IRC SECTION 108 ALLOWS A TAXPAYER TO
EXCLUDE FROM INCOME AMOUNTS ATTRIBUTABLE TO THE DISCHARGE OF
INDEBTEDNESS. NORMALLY, DISCHARGES OF INDEBTEDNESS GIVE RISE TO
INCOME; HOWEVER, TAXPAYERS MAY EXCLUDE THESE AMOUNTS BY FILING FORM
982 AND REDUCING THE BASIS OF THE PROPERTY. IRC SECTION 1081 ALLOWS
FOR THE NONRECOGNITION OF GAIN OR LOSS ON TRANSFERS OR
DISTRIBUTIONS RESULTING FROM S.E.C. ORDERS. TAXPAYERS USE FORM 982
TO EXCLUDE
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:
(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;
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.