U.S. Return of Income for Electing Large Partnerships (Form 1065- B), Partner's Share of Income (Loss) From an Electing Large Partnership (Schedule K-1)

Forms and Documents

Document Name	Status
Form 1065-B U.S. Return of Income for Electing Large Partnerships (Form 1065- B), Partner's Share of Income (Loss) From an Electing Large Partnership (Schedule K-1) Form	Modified
Expiration Explanation.rtf Supplementary Document	2008-03-12
K-1brdn_busi.PDF Supplementary Document	2008-03-12
1065-Bbrdn_busi.PDF Supplementary Document	2008-03-12
SS1065B.doc Supporting Statement A	2008-03-12

IC Document Collections

IC ID	Document Title	Status
18956	U.S. Return of Income for Electing Large Partnerships (Form 1065- B), Partner's Share of Income (Loss) From an Electing Large Partnership (Schedule K-1) Form	Modified

ICR Details

OMB Control No: 1545-1626	ICR Reference No: 200802-1545-016
Status: Historical Active	Previous ICR Reference No: 200503-1545-009
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-1626-016
Title: U.S. Return of Income for Electing Large Partnerships (Form 1065- B), Partner's Share of Income (Loss) From an Electing Large Partnership (Schedule K-1)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/16/2008
	Date Received in OIRA: 04/25/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2011	36 Months From Approved	07/31/2008
Responses	30,720	0	30,720
Time Burden (Hours)	487,225	0	487,225
Cost Burden (Dollars)	0	0	0

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Abstract: Code sections 771-777 allow large partnerships to elect to file a simplified return which requires fewer items to be reported to partners.

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Authorizing Statute(s): US Code: 26 USC 771 Name of Law: Application of subchapter to electing large partnerships.
   US Code: 26 USC 772 Name of Law: Simplified flow-through.
   US Code: 26 USC 773 Name of Law: Computations at partnership level.
   US Code: 26 USC 774 Name of Law: Other modifications.
   US Code: 26 USC 775 Name of Law: Electing large partnership defined.
   US Code: 26 USC 776 Name of Law: Special rules for partnerships holding oil and gas properties
   US Code: 26 USC 777 Name of Law: Regulations
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	72 FR 72007	12/19/2007
30-day Notice:	Federal Register Citation:	Citation Date:
	73 FR 22461	04/25/2008
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
U.S. Return of Income for Electing Large Partnerships (Form 1065- B), Partner's Share of Income (Loss) From an Electing Large Partnership (Schedule K-1)	Schedule K-1, 1065-B	U.S. Return for Income for Electing Large Partnerships ,   Partner's Share of Income (Loss) From an Electing Large Partnership

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ICR Summary of Burden

	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	30,720	30,720	0	0	0	0
Annual Time Burden (Hours)	487,225	487,225	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to:

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

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $120

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: 04/25/2008

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