TREATMENT OF GAIN FROM DISPOSITION OF CERTAIN NATURAL RESOURCE RECAPTURE PROPERTY

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Forms and supporting documents for this ICR

Document	Type	Status	Availability

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IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
128355	TREATMENT OF GAIN FROM DISPOSITION OF CERTAIN NATURAL RESOURCE RECAPTURE PROPERTY	Form	Migrated

ICR Details

OMB Control No: 1545-0074	ICR Reference No: 198902-1545-015
Status: Historical Active	Previous ICR Reference No: 198807-1545-017
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: TREATMENT OF GAIN FROM DISPOSITION OF CERTAIN NATURAL RESOURCE RECAPTURE PROPERTY
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: 05/26/1989
	Date Received in OIRA: 02/28/1989
Terms of Clearance: Withdrawn and continued. The clearance request for the natural resources recapture regulations (PS-276-76 Final) have been withdrawn because the proposed regulations have not been published. The Department should notify us when these regulations (without change) are about to be sent to the Federal Register for publication so that we can reenter them for clearance of the information collections. Note that a clear explanation of the burden will be required. The record is not clear concerning the burden for the collections in the preamble section dealing with the Paperwork Reduction Act an estimate of the total burden hours attributable to the collections contained in these regulations. Also, the Department should provide a statement for the clearance file to explain the additional burden adde by these regulations or, if the collections are unchanged from those approved previously in this and other dockets, a statement that the information collections contained in these regulations are unchanged i any way from those approved currently in OMB docket number 1545-0074 and reference other applicable OMB dockets.

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/1991	09/30/1991	09/30/1991
Responses	185,944,290	0	185,944,290
Time Burden (Hours)	297,014,128	0	297,014,128
Cost Burden (Dollars)	0	0	0

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Abstract: THE REGULATIONS PRESCRIBE RULES TO DETERMINE THE TAX TREATMENT OF GAIN FROM THE DISPOSITION OF NATURAL RESOURCE RECAPTURE PROPERTY. GAIN THAT IS SUBJECT TO RECAPTURE GENERALLY AND TREATED AS ORDINARY GAIN UPON A DISPOSITION OF SUCH PROPERTY IS THE AMOUNT OF INTANGIBLE DRILLING AND DEVELOPMENT COSTS AND DEPLETION THAT HAS BEEN DEDUCTED WITH RESPECT TO SUCH PROPERTY.

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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
TREATMENT OF GAIN FROM DISPOSITION OF CERTAIN NATURAL RESOURCE RECAPTURE PROPERTY	1040

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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	185,944,290	185,944,290	0	0	0	0
Annual Time Burden (Hours)	297,014,128	297,014,128	0	0	0	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: No

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: 02/28/1989

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