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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1545-1353
ICR Reference No:
199212-1545-010
Status:
Historical Active
Previous ICR Reference No:
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
DEBT INSTRUMENTS WITH ORIGINAL ISSUE DISCOUNT, IMPUTED INTEREST ON DEFERRED PAYMENT SALES OR EXCHANGES OF PROPERTY NPRM-FI-189-84
Type of Information Collection:
New collection (Request for a new OMB Control Number)
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
02/24/1993
Retrieve Notice of Action (NOA)
Date Received in OIRA:
12/04/1992
Terms of Clearance:
Approved. These regulations add a substantial recordkeeping and reporting burden. At the next stage of rulemaking, IRS should respond in detail to public comments concerning the burden imposed by these regulations and suggestions for reducing it. In particular, IRS shoul respond to the following comments: 1) the availability to institutiona investors in the secondary market of information necessary to meet tax recordkeeping and reporting requirements, 2) the use of the "record date" in place of the "payable date" to define the end of an accrual period, 3) the reporting burden of defining qualified stated interest a fixed rate of interest of one year or less over the entire life of t bind, and 4) whether an automatic change in the method of accounting would be a suitable way to relieve taxpayers of some of the burden imposed by these regulations.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
02/28/1994
02/28/1994
Responses
1
1
0
Time Burden (Hours)
1
1
0
Cost Burden (Dollars)
0
0
0
Abstract:
THESE REGULATIONS PROVIDE DEFINITIONS, REPORTING REQUIREMENTS, ELECTIONS, AND GENERAL RULES RELATING TO THE TAX TREATMENT OF DEBT INSTRUMENTS WITH ORIGINAL ISSUE DISCOUNT AND THE IMPUTATION OF AN ACCOUNTING OF INTEREST ON CERTAIN SALES OR EXCHANGES OF PROPERTY.
Authorizing Statute(s):
None
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
DEBT INSTRUMENTS WITH ORIGINAL ISSUE DISCOUNT, IMPUTED INTEREST ON DEFERRED PAYMENT SALES OR EXCHANGES OF PROPERTY NPRM-FI-189-84
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
1
0
0
1
0
0
Annual Time Burden (Hours)
1
0
0
1
0
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
Yes
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [PPACA, P.L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Act [Dodd-Frank Wall Street Reform and Consumer Protection Act, P.L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
12/04/1992
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