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View ICR - OIRA Conclusion

OMB Control No: 1545-0196	ICR Reference No: 200902-1545-002
Status: Historical Active	Previous ICR Reference No: 200801-1545-022
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Split-Interest Trust Information Return
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: 03/26/2010
Retrieve Notice of Action (NOA)	Date Received in OIRA: 01/27/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2013	36 Months From Approved	03/31/2010
Responses	220,000	0	220,000
Time Burden (Hours)	15,152,550	0	15,042,250
Cost Burden (Dollars)	0	0	0

Authorizing Statute(s): US Code: 26 USC 6012 Name of Law: Persons required to make returns of income
   US Code: 26 USC 642 Name of Law: Special rules for credits and deductions
   US Code: 26 USC 4947 Name of Law: Application of taxes to certain nonexempt trusts
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 6034 Name of Law: Returns by trusts described in section 4947(a)(2) or claiming charitable deductions under section 64
   US Code: 26 USC 664 Name of Law: Charitable remainder trusts

Citations for New Statutory Requirements: PL: Pub.L. 109 - 222 102 Name of Law: Tax Increase Prevention and Reconciliation Act of 2005
PL: Pub.L. 108 - 27 303, 301 Name of Law: Jobs and Growth Tax Relief Reconciliation Act of 2003

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Adjustment in Estimate
Annual Number of Responses	220,000	220,000	0	0
Annual Time Burden (Hours)	15,152,550	15,042,250	111,550	-1,250
Annual Cost Burden (Dollars)	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: Form 5227 is used to verify that the beneficiaries of a charitable remainder trust include the correct amounts in their tax returns, and that the split-interest trust is not subject to private foundation taxes. Changes were made to incorporate the new filing requirements of ICR section 6034. Due to the addition of 4 entry spaces, the total burden has increased by 111,550 hours. The additional entry spaces incorporated a donation date which is essential to checking the calculation of the unitrust amount. In previous revisions the date was requested under question 55 on Page 3. An adjustment of -1,250 hours has also been made to correction previous inconsistencies with IRS estimates.