ELECTION TO BE TREATED AS A POSSESSIONS CORPORATION UNDER SEC. 936 - ELECTION & VERIFICATION OF THE COST SHARING OR PROFIT SPLIT METHOD UNDER SECTION 936(H)(5)

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IC ID	Collection	Type	Status	Form
129340	ELECTION TO BE TREATED AS A POSSESSIONS CORPORATION UNDER SEC. 936 - ELECTION & VERIFICATION OF THE COST SHARING OR PROFIT SPLIT METHOD UNDER SECTION 936(H)(5)	Form	Migrated

ICR Details

OMB Control No: 1545-0215	ICR Reference No: 198902-1545-012
Status: Historical Active	Previous ICR Reference No: 198611-1545-022
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: ELECTION TO BE TREATED AS A POSSESSIONS CORPORATION UNDER SEC. 936 - ELECTION & VERIFICATION OF THE COST SHARING OR PROFIT SPLIT METHOD UNDER SECTION 936(H)(5)
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: 05/17/1989
	Date Received in OIRA: 02/22/1989
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/1992	04/30/1992	08/31/1989
Responses	2,600	0	2,600
Time Burden (Hours)	16,588	0	2,869
Cost Burden (Dollars)	0	0	0

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Abstract: DOMESTIC CORPORATIONS MAY ELECT TO BE TREATED AS POSSESSIONS CORPORATIONS ON FORM 5712. THIS ELECTION ALLOWS THE CORPORATIONS TO TAKE TAX CREDIT. POSSESSIONS CORPORATIONS MAY ELECT ON FORM 5712-A TO SHARE THEIR TAXABLE INCOME WITH THEIR AFFILIATES UNDER SECTION 936(H)(5). THESE FORMS ARE USED BY THE IRS TO ASCERTAIN IF CORPORATIONS ARE ENTITLED TO THE CREDIT AND IF THEY MAY SHARE THEIR

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Authorizing Statute(s): None

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

table that charts list of burden

IC Title	Form No.	Form Name
ELECTION TO BE TREATED AS A POSSESSIONS CORPORATION UNDER SEC. 936 - ELECTION & VERIFICATION OF THE COST SHARING OR PROFIT SPLIT METHOD UNDER SECTION 936(H)(5)	5712, 5712-A

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ICR Summary of Burden

table that charts list 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	2,600	2,600	0	0	0	0
Annual Time Burden (Hours)	16,588	2,869	0	-2,050	15,769	0
Annual Cost Burden (Dollars)	0	0	0	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: Yes

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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: 02/22/1989

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