Information Return of U.S. Persons with Respect To Certain Foreign Corporations

ICR 200704-1545-060

OMB: 1545-0704

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Modified
Supplementary Document
2007-04-30
Supplementary Document
2007-04-30
Supplementary Document
2007-04-30
Supplementary Document
2007-04-30
Supporting Statement A
2007-04-27
IC Document Collections
ICR Details
1545-0704 200704-1545-060
Historical Active 200601-1545-049
TREAS/IRS CB-0704-060
Information Return of U.S. Persons with Respect To Certain Foreign Corporations
Revision of a currently approved collection   No
Regular
Approved without change 07/13/2007
Retrieve Notice of Action (NOA) 05/10/2007
This form is used by individual and other taxpayers. The portion of the burden imposed on individual taxpayers is approved under OMB Control Number 1545-0074. In its next submission under this OMB Control Number, the agency is instructed to ensure that the estimate of burden associated with this Control Number includes only the burden imposed on non-individual taxpayers. If the agency finds that the current burden estimate includes burden imposed on individual taxpayers, it must immediately submit an adjustment request that eliminates this double-counting.
  Inventory as of this Action Requested Previously Approved
07/31/2010 36 Months From Approved 07/31/2007
86,130 0 86,130
4,045,343 0 4,400,232
0 0 0

Form 5471 and related schedules are used by U.S. persons that have an interest in a foreign corporation. The form is used to report income from the foreign corporation. The form and schedules are used to satisfy the reporting requirements of sections 6035, 6038 and 6046 and the regulations there under pertaining to the involvement of U.S. persons with certain foreign corporations.

US Code: 26 USC 6035 Name of Law: Sec. 6035. Repealed. Pub. L. 108-357, title IV, Sec. 413(c)(26), Oct. 22, 2004, 118 Stat. 1509]
   US Code: 26 USC 6038 Name of Law: Information reporting with respect to certain foreign corporations and partnerships
   US Code: 26 USC 6046 Name of Law: Returns as to organization or reorganization of foreign corporations and as to acquisitions of th
  
None

Not associated with rulemaking

  72 FR 8057 02/22/2007
72 FR 26450 05/09/2007
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 86,130 86,130 0 0 0 0
Annual Time Burden (Hours) 4,045,343 4,400,232 0 -354,889 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
Yes
Miscellaneous Actions
A revision of the form and instruction created the following changes: Three (3) attachments deleted, added eight (8) code references and thirty-seven (37) line items deleted. Ten (10)code references were deleted and eighteen (18) line items were added, due to the revision of Schedule J. Schedule M revision resulted in deletion of one (1) code reference and seven (7) line items. Schedule N was obsolete and no changes were made to Schedule O. The above changes decreased the burden hours to 4,045,343.

$247,592
No
No
Uncollected
Uncollected
Uncollected
Uncollected
D. Regier 202 622-3695

  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.
05/10/2007


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