NOT-123059-05, Section 965 - Limitations on Dividends Received Deduction and Other Guidance

ICR 200505-1545-001

OMB: 1545-1943

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
ICR Details
1545-1943 200505-1545-001
Historical Active
TREAS/IRS
NOT-123059-05, Section 965 - Limitations on Dividends Received Deduction and Other Guidance
New collection (Request for a new OMB Control Number)   No
Emergency 05/04/2005
Approved without change 05/04/2005
Retrieve Notice of Action (NOA) 05/03/2005
  Inventory as of this Action Requested Previously Approved
12/31/2005 12/31/2005
25,000 0 0
1,250,000 0 0
0 0 0

This document provides guidance under new section 965, which was enacted by the American Jobs Creation Act of 2004 (P.L. 108-357). In general, and subject to limitations and conditions, section 965(a) provides that a corporation that is a U.S. shareholder of a controlled foreign corporation (CFC) may elect, for one taxable year, an 85 percent dividends received deduction (DRD) with respect to certain cash dividends it receives from its CFCs. This document addresses limitations imposed on the maximum amount of section 965(a) DRD under section 965(b)(1)(under which the maximum amount of an eligible dividend is the greates of $500

None
None


No

1
IC Title Form No. Form Name
NOT-123059-05, Section 965 - Limitations on Dividends Received Deduction and Other Guidance

  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 25,000 0 0 25,000 0 0
Annual Time Burden (Hours) 1,250,000 0 0 1,250,000 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.
05/03/2005


© 2024 OMB.report | Privacy Policy