REG-209619-93 (Final) Escrow Funds and Other Similar Funds

ICR 201011-1545-007

OMB: 1545-1631

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2010-11-09
IC Document Collections
ICR Details
1545-1631 201011-1545-007
Historical Active 200711-1545-028
TREAS/IRS EC-1545--1631-007
REG-209619-93 (Final) Escrow Funds and Other Similar Funds
Extension without change of a currently approved collection   No
Regular
Approved without change 03/27/2011
Retrieve Notice of Action (NOA) 02/25/2011
  Inventory as of this Action Requested Previously Approved
03/31/2014 36 Months From Approved 03/31/2011
9,300 0 9,300
3,720 0 3,720
0 0 0

Section 468B(g) requires that income earned on escrow accounts, settlement funds, and similar funds be subject to current taxation. This section authorizes the Secretary to issue regulations providing for the current taxation of these accounts and funds as grantor trusts or otherwise. The proposed regulations would amend the final regulations for qualified settlement funds (QFSs) and would provide new rules for qualified escrows and qualified trusts used in deferred section 1031 exchanges; pre-closing escrows; contingent at-closing escrows; and disputed ownership funds.

US Code: 26 USC 468B(g) Name of Law: Clarification of taxation of certain funds.
   US Code: 26 USC 1031 Name of Law: Exchange of property held for productive use or investment.
  
None

Not associated with rulemaking

  75 FR 42827 07/22/2010
76 FR 7904 02/11/2011
No

1
IC Title Form No. Form Name
REG-209619-93 (Final) Escrow Funds and Other Similar Funds

  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 9,300 9,300 0 0 0 0
Annual Time Burden (Hours) 3,720 3,720 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
William Blodgett 202 622-3090

  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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
02/25/2011


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