Information Return of U.S. Persons with Respect To Certain Foreign Corporations

Forms and Documents

Document Name	Status
Form Form 5471 Information Return of U.S. Persons with Respect To Certain Foreign Corporations Form	Modified
Supporting Statement.doc Supporting Statement A	2010-07-13

IC Document Collections

IC ID	Document Title	Status
39812	Information Return of U.S. Persons with Respect To Certain Foreign Corporations Form	Modified
193774	Schedule O - Organization or Reorganization of Foreign Corporation, and Acquisitions and Dispositions of its Stock Other-Schedule O	New
193773	Schedule M - Transactions Between Controlled Foreign Corporation and Shareholders or Other Related Persons Other-Schedule M	New
193772	Schedule J - Accumulated Earnings and Profits (E&P) of Controlled Foreign Corporation Other-Schedule	New

ICR Details

OMB Control No: 1545-0704	ICR Reference No: 201007-1545-015
Status: Historical Active	Previous ICR Reference No: 200704-1545-060
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Information Return of U.S. Persons with Respect To Certain Foreign Corporations
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/24/2010
	Date Received in OIRA: 07/28/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2013	36 Months From Approved	09/30/2010
Responses	86,130	0	86,130
Time Burden (Hours)	4,280,244	0	4,045,343
Cost Burden (Dollars)	0	0	0

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Abstract: Form 5471 and related schedules are used by U.S. persons that have an interest in a foreign corporation. The form is used to report income from the foreign corporation. The form and schedules are used to satisfy the reporting requirements of sections 6035, 6038 and 6046 and the regulations there under pertaining to the involvement of U.S. persons with certain foreign corporations.

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Authorizing Statute(s): US Code: 26 USC 6035 Name of Law: Sec. 6035. Repealed. Pub. L. 108-357, title IV, Sec. 413(c)(26), Oct. 22, 2004, 118 Stat. 1509]
   US Code: 26 USC 6038 Name of Law: Information reporting with respect to certain foreign corporations and partnerships
   US Code: 26 USC 6046 Name of Law: Returns as to organization or reorganization of foreign corporations and as to acquisitions of th
  

Citations for New Statutory Requirements: US Code: 26 USC 108(i) Name of Law: Income from discharge of indebtedness

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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:
	75 FR 9023	02/26/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 42821	07/22/2010
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 4

IC Title	Form No.	Form Name
Schedule J - Accumulated Earnings and Profits (E&P) of Controlled Foreign Corporation
Schedule O - Organization or Reorganization of Foreign Corporation, and Acquisitions and Dispositions of its Stock
Schedule M - Transactions Between Controlled Foreign Corporation and Shareholders or Other Related Persons
Information Return of U.S. Persons with Respect To Certain Foreign Corporations	Form 5471	Information Return of U.S. Persons With Respect To Certain Foreign Corporations

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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	86,130	86,130	0	0	0	0
Annual Time Burden (Hours)	4,280,244	4,045,343	234,901	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: Form 5471 and related schedules are used by U.S. persons that have an interest in a foreign corporation. The form is used to report income from the foreign corporation. Changes were made to Form 5471 and Schedule M (Form 5471) to comply with changing regulations; The controlling U.S. shareholder(s) of a CFC may make a section 108(i) election to defer recognizing discharge of indebtedness income in certain situations. Non-corporate U.S. shareholders are now required to report income reported on Form 5471, Schedule I, line 6 on Form 1040, line 21 (Other Income), or on the comparable line of other non-corporate tax returns. These changes, to the form and schedule, result in a total burden increase of 234,901 hours.

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Annual Cost to Federal Government: $247,592

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: 07/28/2010

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