REG-140206-06 - Withholding and Reporting Obligations Under Section 1441 Regarding Tender Offers

Forms and Documents

Document	Type	Status	Availability
Reg-140206-06.Sup.doc	Supporting Statement A	Uploaded 2006-11-01	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
45326	Withholding and Reporting Obligations Under Section 1441 Regarding Tender Offers		New

ICR Details

OMB Control No: 1545-2093	ICR Reference No: 200609-1545-008
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: LM-1545-XXXX-008
Title: REG-140206-06 - Withholding and Reporting Obligations Under Section 1441 Regarding Tender Offers
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Preapproved	Conclusion Date: 02/19/2008
	Date Received in OIRA: 10/11/2007
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2011	36 Months From Approved
Responses	1,400	0	0
Time Burden (Hours)	1,400	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This document proposed regulations under section 1441 regarding a withholding agent's obligation to withhold and report tax when a corporation makes a distribution with respect to its stock and a determination is required under section 302 as to whether the distribution is treated as a dividend or a distribution in part or full payment in exchange for stock.

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Authorizing Statute(s): US Code: 26 USC 1442 Name of Law: Withholding of tax on foreign corporations
   US Code: 26 USC 1441 Name of Law: Withholding of tax on nonresident aliens
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BF93	Proposed rulemaking	72 FR 216	11/08/2007

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Withholding and Reporting Obligations Under Section 1441 Regarding Tender Offers

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ICR Summary of Burden

	Total Request	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	1,400	0	0	1,400	0	0
Annual Time Burden (Hours)	1,400	0	0	1,400	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Approval is requested because Treasury and the IRS are aware that compliance with section 1441 in the context of these transactions is currently dependent on the risk aversion of the withholding agent, and the resulting difference in treatment of similar transactions is not appropriate. Moreover, a private letter ruling has been issued at the request of a withholding agent concerned about proper compliance and it is unfair to hold that agent to a higher standard than others.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 10/11/2007

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