REG-101896-09 - Basis Reporting by Securities Brokers and Basis Determination for Stock; Proposed Rule

ICR 201004-1545-028

OMB: 1545-2186

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-06-10
ICR Details
1545-2186 201004-1545-028
Historical Inactive
TREAS/IRS RuleMaking Approval by 6/15/10
REG-101896-09 - Basis Reporting by Securities Brokers and Basis Determination for Stock; Proposed Rule
New collection (Request for a new OMB Control Number)   No
Regular
Preapproved 08/18/2010
Retrieve Notice of Action (NOA) 06/10/2010
Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.
  Inventory as of this Action Requested Previously Approved
08/31/2013 36 Months From Approved
4,000,000 0 0
240,000 0 0
0 0 0

This document contains proposed regulations relating to reporting sales of securities by brokers and determining the basis of securities. The proposed regulations reflect changes in the law made by the Energy Improvement and Extension Act of 2008 that require brokers, when reporting the sale of securities to the IRS, to include the customer’s adjusted basis in the sold securities and to classify any gain or loss as long-term or short-term.

PL: Pub.L. 110 - 343 403 Name of Law: Energy Improvement and Extension Act of 2008
  
PL: Pub.L. 110 - 343 403 Name of Law: Energy Improvement and Extension Act of 2008

1545-BI66 Proposed rulemaking 74 FR 67010 12/17/2009

No

1
IC Title Form No. Form Name
REG-101896-09 - Basis Reporting by Securities Brokers and Basis Determination for Stock; Proposed Rule

  Total Request 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 4,000,000 0 4,000,000 0 0 0
Annual Time Burden (Hours) 240,000 0 240,000 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The collection of information in these proposed regulations in §§ 1.6045–1(c)(3)(xi)(C) and 1.6045A–1 concerning furnishing information in connection with a transfer of securities is necessary to allow brokers that effect sales of transferred covered securities to determine and report the adjusted basis of the securities and whether any gain or loss with respect to the securities is long-term or short-term in compliance with section 6045(g) of the Internal Revenue Code (Code). This rulemaking will increase burden by an additional 4,000,000 responses and 240,000 hours.

$0
No
No
No
Uncollected
No
Uncollected
Stephen Schaeffer 202 622-4910 [email protected]

  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.
06/10/2010


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