Notice 2005-38 -- Section 965 - Limitations on Dividends Received Deduction and Other Guidance

ICR 200810-1545-026

OMB: 1545-1943

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2008-11-14
Supporting Statement A
2008-11-14
ICR Details
1545-1943 200810-1545-026
Historical Active 200510-1545-017
TREAS/IRS CB-1943-026
Notice 2005-38 -- Section 965 - Limitations on Dividends Received Deduction and Other Guidance
Extension without change of a currently approved collection   No
Regular
Approved without change 12/30/2008
Retrieve Notice of Action (NOA) 11/20/2008
  Inventory as of this Action Requested Previously Approved
12/31/2011 36 Months From Approved 12/31/2008
25,000 0 25,000
1,250,000 0 1,250,000
0 0 0

This document provides guidance under new section 965, which was enacted by the American Jobs Creation Act of 2004 (P.L. 108-357). In general, and subject to limitations and conditions, section 965(a) provides that a corporation that is a U.S. shareholder of a controlled foreign corporation (CFC) may elect, for one taxable year, an 85 percent dividends received deduction (DRD) with respect to certain cash dividends it receives from its CFCs. This document addresses limitations imposed on the maximum amount of section 965(a) DRD under section 965(b)(1) under which the maximum amount of an eligible dividends is the greatest of $500 million, or earnings permanently reinvested outside the United States), section 965(b)(2) (regarding certain base-period repatriations), section 965(b)(3) (regarding certain increases in related party indebtedness), and certain miscellaneous limitations (related to the foreign tax credit).

US Code: 26 USC 965 Name of Law: Temporary dividends received deduction
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
  
None

Not associated with rulemaking

  73 FR 49539 08/21/2008
73 FR 70408 11/20/2008
No

1
IC Title Form No. Form Name
Notice 2005-38 -- Section 965 - Limitations on Dividends Received Deduction and Other Guidance

  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 25,000 25,000 0 0 0 0
Annual Time Burden (Hours) 1,250,000 1,250,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$1,500
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Jeffrey Vinnik 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.
11/20/2008


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