Election To Be Treated as a Possessions Corporation under Section 936 -- 5712, Election and Verification of the Cost Sharing or Profit Split Method under Section 936(h)(5) -- 5712-A

ICR 199707-1545-008

OMB: 1545-0215

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
ICR Details
1545-0215 199707-1545-008
Historical Active 199408-1545-015
TREAS/IRS
Election To Be Treated as a Possessions Corporation under Section 936 -- 5712, Election and Verification of the Cost Sharing or Profit Split Method under Section 936(h)(5) -- 5712-A
Extension without change of a currently approved collection   No
Regular
Approved without change 08/28/1997
Retrieve Notice of Action (NOA) 07/09/1997
The agency is not required to display the expiration date.
  Inventory as of this Action Requested Previously Approved
08/31/2000 08/31/2000 10/31/1997
2,600 0 2,600
16,607 0 18,138
0 0 0

Domestic corporations may elect to be treated as possessions corporations on form 5712. This election allows the corporation to take a tax credit. Possession 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 taxable income with their affiliates.

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 2,600 2,600 0 0 0 0
Annual Time Burden (Hours) 16,607 18,138 0 -1,531 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes

$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.
07/09/1997


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