Form 8827--Credit for Prior Year Minimum Tax - Corporations

Forms and Documents

Document Name	Status
Form Form 8827 Credit for Prior Year Minimum Tax - Corporations Form and Instruction	Modified
F8827_Sup Stmnt.doc Supporting Statement A	2011-11-21
Summary of changes.pdf Supplementary Document	2011-11-21

IC Document Collections

IC ID	Document Title	Status
18031	Credit for Prior Year Minimum Tax - Corporations Form and Instruction	Modified

ICR Details

OMB Control No: 1545-1257	ICR Reference No: 201111-1545-034
Status: Historical Active	Previous ICR Reference No: 200901-1545-019
Agency/Subagency: TREAS/IRS	Agency Tracking No: EC-1545-1257-034
Title: Form 8827--Credit for Prior Year Minimum Tax - 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: 12/22/2011
	Date Received in OIRA: 11/30/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2014	36 Months From Approved	12/31/2011
Responses	25,000	0	25,000
Time Burden (Hours)	298,000	0	317,250
Cost Burden (Dollars)	0	0	0

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Abstract: Section 53(d), as revised, allows corporations a minimum tax credit based on the full amount of alternative minimum tax incurred in tax years beginning after 1989, or a carryforward for use in a future year.

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Authorizing Statute(s): US Code: 26 USC 53 Name of Law: Credit for prior year minimum tax liability
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
  

Citations for New Statutory Requirements: None

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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:
	76 FR 34294	06/13/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 73017	11/28/2011
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
Credit for Prior Year Minimum Tax - Corporations	Form 8827, Form 8827	Credit for Prior Year Minimum Tax-Corporations ,   Credit for Prior Year Minimum Tax 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	25,000	25,000	0	0	0	0
Annual Time Burden (Hours)	298,000	317,250	0	-19,250	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: Program Changes Due to Agency Discretion: Changes were made to form 8827 pursuant to IRC Section 168(k)(4)(H))and IRC Section 168(k)(2) and (K(4)(I). On line 8c, references to Form 1120 for reporting the refundable credit have been changed to Schedule J, Part II, line 19c ( to reflect related changes to the 2011 Form 1120). On page 2, the Worksheet for Calculating the Refundable Minimum Tax Credit Amount was updated to reflect that the allowable amount for extension property applies to property placed in service before January 1, 2010. For 2011, the allowable amounts in lieu of depreciation for extension property will be deductible only as a pass-through amount from a partnership. The instructions will be further clarified to reflect this. (IRC sec. 168(k)(4)(H)) The allowable credit in lieu of for round 2 extension property applies for property placed in service after December 31, 2011. In addition, the refundable credit for round 2 extension property applies for unused minimum tax credits and not for unused research credit. The worksheet and the related instructions for Form 8827 were revised in 2010 to reflect the changes for fiscal year filers with a tax year ending after December 31, 2010. The changes will apply to all corporations for the 2011 tax year. The instructions for line 7b have been revised to reflect this. (IRC sec. 168(k)(2) and (K(4)(I). These changes resulted in a 19,250 decrease in total burden hours. This form is being submitted for renewal purposes only.

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Annual Cost to Federal Government: $327

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]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Yes

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: 11/30/2011

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