Section 13 Form 5330 - Schedule K (4965 Tax)

Section 13 must be present if there is an entry in Field 0316 unless CCC "C" is present. If Section 13 generates as a missing section, determine if the filer entered the tax amount on the wrong line on Page 2. If the filer entered the tax amount on the correct line, enter the amount from Page 2, Line 16 into Field 13L2.

The following fields are in Section 13:

Section 13 Fields

AFD

POS

FIELD NAME

FORM LINE #

13L1

13

Number of Prohibited Shelter Transactions

Schedule K, Line 1

13L2

13

Section 4965 Tax Amount

Schedule K, Line 2

Section 13 is invalid when CCC "G" is present

If this is a true amended return, delete Section 13.

Section 13 is invalid when Section 04, 05, 06, 07, 08, 09, 10, 11, or 12 is present. Taxes for these sections cannot be reported on the same Form 5330 as the Section 4980F Tax.

SSPND 351 and prepare Form 4227.

Rejects changes the numbered Form 5330 to reflect the tax for only Section 4965F Tax.

Rejects prepares a new Form 5330 for the remaining tax.

See IRM 3.12.22.8.1, Form 5330 Splitting Taxes, for complete instructions on splitting taxes.

Field 13L1 is located on Form 5330, Schedule K, Line 1.

This field may be present.

If present, must be numeric.

Correct coding and transcription errors.

Field 13L2 is located on Form 5330, Schedule K, Line 2.

This field may be present.

If present, must be numeric.

Entry in Field 13L2 is not numeric.

The amount in 13L2 is present but is not equal to 13L1 multiplied by $20,000.

Correct coding and transcription errors.

If Field 13L2 is blank but an entry is on 13L1, multiply 13L1 by $20,000 and enter amount in Field 13L2.

If the taxpayer made an error in transferring the total tax from Field 13L2 to 0316, enter TPNC 24.

If the taxpayer made an error in calculating the tax reported on Schedule K line 2, enter TPNC 25.