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OMB Control No: 1545-1668	ICR Reference No: 202109-1545-005
Status: Historical Active	Previous ICR Reference No: 201810-1545-010
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: 03/01/2022
	Date Received in OIRA: 12/31/2021
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2025	36 Months From Approved	02/28/2022
Responses	3,695	0	34,450
Time Burden (Hours)	84,057	0	281,974
Cost Burden (Dollars)	0	0	0

Abstract: The Taxpayer Relief Act of 1997 significantly modified the information reporting requirements with respect to foreign partnerships. The Act made the following three changes (1) expanded section 6038B to require U.S. persons transferring property to foreign partnerships in certain transactions to report those transfers; (2) expanded section 6038 to require certain U.S. Partners of controlled foreign partnerships to report information about the partnerships; and (3) modified the reporting required under section 6046A with respect to acquisitions and dispositions of foreign partnership interests. Form 8838-P is used to extend the statute of limitations for U.S. persons who transfers appreciated property to partnerships with foreign partners related to the transferor. The form is filed when the transferor makes a gain recognition agreement. This agreement allows the transferor to defer the payment of tax on the transfer. The IRS uses Form 8838-P so that it may assess tax against the transferor after the expiration of the original statute of limitations.

Authorizing Statute(s): US Code: 26 USC 721(c) 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 6103 Name of Law: Confidentiality and disclosure of returns and return information
   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
   US Code: 26 USC 250 Name of Law: Foreign-Derived Intangible Income and Global Intangible Low-Taxed Income
   US Code: 26 USC 267A Name of Law: Certain Related Party Amounts Paid or Accrued In Hybrid Transactions Or With Hybrid Entities
   PL: Pub.L. 115 - 97 multiple Name of Law: Tax Cuts and Jobs Act

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

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking
	Other Documents for OIRA Review

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 36188	07/08/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	86 FR 73851	12/28/2021
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
Consent To Extend the Time To Assess Tax Pursuant to the Gain Deferral Method (Section 721(c))	8838 P
Return of U.S. Persons With Respect to Certain Foreign Partnerships and Consent To Extend the Time To Assess Tax Pursuant to the Gain Deferral Method (Section 721(c))	8865 Sch K-1, 8865 Sch G, 8865 Sch O, 8865 , 8865 Sch P, 8865, 8865 Sch H, 8865 Sch K-2, 8865 Sch K-3, 8865 Sch K-2 and Sch K-3, 8838-P

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate
Annual Number of Responses	3,695	34,450	50	200	-31,005
Annual Time Burden (Hours)	84,057	281,974	4,440	51,420	-253,777
Annual Cost Burden (Dollars)	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: Yes

Burden Reduction Due to: Cutting Redundancy

Short Statement: The previously approved burden is being reduced to eliminate double counting of responses for individual and business filers which are reported under OMB numbers 1545-0074 and 1545-0123. The number of responses was reduced by 90 percent for each form and schedule in the collection, resulting in a decrease to the overall burden of 253,777 hours. The Tax Cuts and Jobs Act, P.L. 115-97 added IRC sections requiring Form 8865 to collect additional information. Lines were added for IRC section 250, which allows a deduction for foreign-derived intangible income and global intangible low-taxed income. Lines were added for IRC section 267A, which disallows a deduction for certain interest and royalty payments or accruals. A line was added for the number of foreign partners subject to IRC section 864(c)(8). Lines were added for disclosure requirements under Treasury Regulations 1.703-3, 1.707-6, and 1.707-8. A line and new Schedule A-2 were added to collect information on IRC section 721(c) partnerships. The burdens for all forms and schedules have been recalculated to reflect changes. New Schedule K-2 replaces, supplements, and clarifies reporting of certain amounts formerly reported on lines 16 and 20c of Schedule K. New Schedule K-3 replaces, supplements, and clarifies reporting of certain amounts formerly reported on lines 16 and 20 of Schedule K-1. Form 8838-P was consolidated into main IC.

Annual Cost to Federal Government: $451,693

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? No

Agency Contact: Michael Cyrus 202 317-5777

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