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View ICR - OIRA Conclusion

OMB Control No: 1545-1668	ICR Reference No: 201810-1545-010
Status: Historical Active	Previous ICR Reference No: 201709-1545-009
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Return of U.S. Persons With Respect to Certain Foreign Partnerships
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: 12/19/2018
	Date Received in OIRA: 12/12/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2021	36 Months From Approved	12/31/2020
Responses	34,450	0	32,450
Time Burden (Hours)	281,974	0	254,084
Cost Burden (Dollars)	0	0	0

Authorizing Statute(s): US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 721C Name of Law: Nonrecognition of gain or loss on contribution
   US Code: 26 USC 6038B Name of Law: Notice of certain transfers to foreign persons
   US Code: 26 USC 6038 Name of Law: Information reporting with respect to certain foreign
   US Code: 26 USC 6046A Name of Law: Returns as to interests in foreign partnerships

Citations for New Statutory Requirements: US Code: 26 USC 721(c)-3T Name of Law: Gain Deferral Method
US Code: 26 USC 721(c)-6T Name of Law: Procedural Reporting Requirements

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute
Annual Number of Responses	34,450	32,450	2,000
Annual Time Burden (Hours)	281,974	254,084	27,890
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: Treasury Decision 9814. IRC 721(c) temporary regulations were issued to require specific information to be reported when appreciated section 721(c) property is contributed to a section 721(c) partnership by a U.S. transferor. Specifically, Temp. Treas. Regulation 1.721(c)-6T(b)(2) provides the reporting requirements of a U.S. transferor that must be satisfied under the gain deferral method under Temp. Treas. Regulation 1.721(c)-3T(b). New forms, Schedule G and Schedule H must be used to apply the gain deferral method. Schedule G of Form 8865 provides the specific information on the reporting of a gain deferral contribution required under Temp. Treas. Regulation 1.721(c)-6T(b)(2) as well as the annual reporting relating to the gain deferral method under Temp. Treas. Regulation 1.721(c)-6T(b)(3). Schedule H of Form 8865 provides specific information relating to certain subsequent events to a gain deferral contribution as part of the annual reporting, including acceleration, termination and successor events, as well as other transactions as required under Temp. Treas. Regulation 1.721(c)-6T(b)(3). The addition of these two forms results in an increase of overall response burden of 27,890 burden hours.

Annual Cost to Federal Government: $226,569

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. Yes

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. Yes

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: Dorian McCloskey 317 613-1744 dorian.mccloskey@irs.gov

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