Supporting Statement (Form 8924)

Supporting Statement (Form 8924).doc

Excise Tax on Certain Transfers of Qualifying Geothermal or Mineral Interests

OMB: 1545-2099

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SUPPORTING STATEMENT




1. CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION


Form 8924, Excise Tax on Certain Transfers of Qualifying Geothermal or Mineral Interests, is required by Section 403 of the Tax Relief and Health Care Act of 2006 which imposes an excise tax on certain transfers of qualifying mineral or geothermal interests.


2. USE OF DATA


This form will enable LMSB to obtain detailed information on tax incentives for sales of mineral interests in certain specific properties to certain tax exempt entities.

  1. USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN


Upon approval, we plan to offer electronic filing on Form 8924.


4. EFFORTS TO IDENTIFY DUPLICATION


We have attempted to eliminate duplication within the agency

wherever possible.


5. METHODS TO MINIMIZE BURDEN ON SMALL BUSINESSES OR OTHER SMALL ENTITIES


We have attempted to minimize the burden on small businesses or other small entities.



6. CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR POLICY ACTIVITIES


Not applicable.


7. SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE

INCONSISTENT WITH GUIDELINES IN 5 CFR 1320.5(d)(2)


Not applicable.


8. CONSULTATION WITH INDIVIDUALS OUTSIDE OF THE AGENCY ON

AVAILABILITY OF DATA, FREQUENCY OF COLLECTION, CLARITY

OF INSTRUCTIONS AND FORMS, AND DATA ELEMENTS


Periodic meetings are held between IRS personnel and

representatives of the American Bar Association, the National Society of Public Accountants, the American Institute of Certified Public Accountants, and other professional groups to discuss tax law and tax forms. During these meetings, there is an opportunity for those attending to make comments regarding Form 8924.

In response to the Federal Register notice (73 FR 34360), dated June 17, 2008, we received no comments during the comment period regarding Form 8924.


9. EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO

RESPONDENTS


Not applicable.


10. ASSURANCE OF CONFIDENTIALITY OF RESPONSES


Generally, tax returns and tax return information are

confidential as required by 26 USC 6103.


11. JUSTIFICATION OF SENSITIVE QUESTIONS


Not applicable.


12. ESTIMATED BURDEN OF INFORMATION COLLECTION


List the number of responses, time per response, and total

burden for each form included in the submission.

The burden estimate is as follows:


Number of Time per Total

Form Responses Response Hours


8924 100 5 hrs., 33 mins. 555

Estimates of the annualized cost to respondents for the hour burdens shown are not available at this time.


13. ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS


As suggested by OMB, our Federal Register notice dated June 17, 2008, requested public comments on estimates of cost burden that are not captured in the estimates of burden hours, i.e., estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. However, we did not receive any responses from taxpayers on this subject. As a result, estimates of these cost burdens are not available at this time.




14. ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT

After consultation with various functions within the Service, we have determined that the cost of developing, printing, processing, distribution and overhead for the form is $5,000.


15. REASONS FOR CHANGE IN BURDEN


There is no change in the paperwork burden previously approved by OMB. This form is being submitted for renewal purposes only.

16. PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION


Not applicable.


17. REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS

INAPPROPRIATE


See attachment.


18. EXCEPTIONS TO THE CERTIFICATION STATEMENT ON OMB FORM 83-I


Not applicable.


Note: The following paragraph applies to all of the collections of information in this submission:


An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection of information displays a valid OMB control number. Books or records relating to a collection of information must be retained as long as their contents may become material in the administration of any internal revenue law. Generally, tax returns and tax return information are confidential, as required by 26 U.S.C. 6103.



*If emergency approval is needed, please give reason.


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AuthorCarol
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File Modified2008-08-15
File Created2008-02-27

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