REG-146895-05 - Election to Expense Certain Refineries (NPRM); TD XXXX (Temp. Regs.)

ICR 200807-1545-017

OMB: 1545-2103

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2008-04-18
IC Document Collections
ICR Details
1545-2103 200807-1545-017
Historical Active 200804-1545-013
TREAS/IRS Projected Release Date 6/1/08
REG-146895-05 - Election to Expense Certain Refineries (NPRM); TD XXXX (Temp. Regs.)
New collection (Request for a new OMB Control Number)   No
Regular
Approved without change 07/15/2008
Retrieve Notice of Action (NOA) 07/15/2008
  Inventory as of this Action Requested Previously Approved
12/31/2008 6 Months From Approved
12 0 0
120 0 0
0 0 0

The regulations provide guidance with respect to section 179C, which provides a taxpayer can elect to treat 50% of the cost of “qualified refiner property” as a deductible expense not chargeable to capital account. The taxpayer may not claim a deduction under section 179C for any taxable year unless the taxpayer files a report with the Secretary containing information with respect to the operation of the taxpayer’s refinery. The report must specify (i) the name and address of the refinery; (ii) which production capacity requirement under section 179C(e) the taxpayer’s qualified refinery qualifies under; (iii) whether the production capacity requirements of section 179C(e)(1) or 179C(e)(2) have been met. The regulations also provide that if the taxpayer is a cooperative described in section 1381, and one or more persons directly holding an ownership interest in the taxpayer are organizations described in section 1381, the taxpayer/cooperative can elect to allocate all or a portion of the deduction allowable under section 179C to those persons. If the taxpayer cooperative makes such an election, it must provide written notice of the amount of the allocation to any owner receiving an allocation by written notice on Form 1099-PAT “Taxable Distributions Received from Cooperatives.” The collection of information in the proposed and temporary regulations involves a written notice.

US Code: 26 USC 179C Name of Law: Election to expense certain refineries
  
US Code: 26 USC 179C Name of Law: Election to expense certain refineries

1545-BF06 Final or interim final rulemaking 73 FR 39227 06/09/2008

No

1
IC Title Form No. Form Name
REG-146895-05 - Election to expense certain refineries

  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 12 0 0 12 0 0
Annual Time Burden (Hours) 120 0 0 120 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
Section 179C of the Internal Revenue Code provides that a taxpayer can elect to treat 50% of the cost of “qualified refinery property” as a deductible expense not chargeable to capital account. The taxpayer makes an election under section 179C by entering the amount of the deduction at the appropriate place on the taxpayer’s timely filed original federal income tax return for the taxable year in which the qualified refinery property is placed in service and by attaching a report specifying (a) the name and address of the refinery and (b) the production capacity requirement under which the refinery qualifies. If the taxpayer making the expensing election described above is a cooperative described in section 1381, and one or more persons directly holding an ownership interest in the taxpayer are organizations described in section 1381, the taxpayer can elect to allocate all or a portion of the deduction allowable under section 179C to those persons. The allocation must be equal to the person’s ratable share of the total amount allocated, determined on the basis of the person’s ownership interest in the taxpayer/cooperative. If the taxpayer/cooperative makes such an election, it must provide written notice of the amount of the allocation to any owner receiving an allocation by written notice on Form 1099-PAT “Taxable Distributions Received from Cooperatives”. This notice must be provided before the due date (including extensions) of the cooperative owner’s federal income tax return for the taxable year for which the election applies.

$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Philip Tiegerman 202 927-9524 [email protected]

  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.
04/25/2008


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