Asset Allocation Statement Under 338

Forms and Documents

Document	Type	Status	Availability
Form 8883 Asset Allocation Statement Under 338	Form	Modified	Repair queued
Expiration Explanation.rtf	Supplementary Document	Uploaded 2009-04-28	Available
Summary of changes for Form 8883.pdf	Supplementary Document	Uploaded 2009-04-28	Available
08 Burden.PDF	Supplementary Document	Uploaded 2009-04-28	Repair queued
SS.doc	Supporting Statement A	Uploaded 2009-04-28	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
19411	Asset Allocation Statement Under 338	Form	Modified

ICR Details

OMB Control No: 1545-1806	ICR Reference No: 200904-1545-022
Status: Historical Active	Previous ICR Reference No: 200602-1545-013
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-1806-022
Title: Asset Allocation Statement Under 338
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: 08/19/2009
	Date Received in OIRA: 05/27/2009
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2012	36 Months From Approved	08/31/2009
Responses	201	0	201
Time Burden (Hours)	4,881	0	4,929
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8883 is used to report information regarding transactions involving the deemed sale of corporate assets under section 338.

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Authorizing Statute(s): US Code: 26 USC 338 Name of Law: Certain stock purchases treated as asset acquisitions.
  

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:
	74 FR 6218	02/05/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 24899	05/26/2009
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
Asset Allocation Statement Under 338	8883	Asset Allocation Statement Under Section 338.

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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	201	201	0	0	0	0
Annual Time Burden (Hours)	4,881	4,929	0	-48	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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: Form 8883 is used to report information regarding transactions involving the deemed sale of corporate assets under section 338. We deleted the question on line 8d relating to section 936 in the definition of a target affiliate (and renumbered the subsequent lines), as the possessions tax credit has expired. The credit originally expired December 31, 2005 (IRC 936(j)(8), but was replaced by the American Samoa economic development for certain existing credit claimants for tax years beginning after December 31, 2005 and before January 1, 2008. (section 119(d) of PL 109-432). This results in a net decrease of 48 burden hours.

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Annual Cost to Federal Government: $500

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: 05/27/2009

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