What is IRS Form 8038-GC?
Form 8038-GC requires a state or local government to supply information about a small bond issue, lease, or sale of property. In this case, small is defined as having total proceeds of less than $100,000. The government must provide the price of the bonds it has sold, if any. If any of the proceeds were used to retire other bond issues, this must also be noted. The issuer may need to pay a penalty or an arbitrage rebate if proceeds were used for investment purposes, and this form allows the issuing government to decide which.
