Undistributed Capital Gains Tax Return

Forms and Documents

Document	Type	Status	Availability
Form 2438 Undistributed Capital Gains Tax Return	Form	Modified	Available
Summary of Changes for Form 2438.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2009-01-09	Available
Form 2438_2006SS revision.doc	Supporting Statement A	Uploaded 2009-09-04	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
17002	Undistributed Capital Gains Tax Return	Form	Modified

ICR Details

OMB Control No: 1545-0144	ICR Reference No: 200901-1545-007
Status: Historical Active	Previous ICR Reference No: 200607-1545-029
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Undistributed Capital Gains Tax Return
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/27/2009
	Date Received in OIRA: 09/16/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2012	36 Months From Approved	10/31/2009
Responses	100	0	100
Time Burden (Hours)	976	0	879
Cost Burden (Dollars)	0	0	0

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Abstract: Form 2438 is used by regulated investment companies to figure capital gains tax on undistributed capital gains designated under IRC section 852(b)3(D). IRS uses this information to determine the correct tax.

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Authorizing Statute(s): US Code: 26 USC 857(b)(3)(D) Name of Law: Method of taxation of real estate investment trusts and holders of shares or certificates of benefic
   US Code: 26 USC 852(b)(3(D) Name of Law: Method of taxation of companies and shareholders
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 246 15311 Name of Law: The Food, Coversation, and Energey Act of 2008
PL: Pub.L. 110 - 245 303 Name of Law: The Heroes Earnings Assistance and Relief Tax Act of 2008

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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:
	74 FR 25806	05/29/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 47039	09/14/2009
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
Undistributed Capital Gains Tax Return	2438	Undistributed Capital Gains Tax Return

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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	100	100	0	0	0	0
Annual Time Burden (Hours)	976	879	97	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: Form 2438 is used by regulated investment companies to figure capital gains tax on undistributed capital gains designated under IRC section 852(b)3(D). P.L. 110-246, section 15311, The Food, Conversation, and Energy Act of 2008 required that new lines (lines 13 through 17)be added to provide for the computation of tax on qualified timber gain at the temporary reduced rate of 15% under Code section 857(b)(3)(A)(ii). On page 3, under the topic "Penalty for Late Filing of Return," we increased the amount of the penalty from $100 to $135 as required under Code section 6651(a)(3) as amended by Act section 303 of P.L. 110-245, The Heroes Earnings Assistance and Relief Tax Act of 2008. The addition of these new lines will result in a total burden increase of 97 hours.

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Annual Cost to Federal Government: $503

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)? No

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: 09/16/2009

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