Transcription of Notes on SAMPLE Form 3115 - myCPE
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Notes on SAMPLE Form 3115 - myCPE
Notes on SAMPLE Form 3115 1. General a. The SAMPLE Form 3115 relates to a residential rental property (where the entire building depreciated using recovery period, and no allocation was previously made to land improvements or personal property). b. It assumes that the reduced reporting rules for "qualified small taxpayers" apply. i. This should be true for most of clients. 1. A "qualified small taxpayer" is a taxpayer whose average annual gross receipts, as determined under (a)-3(h}(3}, for the three preceding taxable years is less than or equal to $10,000,000. a. If the taxpayer doesn't meet this requirement, see Form 3115 for complete filing instructions in Rev. Proc. 2019-43, Sec.))
The taxpayer must attach all applicaole statements requested throughout tnis form. n ormat1on or utomat1c ange equest 1 Enter the applicable designated automatic accounting method change n Enter only one DCN, except as provided for in guidance publish~b 'Other,' and provide both a description of the change an~· h
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