Summary of Changes

IRS - OMB REVIEW REQUEST FORM
Request for OMB review of currently approved document:
Date:

05/24/2010

Name: Kevin

Babitz

Office Symbols: PGP-123721-09.
Phone Number:

(202) 622-3060

Summary of Changes
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.
The burden for collection of information is in § 1.754-1(b)(1). Partnerships that fail to satisfy § 1.754-1(b)(1) may
receive an extension of time to make a basis adjustment election by following the requirements in Section 4 of
PGP-123721-09. The rev. proc. permits certain partnerships to file a late basis adjustment election that includes
affirmative statements that the partnerships meet the requirements of the regulations. A partnership that does not
meet the requirements to file a late basis adjustment classification election may apply for a letter ruling under the
procedures described in Rev. Proc. 2010-1, 2010-1 I.R.B. 1 (or its successor).

Impact on Approved Collection
Public
Law No.

Regulation
No.

Other
Code
References

SAMPLE:
PL 109-567

REG-345675-08

RP 2009-134

+/- 5

Change In IRS Form
& Instructions
No. of Filers
Words

+/- 20,000

+/- 500

Attachments

+/- 1

*Please insert how this new (PL, REG, or other), document will affect the currently approved collection.