Announcement 2002-XX, Termination of Appeals, Settlement Initiative for Corporate Owned Life Insurance (COLI) Cases

ICR 200210-1545-003

OMB: 1545-1802

Federal Form Document

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Name
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ICR Details
1545-1802 200210-1545-003
Historical Active
TREAS/IRS
Announcement 2002-XX, Termination of Appeals, Settlement Initiative for Corporate Owned Life Insurance (COLI) Cases
New collection (Request for a new OMB Control Number)   No
Emergency 10/04/2002
Approved without change 10/03/2002
Retrieve Notice of Action (NOA) 10/03/2002
  Inventory as of this Action Requested Previously Approved
04/30/2003 04/30/2003
40 0 0
200 0 0
0 0 0

The Internal Revenue Service announces that the Appeals settlement initiative with respect to broad based leveraged COLI plans purchased after June 20, 1986, will be terminated, and that the Internal Revenue Service will vigorously defend or prosecute all future COLI ligation. There will a 45-day window within which taxpayers will be permitted to enter into the current settlement arrangement, by submitting to the Internal Revenue Service a formal written offer to settle.

None
None


No

1
IC Title Form No. Form Name
Announcement 2002-XX, Termination of Appeals, Settlement Initiative for Corporate Owned Life Insurance (COLI) Cases

  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 40 0 0 40 0 0
Annual Time Burden (Hours) 200 0 0 200 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.
10/03/2002


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