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Blank fields in records indicate information that was not collected or not collected electronically prior to July 2006.
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:
1545-0123
ICR Reference No:
198807-1545-023
Status:
Historical Active
Previous ICR Reference No:
198805-1545-002
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
U.S. CORPORATION INCOME TAX RETURN - CAPITAL GAINS AND LOSSES - COMPUTATION OF U.S. PERSONAL HOLDING COMPANY TAX
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
09/26/1988
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/29/1988
Terms of Clearance:
You may omit printing the expiration date on this form. Also, you may continue to use prior versions of this form.
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/1991
09/30/1991
09/30/1990
Responses
8,778,121
0
7,030,916
Time Burden (Hours)
29,494,027
0
22,395,303
Cost Burden (Dollars)
0
0
0
Abstract:
FORM 1120 IS USED BY CORPORATIONS TO COMPUTE THEIR TAXABLE INCOME AND THEIR LIABILITY. SCHEDULE D (FORM 1120) IS USED BY CORPORATIONS TO REPORT GAINS AND LOSSES FROM THE SALE OF CAPITAL ASSETS. SCHEDULE PH (FORM 1120) IS USED BY PERSONAL HOLDING COMPANIES TO COMPUTE THEIR TAX LIABILITY. THE IRS USES THESE FORMS TO DETERMINE WHETHER CORPORATIONS HAVE CORRECTLY COMPUTER THEIR TAX LIABILITY.
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
U.S. CORPORATION INCOME TAX RETURN - CAPITAL GAINS AND LOSSES - COMPUTATION OF U.S. PERSONAL HOLDING COMPANY TAX
FORM 1120, SCHED. D, SCHED. PH
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
8,778,121
7,030,916
0
-201,042
1,948,247
0
Annual Time Burden (Hours)
29,494,027
22,395,303
0
-816,813
7,915,537
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
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 [Pub. L. 111-148 & 111-152]?
Uncollected
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Uncollected
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
Uncollected
Is this ICR related to the Pandemic Response?
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:
07/29/1988
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