Note:

Elections cannot be made on an amended return.

FASIT elections must have:

The name, address, and the applicant's tax identification number (if issued prior to making an election) of the arrangement

The startup day of the FASIT

The name and title of all persons signing the election statement

A FASIT is a pass-through entity. When the corporate owner makes an election to have the qualified arrangement treated as a FASIT, the corporation becomes liable for reporting all the FASIT's income, gain, deductions, losses, and credits on its Form 1120, U.S. Corporate Income Tax Return.

A Form 8802 submitted on behalf of a FASIT requires:

The requirements of a corporation

A copy of the FASIT election

A statement from the Corporate owner. See paragraph (7) below.

The statement that must be submitted on behalf of a FASIT applicant must have the following information:

"XXX Corporation, EIN is the corporate owner of (FASIT name, TIN), which is treated as a FASIT under IRC 860H; as such, the (corporation name) reports all (FASIT name's) income, gains, deductions, losses and credits on our Form 1120, U.S. Corporate Income Tax Return."