Carryback of Consolidated Net Operating Losses to Separate Return Years.

Forms and Documents

Document Name	Status
SUPPORTING STATEMENT FOR FORM OMB 83-I (2).doc Supporting Statement A	2010-01-12

IC Document Collections

IC ID	Document Title	Status
191751	Carryback of Consolidated Net Operating Losses to Separate Return Years	New

ICR Details

OMB Control No: 1545-2171	ICR Reference No: 201006-1545-038
Status: Historical Active	Previous ICR Reference No: 201001-1545-002
Agency/Subagency: TREAS/IRS	Agency Tracking No: jg-xxxx-002
Title: Carryback of Consolidated Net Operating Losses to Separate Return Years.
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/23/2010
	Date Received in OIRA: 06/23/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2013	36 Months From Approved
Responses	4,000	0	0
Time Burden (Hours)	1,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This project will amend §1.1502-21 to implement the revisions to Code section 172(b)(1)(H), which extend the carryback period for NOLs to five years, enacted by the Worker, Homeownership, and Business Assistance Act of 2009 ("WHBAA") that the President signed on Nov. 6, 2009 (Pub. L. 111-92).

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Authorizing Statute(s): US Code: 26 USC Section 1.1502-21T(b)(3) Name of Law: Net Operating Losses (Temporary)
   US Code: 26 USC section 172(b) (1)(H) Name of Law: Net Operating Loss Deduction
   PL: Pub.L. 111 - 92 13 Name of Law: Worker, Homeownership, and Business Assistance Act of 2009
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 92 13 Name of Law: Worker, Homeownership, and Business Assistance Act of 2009

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BJ12	Final or interim final rulemaking	75 FR 35643	06/23/2010

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Carryback of Consolidated Net Operating Losses to Separate Return Years

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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	4,000	0	4,000	0	0	0
Annual Time Burden (Hours)	1,000	0	1,000	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This project will amend §1.1502-21 to implement the revisions to Code section 172(b)(1)(H), which extend the carryback period for NOLs to five years, enacted by the Worker, Homeownership, and Business Assistance Act of 2009 ("WHBAA") that the President signed on Nov. 6, 2009 (Pub. L. 111-92). The ammendment of these regulations result in an additional 4,000 responses and an additional 1,000 burden hours.

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Annual Cost to Federal Government:

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]? Uncollected

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: 03/02/2010

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