TD 9422 Final - S Corporation Guidance under AJCA of 2004 (REG-143326-05)

Forms and Documents

Document Name	Status
1545-2114_TD_9422_Supporting_Statement[1].doc Supporting Statement A	2014-02-05

IC Document Collections

IC ID	Document Title	Status
180742	ESBT Election; statement	Modified

ICR Details

OMB Control No: 1545-2114	ICR Reference No: 201009-1545-065
Status: Historical Active	Previous ICR Reference No: 200706-1545-032
Agency/Subagency: TREAS/IRS	Agency Tracking No: 1545-BE95
Title: TD 9422 Final - S Corporation Guidance under AJCA of 2004 (REG-143326-05)
Type of Information Collection: Existing collection in use without an OMB Control Number	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 04/03/2014
	Date Received in OIRA: 03/26/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2017	36 Months From Approved
Responses	26,000	0	0
Time Burden (Hours)	26,000	0	0
Cost Burden (Dollars)	0	0	0

---

Abstract: This document contains final regulations that provide guidance regarding certain changes made to the rules governing S corporations under the American Jobs Creation Act of 2004 and the Gulf Opportunity Zone Act of 2005. The final regulations replace obsolete references in the current regulations and allow taxpayers to make proper use of the provisions that made changes to prior law. The final regulations include guidance on the S corporation family shareholder rules, the definitions of

---

Authorizing Statute(s): US Code: 26 USC 1361 Name of Law: S corporation defined
   US Code: 26 USC 1362 Name of Law: Election; revocation; termination
  

Citations for New Statutory Requirements: PL: Pub.L. 108 - 357 231, 232, 233, 234, 235, 236.. Name of Law: American Jobs Creation Act of 2004
PL: Pub.L. 109 - 135 403 and 413 Name of Law: Gulf Opportunity Zone Act of 2005
PL: Pub.L. 104 - 188 1305(a) Name of Law: Small Business Job Protection Act of 1996

---

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BE95	Final or interim final rulemaking	73 FR 47526	08/14/2008

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
ESBT Election; statement

---

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	26,000	0	26,000	0	0	0
Annual Time Burden (Hours)	26,000	0	26,000	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 is a new collection of information associated with final rulemaking under TD 9244. The information will be used to determine the number of shareholders of the corporation in which the trust holds stock and whether the corporation is an eligible S corporation. The final rule was published August 14, 2008, at 73 FR 47526. This action is being taken to activate the OMB number assigned to the NPRM as "file with comment."

---

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

---

Common Form ICR:  No

---

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: 03/26/2013

---