REDUCTION OF TAX ATTRIBUTES DUE TO DISCHARGE OF INDEBTEDNESS

ICR 199310-1545-029

OMB: 1545-0046

Federal Form Document

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Document
Name
Status
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ICR Details
1545-0046 199310-1545-029
Historical Active 199111-1545-011
TREAS/IRS
REDUCTION OF TAX ATTRIBUTES DUE TO DISCHARGE OF INDEBTEDNESS
No material or nonsubstantive change to a currently approved collection   No
Emergency 10/29/1993
Approved with change 10/29/1993
Retrieve Notice of Action (NOA) 10/29/1993
  Inventory as of this Action Requested Previously Approved
01/31/1995 01/31/1995 01/31/1995
1,000 0 1,000
9,740 0 9,040
0 0 0

IRC SECTION 208 ALLOWS TAXPAYERS TO EXCLUDE FROM GROSS INCOME AMOUNTS ATTRIBUTABLE TO DISCHARGE OF INDEBTEDNESS IN TITLE 11 CASES, INSOLVENCY, OR A QUALIFIED BUSINESS INDEBTEDNESS. SECTION 1081(B) ALLOWS CORPORATIONS TO EXCLUDE FROM GROSS INCOME AMOUNTS ATTRIBUTABLE TO CERTAIN TRANSFERS OF PROPERTY. THE DATA IS USED TO VERIFY ADJUSTMENTS TO BASIS OF PROPERTY AND REDUCTION OF TAX ATTRIBUTES.

None
None


No

1
IC Title Form No. Form Name
REDUCTION OF TAX ATTRIBUTES DUE TO DISCHARGE OF INDEBTEDNESS 982

  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 1,000 1,000 0 0 0 0
Annual Time Burden (Hours) 9,740 9,040 0 700 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
No

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected

  No

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.
10/29/1993


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