm all fields in Section I (Material Advisor Information) are populated, including TIN and Address.
- 3Check the 'Yes' or 'No' box indicating if a Signed Designation Agreement exists for each advisor in Section III.
- 4Ensure that if more than 5 advisees are listed, additional sheets are attached and clearly labeled to correspond with the line number.
- 5Confirm that all necessary fields (Name/TIN/Address) are filled out for any party listed in Section II or Section III.
- 6Verify the Catalog Number on the form reads 51488Y.
- 7Check that the revision date reads 04-2008.
How to file this form
- 1Complete Section I by listing all Material Advisor information, including Name, TIN, and contact details.
- 2Fill out Section II with the specifics of the Reportable Transaction, noting its Type(s) and Guidance number.
- 3List any Additional Material Advisors in Section III, ensuring you indicate if each has a Signed Designation Agreement.
- 4Detail Advisee information starting in Section IV (Line 1), providing Name, TIN, Date Entered into Transaction, Amount Invested, and the Tax Treatment Summary/Schedule. Keep completing lines as needed, attaching supplemental sheets to maintain order.
- 5Sign and date the form (implied requirement for completeness) before sending it.
- 6Retain a copy of the completed Form 13976 for your records.
Known limitations
- 1The IRS Form 13976 (April 2008) is a component of an Advisee List and is not required to be filed.
- 2An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless that collection displays a valid OMB control number.
- 3The revenue procedure format provided by Form 13976 is merely for material advisors to use in complying with the requirements of § 6112.
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
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Fillable formOpen in Editor->The current edition is Revision 04-2008, and the source does not specify a more recent revision date or an 'latest information' page.
What changed or needs a fresh check
- Edition date — confirm Revision 04-2008 on the form.
- OMB Number — confirm 1545-1686 is listed.
- Taxpayer Identification Number (TIN) — ensure all required TINs are present for each party/advisee.
- Summary or Schedule of Tax Treatment — verify this information is included, as a statement alone is incomplete.
Quick Facts
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After you file
- 1Retain books or records relating to the collection of information as long as their contents may become material in the administration of any internal revenue law.
- 2Generally, tax returns and return information are confidential, as required by § 6103.
- 3The estimated annual burden for this collection of information is 100 hours per recordkeeper.
- 4The estimated number of recordkeepers associated with Form 13976 is 500.
Sources
- SRCInstructions p.1 — The form's official title is Itemized Statement Component of Advisee List.
- SRCInstructions p.1 — Section I requires Material Advisor Information, including Name, TIN, and Address.
- SRCInstructions p.2 — Section II requires the Name and Reportable Transaction # for a specific transaction.
- SRCInstructions p.3 — Section III allows listing up to two Other Material Advisors with their respective details.
- SRCInstructions p.4 — Advisee entries 1 through 11 are detailed in Section IV, each including an Amount Invested and Summary/Schedule of Tax Treatment.
- SRCInstructions p.2 & p.3 — The Catalog Number for Form 13976 is 51488Y.
- SRCInstructions p.4 — The estimated annual burden per recordkeeper for this collection of information is 100 hours.
Common confusion points
Do I have to file Form 13976?
The source states the form itself is not required, but it is a component of an Advisee List.
→ Confirm that you are using this form as part of a larger filing requirement.
What if my transaction doesn't fit neatly into one section?
Sections I through IV detail different types of information (Advisor Info, Transaction Info, Other Advisors, Advisee Details).
→ Check Section II to see which type(s) of reportable transactions apply.
Where do the 'Summary or Schedule of Tax Treatment' details go for each advisee?
For advisees 1 through 11, this summary/schedule is listed immediately after the Advisee Name/Details.
→ Ensure you have a description for what tax treatment the advisee expects from participation.
Is there a difference between 'Reportable Transaction #' and 'Catalog Number'?
The Catalog Number (51488Y) applies to the form itself, while Reportable Transaction # is specific to the transaction being reported in Section II.
→ Verify that you have filled out both fields when applicable.
If an advisee doesn't have a TIN, can they still be listed?
The structure implies all advisees should have a TIN (listed for each entry), but it does not explicitly state what to put if one is missing.
→ Check the associated document details in Section IV to see if there are specific instructions for missing TINs.
What happens if I don't list an 'Other Material Advisor'?
The form structure allows listing up to two other material advisors (Section III), but it does not specify a rule for when one is omitted.
→ If you have no other material advisors, leave the corresponding Section III entries blank or omit them.
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⚠ If something goes wrong
- Not stated in the official source — verify on the agency site (No specific error correction form is named)
Questions about IRS Form 13976
What is IRS Form 13976 used for?
This form documents who benefits (the advisees) from a specific financial deal being reported. It provides details about the advisors involved and explains exactly what kind of tax benefit each advisee expects from participating in that deal. Completing this ensures the IRS knows all parties and their expected tax outcomes.
Who must file IRS Form 13976?
The form is used by those reporting transactions, detailing information for various advisees who participate in a reportable transaction.
What information does IRS Form 13976 require?
Section I collects Material Advisor Information (like name and TIN). Section II details the Reportable Transaction itself. Sections III and subsequent sections list individual Advisee Information with amounts invested and expected tax treatment summaries.
Where do I file IRS Form 13976?
The official source does not specify a mailing address or e-filing location; it only provides the Catalog Number 51488Y and the website www.irs.gov for reference.
How do I complete IRS Form 13976?
First, fill out Section I with Material Advisor details. Next, detail the Reportable Transaction in Section II. Then, list each Advisee sequentially (starting at line 2 on Form p.2) by filling in their name, investment amount, and expected tax treatment summary before signing or noting agreement.
What happens if IRS Form 13976 is filed incorrectly?
If the information provided on Form 13976 is incomplete, it will not be considered complete, even if a statement saying information will follow upon request is included.
Do I have to file Form 13976?
The source states the form itself is not required, but it is a component of an Advisee List. Confirm that you are using this form as part of a larger filing requirement.
What if my transaction doesn't fit neatly into one section?
Sections I through IV detail different types of information (Advisor Info, Transaction Info, Other Advisors, Advisee Details). Check Section II to see which type(s) of reportable transactions apply.
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