Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 Transactions) -- INTL-485-89 (Final)

ICR 199704-1545-001

OMB: 1545-1131

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
ICR Details
1545-1131 199704-1545-001
Historical Active 199403-1545-010
TREAS/IRS
Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 Transactions) -- INTL-485-89 (Final)
Extension without change of a currently approved collection   No
Regular
Approved without change 05/20/1997
Retrieve Notice of Action (NOA) 04/02/1997
The agency is not required to display the expiration date.
  Inventory as of this Action Requested Previously Approved
06/30/2000 06/30/2000 05/31/1997
5,000 0 5,000
3,333 0 3,333
0 0 0

Sections 988(c)(1)(D) and (E) require taxpayers to make certain elections which determine whether section 988 applies. In addition, sections 988(a)(1)(B) and 988(d) require taxpayers to identify transactions which generate capital gain or loss or which are hedges of other transactions.

None
None


No

  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 5,000 5,000 0 0 0 0
Annual Time Burden (Hours) 3,333 3,333 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
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.
04/02/1997


© 2024 OMB.report | Privacy Policy