Per OMB request,
agency modified collection to reflect discretionary changes to
burden estimates.
Inventory as of this Action
Requested
Previously Approved
11/30/2012
11/30/2012
11/30/2012
3,825
0
5,695
305,540
0
513,150
0
0
0
This revenue procedure explains how
the Service provides advice to taxpayers on issues under the
jurisdiction of the Associate Chief Counsel (Corporate), the
Associate Chief Counsel (Financial Institutions and Products), the
Associate Chief Counsel (Income Tax and Accounting), the Associate
Chief Counsel (International), the Associate Chief Counsel
(Passthroughs and Special Industries), the Associate Chief Counsel
(Procedure and Administration), and the Division Counsel/Associate
Chief Counsel (Tax Exempt and Government Entities). It explains the
forms of advice and the manner in which advice is requested by
taxpayers and provided by the Service.
US Code:
26
USC 368 Name of Law: Definitions relating to corporate
reorganizations
US Code: 26
USC 754 Name of Law: Manner of electing optional adjustment to
basis of partnership properties
US Code: 26
USC 355 Name of Law: Distribution of stock and securities of a
controlled corporation
US Code: 26 USC 754 Name of Law: Manner of
electing optional adjustment to basis of partnership
properties
Revenue procedure 2010-1
explains how the Service provides advice to taxpayers on issues
under the jurisdiction of the Associate Chief Counsel (Corporate),
the Associate Chief Counsel (Financial Institutions and Products),
the Associate Chief Counsel (Income Tax and Accounting), the
Associate Chief Counsel (International), the Associate Chief
Counsel (Passthroughs and Special Industries), the Associate Chief
Counsel (Procedure and Administration), and the Division
Counsel/Associate Chief Counsel (Tax Exempt and Government
Entities). It explains the forms of advice and the manner in which
advice is requested by taxpayers and provided by the Service. RP
2010-1 superseded RP 2009-1. The collections of information in this
revenue procedure are in sections 5.06, 6.03, 7.01, 7.02, 7.03,
7.04, 7.05, 7.07, 8.02. 8.05, 8.07, 10.01, 10.06, 10.07, 11.11,
13.02, 15.02, 15.07, 15.08, 15.09, 15.11, paragraph (B)(1) of
Appendix A, Appendix C, and Appendix E (subject matterrate orders;
regulatory agency; normalization). This information is required to
evaluate and process the request for a letter ruling or
determination letter. These changes resulted in a decrease in the
estimated number of responses by 1,895 and a decrease in the total
estimated burde by 208,011 hours under what was previously reported
in RP 2009-1. The new revenue procedure 123721-09 provides guidance
regarding making late elections to adjust the basis in partnership
property. The collection of information is in § 1.754-1(b)(1) of
the Income Tax regulations. Section 1.754-1(b)(1) provides guidance
on the time and method required for partnerships to make elections
to adjust the basis of partnership property (basis adjustment
elections). It states that a partnership shall make this basis
adjustment election by filing a written statement with the
partnership return for the taxable years during which a
distribution of partnership property a transfer in partnership
interest occurs. The electing partnership must file its partnership
return no later than the time prescribed by § 1.6301-1(e)
(including extensions thereof) for filing the return for such
taxable year. Section 1.754-1(b)(1) further requires the electing
partnership to furnish a statement, which shall (i) set forth the
name and address of the electing partnership, (ii) bear the
signature of any of the partnerships partners, and (iii) contain a
declaration that the partnership elects under § 754 to apply the
provisions of § 734(b) and § 743(b). Entities that fail to satisfy
the above requirements may receive an extension of make a basis
adjustment election following the requirements in Section 4 of
PGP-123721-09. This new revenue procedure will increase burden by
25 responses and and a total burden increase of 400 hours.
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.
RP_2009-25.pdf
754-9100 RevProc.doc
Revenue Procedure 2009-25 Rulings and Determination Letters (Amplifies RP 2009-1 & 2009-3) 26 CFR 601-.201