NETTING RULE FOR CERTAIN CONVERSION TRANSACTIONS

ICR 199412-1545-008

OMB: 1545-1452

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
IC ID
Document
Title
Status
132143
Migrated
ICR Details
1545-1452 199412-1545-008
Historical Active
TREAS/IRS
NETTING RULE FOR CERTAIN CONVERSION TRANSACTIONS
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 02/24/1995
Retrieve Notice of Action (NOA) 12/21/1994
  Inventory as of this Action Requested Previously Approved
02/28/1998 02/28/1998
1 0 0
1 0 0
0 0 0

SECTION 1258 RECHARACTERIZES CAPTIAL GAINS FROM CONVERSION TRANSACTIONS AS ORDINARY INCOME TO THE EXTENT OF THE TIME VALUE ELEMENT. THIS REGULATION PROVIDES THAT CERTAIN GAINS AND LOSSES MAY BE NETTED FOR PURPOSES OF DETERMINING THE AMOUNT OF GAIN RECHARACTERIZED. THIS REGULATION PROVIDES RECORDKEEPING RULES.

None
None


No

1
IC Title Form No. Form Name
NETTING RULE FOR CERTAIN CONVERSION TRANSACTIONS

  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 0 0 1 0 0
Annual Time Burden (Hours) 1 0 0 1 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.
12/21/1994


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