What must be filed when a rebate is owed?

When a rebate is owed, the correct form that must be filed is the 8038-T. This form is specifically designed for the purpose of reporting the payment of arbitrage rebate. It is used to calculate any arbitrage earnings that must be rebated to the federal government due to the excess earnings on tax-exempt bonds. Filing this report ensures compliance with IRS regulations regarding the use of proceeds from tax-exempt bonds and helps municipalities properly account for the arbitrage rebate obligation.

The other forms mentioned serve different purposes; for instance, the 8038-G is for reporting the issuance of governmental obligations, while the 8038-P is related to reporting private activity bonds. The 8038-N is used for small issue bonds that do not require a full filing. Each of these forms is integral to the tax-exempt bond process but does not address the specific need to report and pay arbitrage rebates, which is why the 8038-T is the appropriate choice in this scenario.