Revenue Procedure 2010 - 1(Letter rulings, information letters, and determination letters) - 26 CFR 601-.201

Forms and Documents

Document	Type	Status	Availability
RP_2009-25.pdf	Supplementary Document	Uploaded 2010-05-25	Available
Summary of Changes.pdf	Justification for No Material/Nonsubstantive Change	Uploaded 2010-05-24	Available
754-9100 RevProc.doc	Supplementary Document	Uploaded 2010-05-24	Available
RP 2010-1.pdf	Supplementary Document	Uploaded 2010-05-24	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
40857	Revenue Procedure 2009-25 Rulings and Determination Letters (Amplifies RP 2009-1 & 2009-3) 26 CFR 601-.201		Modified
193037	RP 2010-1 - Letter rulings, information letters, and determination letters		New
193036	PGP-123721-09 Guidance on Making Late Elections to Adjust Basis in Partnership Property		New

ICR Details

OMB Control No: 1545-1522	ICR Reference No: 201005-1545-074
Status: Historical Active	Previous ICR Reference No: 200904-1545-011
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Revenue Procedure 2010 - 1(Letter rulings, information letters, and determination letters) - 26 CFR 601-.201
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 10/07/2010
	Date Received in OIRA: 06/03/2010
Terms of Clearance: Per OMB request, agency modified collection to reflect discretionary changes to burden estimates.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2012	11/30/2012	11/30/2012
Responses	3,825	0	5,695
Time Burden (Hours)	305,540	0	513,150
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

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Authorizing Statute(s): 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
  

Citations for New Statutory Requirements: US Code: 26 USC 754 Name of Law: Manner of electing optional adjustment to basis of partnership properties

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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 27237	06/08/2009
30-day Notice:	Federal Register Citation:	Citation Date:
	74 FR 51218	10/05/2009
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Revenue Procedure 2009-25 Rulings and Determination Letters (Amplifies RP 2009-1 & 2009-3) 26 CFR 601-.201
RP 2010-1 - Letter rulings, information letters, and determination letters
PGP-123721-09 Guidance on Making Late Elections to Adjust Basis in Partnership Property

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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	3,825	5,695	0	-1,870	0	0
Annual Time Burden (Hours)	305,540	513,150	0	-207,610	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: 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 matter—rate 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 partnership’s 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.

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Annual Cost to Federal Government: $0

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]? No

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: 06/03/2010

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