View Information Collection Request (ICR) Package
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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:
1545-2019
ICR Reference No:
201604-1545-010
Status:
Historical Active
Previous ICR Reference No:
201301-1545-036
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
Title:
TD 9451 - Guidance Necessary To Facilitate Business Election Filing; Finalization of Controlled Group Qualification Rules (TD 9329)
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Emergency
Approval Requested By:
04/30/2016
OIRA Conclusion Action:
Approved without change
Conclusion Date:
12/18/2017
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/29/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
06/30/2018
6 Months From Approved
12/31/2017
Responses
1,225,000
0
350,000
Time Burden (Hours)
625,000
0
262,500
Cost Burden (Dollars)
0
0
0
Abstract:
This document contains a final regulation that provides guidance to taxpayers for determining which corporations are included in a controlled group of corporations. REG-161948-05 contains proposed regulations under sections 334(b)(1)(B) and 362(e)(1) of the Internal Revenue Code of 1986 (Code). The proposed regulations apply to certain nonrecognition transfers of loss property to corporations that are subject to Federal income tax. The proposed regulations affect the corporations receiving the loss property.
Emergency Justfication:
The IRS is requesting an emergency approval for this collection to complete the full research that will reflect the proposed regulations under sections 334(b)(1)(B) and 362(e)(1) (anti-loss importation provisions) revised under Final regulations 1.332-6. 1.351-3 and 1.368-3, published on March 28, 2016. Prior approval for this collection was under two different expirations dates (Preapproval 05/31/2016 and Approval 04/30/2016); this request is intended to combine all related information, to be ultimately renewed for three years once the emergency request is approved. The IRS will amend this collection to reflect the updated information pertaining to the Final regulations, TD 9759.
Authorizing Statute(s):
US Code:
26 USC 7805
Name of Law: Rules and regulations
US Code:
26 USC 334
Name of Law: Basis of property received in liquidations
US Code:
26 USC 362
Name of Law: Basis to corporations
Citations for New Statutory Requirements:
US Code: 26 USC 334 Name of Law: Basis of Property recieved in liquidations
US Code: 26 USC 362(e)(1) Name of Law: Limitation on importation of built-in losses
US Code: 26 USC 362(e)(2) Name of Law: Limitation on transfer of built-in losses in section 351 transactions
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
81 FR 8594
02/19/2016
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
TD 9300, Guidance Necessary to Facilitate Business Electronic Filing
TD 9451 - Guidance Necessary To Facilitate Business Election Filing; Finalization of Controlled Group Qualification Rules (TD 9329)
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
1,225,000
350,000
0
875,000
0
0
Annual Time Burden (Hours)
625,000
262,500
0
362,500
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:
Miscellaneous Actions
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
This document contains proposed regulations under sections 334(b)(1)(B) and 362(e)(1) of the Internal Revenue Code of 1986 (Code). The revised collection of information in these proposed regulations is in ยงยง1.332-6, 1.351-3, and 1.368-3. By requiring that taxpayers separately report the fair market value and basis of property (including stock) described in section 362(e)(1)(B) and in 362(e)(2)(A) that is transferred in a tax-free transaction, this revised collection of information aides in identifying transactions within the scope of sections 334(b)(1)(B), 362(e)(1), and 362(e)(2) and thereby facilitates the IRS' verification that taxpayers are complying with sections 334(b)(1)(B), 362(e)(1), and 362(e)(2). The net result of these changes will result in a decrease in the estimated annual responses by 125,000, while increasing the estimate burden hours by 112,500 hours.
Annual Cost to Federal Government:
$0
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
No
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Grid Glyer 202 622-7930
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:
04/29/2016
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