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

ICR 200305-1545-008

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 200305-1545-008
Historical Active 200004-1545-018
TREAS/IRS
INTL-485-89 (Final) Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 Transactions)
Extension without change of a currently approved collection   No
Regular
Approved without change 06/25/2003
Retrieve Notice of Action (NOA) 05/09/2003
  Inventory as of this Action Requested Previously Approved
07/31/2006 07/31/2006 06/30/2003
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

1
IC Title Form No. Form Name
INTL-485-89 (Final) Taxation of Gain or Loss from Certain Nonfunctional Currency Transactions (Section 988 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 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.
05/09/2003


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