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Wake North Carolina online Form 8752: What You Should Know
It is used to make a payment or reimbursement under section 7519. Form 8752 was created to ensure payment of tax-related liabilities by an owner of an above-ground storage tank(s) whose tank owner liability exceeds their tax liability. (Section 7519) Form 8752 is also used to request a refund of reimbursed tax, penalties and interest, or a change of treatment, under sections 72(m) and 1507 of the Internal Revenue Code, or other tax-related liabilities of an owner of an above-ground storage tank(s) whose tank owner liability exceeds their tax liability. This notice informs you of the requirements and other matters discussed in the section 7519 form. Form 8752 is available online at the following webpage: The requirements of the Federal Tax Form for payment of tax liability under section 7519, are in Sections 7519 (Eligible Tax Refund) and 7519 (Penalty and Interest). To make a required payment or obtain a refund of an outstanding tax, penalties or interest, or change of treatment, under section 7519 of the Internal Revenue Code, go to the following IRS webpage: Payment of Tax Liability Under Section 7519. The amount of tax liability for an owner of an above-ground storage tank, other than a Class 1 or 2 storage tanks, which is attributable to a change in the type of tank which is used to store such storage tank or a change in the value of the tank, must not exceed the amount of tax liability that would have been due based on the tax liability under the type of tank at the start of the period covered by the amended return. Example 1: The tax liability for an owner of a Class 2 storage tank to which a storage tank which was previously used for a Class 1 storage tank was relocated is calculated by subtracting the tax liability for the storage tank previously used for Class 2 storage from the tax liability for the storage tank that is the new type of tank: In this example, the tax liability for the new type of tank is 100 less 500 than the tax liability for the previous storage tank: 500 (tax liability for old tank of 100) — 500 (tax liability for new tank of 500) = 200.
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