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Form 668(Z) Lakewood Colorado: What You Should Know

When you file Form 668(Z), you must attach a certificate of release of a federal tax lien (Form 8859). If you need assistance in getting a Form 668(Z) certificate of release, please contact the IRS Public Affairs call center at. 5.12.4.1 Release from a Federal Tax Lien — Form 668(Z) Your federal tax loan is required within 90 days of the due date of the tax return(s), and the tax lien attaches on the due dates of those returns. Your federal tax lien cannot be transferred to another person or entity. When you file Form 668(Z), you must include a certificate of release of the federal tax lien (Form 8859) in the tax return. 5.12.4.2 Transferring a Federal Tax Lien to another Person or Entity You may transfer a federal tax lien to a person or entity through transfer of a security interest in the federal tax lien. A transfer of the security interest is made if the transferee's federal tax lien interest on the security interest is transferred. For example, assume the tax lien is on an account located in your name; the federal tax lien is transferred to you, and you transfer the security interest to someone else. Your transfer must meet all the following statutory requirements: 1. The transferor must not be: a) a United States person; b) a United States corporation; c) a Federal, State or local government; d) a trust, estate, partnership, or corporation; e) an agency or instrumentality of the foregoing. 2. The transferor must not have an interest in, or other financial interest in, the transferred securities. If the transferor does own the transferred securities, it must receive all the transferred securities in person, or promptly in hand, by a delivery or delivery-in-lieu of delivery (DIL OD) pursuant to § 672.205. 3. Any income or capital gain on the transferred securities must be reported as capital gain to the taxpayer as defined by § 691(d). The transferred security must be promptly exchanged. If the transaction does not satisfy this requirement, the transferor's basis in the securities must be determined by substituting the securities for all other assets of the transferor that meet the requirements set forth in § 668.

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