View Information Collection Request (ICR) Package

OMB Control No: 1545-0026	ICR Reference No: 201807-1545-013
Status: Historical Active	Previous ICR Reference No: 201702-1545-011
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Return by a U.S. Transferor of Property to a Foreign Corporation
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: 12/06/2018
	Date Received in OIRA: 10/26/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2021	36 Months From Approved	06/30/2020
Responses	667	0	667
Time Burden (Hours)	28,608	0	30,195
Cost Burden (Dollars)	0	0	0

Abstract: Form 926 is filed by any U.S. person who transfers certain tangible or intangible property to a foreign corporation to report information required by section 6038B.

Authorizing Statute(s): US Code: 26 USC 6038B Name of Law: Information reporting with respect to certain foreign corporations and partnerships
   PL: Pub.L. 115 - 97 14102 Name of Law: Tax Cuts and Jobs Act 2017
   PL: Pub.L. 115 - 97 14221 Name of Law: Tax Cuts and Jobs Act 2017

Citations for New Statutory Requirements: PL: Pub.L. 115 - 97 14221 Name of Law: Tax Cuts and Jobs Act

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:
	83 FR 29618	06/25/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 52614	10/26/2018
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
Form 926 - Return by a U.S. Transferor of Property to a Foreign Corporation	926

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	667	667	0
Annual Time Burden (Hours)	28,608	30,195	-1,587
Annual Cost Burden (Dollars)	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: No

Burden Reduction Due to:

Short Statement: For transfers after December 31, 2017, P.L. 115-97, section 14102 repealed the active trade or business exception under section 367. Transfers of tangible property (other than certain stock transfers) are subject to full gain recognition under the general rule of section 367(a)(1). In addition, section 91 of the Internal Revenue Code was added to provide rules on transfers of foreign branch assets to foreign corporations requiring the transferor to include a “Transferred Loss Amount” as income. For transfers in taxable years beginning after December 31, 2017, section 14221 of P.L. 115-97 revised the definition of intangible property under section 936(h)(3)(B) subject to section 367(d) treatment on the transfer of such property to include goodwill, going concern value, workforce in place and any other item the value or potential value of which is not attributable to tangible property or the services of an individual. The definition in section 936(h)(3)(B) was subsequently re-designated (without substantive change) as section 367(d)(4) by section 401(d)(1)(D)(viii)(I) of the Consolidated Appropriations Act, 2018, P.L. 115-141. Changes have been made to the form, creating a reduction of burden of 1,587 hours.

Annual Cost to Federal Government: $19,365

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: Virginia Tarris 202 622-3557

View ICR - OIRA Conclusion