Change Worksheet

Change Worksheet

Four of the forms changed in this collection, which resulted in a burden increase of 2,912,462 hours.

Form 1120 was updated, which resulted in nine line items deleted and one attachment added to the form. These changes resulted in a burden decrease of 477,788 hours. Line 29 was added to the line text for line 5b of Schedule J. The line now reads “Credit from Form 8834, line 29”. P.L. 111-5, sec. 1142’s creation of a credit for certain plug-in electric vehicles acquired after February 17, 2009, had required changes to the 2009 Form 8834 such that only the entry on line 29 of Form 8834 is transferred to line 5b, Schedule J, of the 2009 Form 1120. In Schedule K, the entry columns for Questions 4a and 4b were deleted. This entity information is now required to be provided on new 2009 Schedule G (Form 1120) to address concerns raised by Treasury.

Schedule B was updated, increasing the total burden by 52,000 hours. At the request of LMSB, question 8 was replaced with new questions 8 and 9. The changes deleted language involving “mixed service costs” and used the term “indirect costs”. The changes also deleted references to the FERC (Federal Energy Regulatory Commission) method of accounting and expanded the range of entities subject to the questions. The changes were approved by the inventory, section 263A, and retail technical advisors at LMSB. Question 10 was added at the request of LMSB to address future identification of potential section 118 abuses. The new questions required four new code references to be added to the instructions to explain the new line items.

Schedule G was added to this collection. Part I is used to report the information that was previously reported on items (i) through (iv) of the 2008 Form 1120, Schedule K, Question 4a. Part II is used to report the information that was previously reported on items (i) through (iv) of the 2008 Form 1120, Schedule K, Question 4b. This schedule was developed at the request of LMSB and Treasury to address disclosure issues pertaining to the information that was requested in Question 4 of the 2008 Form 1120, Schedule K. This addition created 875,000 new responses and a burden of 3,228,750 hours.

All changes to Schedule O were made at the request of the Chief Counsel and Schedule O work group. New line 4 was added to clarify if the termination on line 3c or 3d was voluntary or involuntary. Lines 4, 5, and 6 were renumbered to read 5, 6, and 7. The language in line 7 was updated and a check box was added to identify corporations that have a short tax year that do not include December 31 to clarify how the allocations on pages two and three were determined. These changes resulted in the addition of 109,500 hours for a new total of 2,680,500 burden hours.