FI-43-94 (TD 8649 - Final) Regulations Under Section 1258 of the Internal Revenue Code of 1986; Netting Rule for Certain Conversion Transactions.

ICR 201005-1545-012

OMB: 1545-1452

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-05-04
ICR Details
1545-1452 201005-1545-012
Historical Active 200701-1545-037
TREAS/IRS
FI-43-94 (TD 8649 - Final) Regulations Under Section 1258 of the Internal Revenue Code of 1986; Netting Rule for Certain Conversion Transactions.
Extension without change of a currently approved collection   No
Regular
Approved without change 06/27/2010
Retrieve Notice of Action (NOA) 05/19/2010
  Inventory as of this Action Requested Previously Approved
06/30/2013 36 Months From Approved 06/30/2010
50,000 0 50,000
5,000 0 5,000
0 0 0

Section 1258 recharacterizes capital gains from conversion transactions as ordinary income to the extent of the time value element. This regulation provides that certain gains and losses may be netted for purposes of determining the amount of gain recharacterized.

US Code: 26 USC 1258 Name of Law: Recharacterization of gain from certain financial transactions
  
None

Not associated with rulemaking

  74 FR 60031 11/19/2009
75 FR 27859 05/18/2010
No

  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 50,000 50,000 0 0 0 0
Annual Time Burden (Hours) 5,000 5,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
Uncollected
No
Uncollected
Dale Collinson 202 622-4799

  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.
05/19/2010


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