SECTION 4. EFFECTIVE DATE

This revenue procedure is effective for sales of QSB stock occurring after August 5, 1997.

DRAFTING INFORMATION

The principal author of this revenue

.03 Scope of the Election.

If a person has more than one sale of QSB stock in a taxable year that qualifies for the § 1045 election, the person may make a § 1045 election for any one or more of those sales.

.04 Revocation.

1998–38 I.R.B. 7 September 21, 1998

Form 1040A, or Form 1040EZ is a composite return consisting of electronically transmitted data and certain paper documents. The paper portion of the return consists of Form 8453, U.S. Individual Income Tax Declaration for an IRS e-file Return, and other paper documents that cannot be electronically transmitted. Form 8453 must be received by the Service before the composite return is considered filed (see section 5.08 of this revenue procedure). The composite return must contain the same information that a return filed completely on paper contains. See section 7 of this revenue procedure for procedures for completing Form 8453.

.03 Each year prior to the start of the filing season, the Service will issue Publication 1345A, Filing Season Supplement for Electronic Return Originators, and Publication 1346, Electronic Return File Specifications and Record Layouts for Individual Income Tax Returns. These publications list the forms and schedules associated with the Form 1040 series that can be electronically transmitted during the upcoming filing season.

.04 For purposes of the Form 1040 IRS e-file Program, a Form 1040, Form 1040A, or Form 1040EZ for any taxable year cannot be electronically filed after the 15th day of October following the close of that taxable year, notwithstanding the fact that the taxpayer has been granted an extension to file a return beyond that date. If the 15th day of October falls on a Saturday, Sunday, or legal holiday, then the electronically filed return may be filed on the next succeeding day which is not a Saturday, Sunday, or legal holiday.

.05 An amended tax return cannot be electronically filed under the Form 1040 IRS e-file Program. A taxpayer must file an amended tax return on paper in accordance with the instructions for Form 1040X, Amended U.S. Individual Income Tax Return.

.06 A tax return that has a foreign address for the taxpayer cannot be electronically filed under the Form 1040 IRS e-file Program. Army/Air Force (APO) and Fleet (FPO) post offices are not considered foreign addresses for this purpose.

.07 A tax return for a decedent cannot be electronically filed under the Form 1040 IRS e-file Program. The decedent’s spouse or personal representative must file a paper tax return for the decedent.

procedure is J. Peter Baumgarten of the office of Assistant Chief Counsel (Income Tax and Accounting). For further information regarding this revenue procedure, contact Mr. Baumgarten on (202) 6224950 (not a toll-free call).

26 CFR 601.602: Tax forms and instructions. (Also Part I, Sections 6012, 6061; 1.6012–5, 1.6061–1.)

Rev. Proc. 98–50

CONTENTS SECTION 1 PURPOSE SECTION 2 BACKGROUND AND CHANGES SECTION 3 FORM 1040 IRS e-file PROGRAM PARTICIPANTS—DEFINITIONS SECTION 4 ACCEPTANCE IN THE FORM 1040 IRS e-file PROGRAM SECTION 5 RESPONSIBILITIES OF AN AUTHORIZED IRS e-file PROVIDER SECTION 6 PENALTIES SECTION 7 FORM 8453, U.S. INDIVIDUAL INCOME TAX DECLARATION FOR AN IRS e-file RETURN SECTION 8 INFORMATION AN AUTHORIZED IRS e-file PROVIDER MUST FURNISH TO THE TAXPAYER SECTION 9 DIRECT DEPOSIT OF REFUNDS SECTION 10 REFUND ANTICIPA TION LOANS SECTION 11 BALANCE DUE RE TURNS SECTION 12 ADVERTISING STAN DARDS FOR AUTHORIZED IRS e-file PROVIDERS AND FINANCIAL INSTITUTIONS SECTION 13 MONITORING AND SUSPENSION OF AN AUTHORIZED IRS e-file PROVIDER SECTION 14 ADMINISTRATIVE RE VIEW PROCESS FOR DENIAL OF PARTICIPATION IN THE FORM 1040 IRS e-file PROGRAM

SECTION 15 ADMINISTRATIVE RE VIEW PROCESS FOR SUSPENSION FROM THE FORM 1040 IRS e- file PROGRAM SECTION 16 VITA AND TCE SPON SORED PARTICIPATION IN THE FORM 1040 IRS e-file PROGRAM SECTION 17 EMPLOYER SPONSORED PARTICIPATION IN THE FORM 1040 IRS e-file PROGRAM SECTION 18 PILOT PROGRAMS SECTION 19 EFFECT ON OTHER

DOCUMENTS SECTION 20 EFFECTIVE DATE SECTION 21 INTERNAL REVENUE

SERVICE OFFICE CONTACT SECTION 22 PAPERWORK REDUC TION ACT