INTL-362-88 (Final) Definition of a Controlled Foreign Corporation, Foreign Base Company Income, and Foreign Personal Holding Company Income of a Controlled Foreign Corporation

ICR 200704-1545-069

OMB: 1545-1068

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2007-04-30
ICR Details
1545-1068 200704-1545-069
Historical Active 200405-1545-033
TREAS/IRS
INTL-362-88 (Final) Definition of a Controlled Foreign Corporation, Foreign Base Company Income, and Foreign Personal Holding Company Income of a Controlled Foreign Corporation
Extension without change of a currently approved collection   No
Regular
Approved without change 08/10/2007
Retrieve Notice of Action (NOA) 06/01/2007
  Inventory as of this Action Requested Previously Approved
08/31/2010 36 Months From Approved 08/31/2007
50,500 0 50,500
50,417 0 50,417
0 0 0

The election and recordkeeping requirements are necessary to exclude certain high-taxed or active business income from subpart F income or to include certain income in the appropriate category of subpart F income. The recordkeeping and election procedures allow the U.S. shareholders and the IRS to know the amount of the controlled foreign corporation's subpart F income.

US Code: 26 USC 957 Name of Law: Controlled foreign corporations; United States persons
   US Code: 26 USC 954 Name of Law: Foreign base company income
  
None

Not associated with rulemaking

  72 FR 8060 02/22/2007
72 FR 30666 06/01/2007
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 50,500 50,500 0 0 0 0
Annual Time Burden (Hours) 50,417 50,417 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Valerie Lippe 202 622-3840

  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.
06/01/2007


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