REG-121063-97 (TD 8972 - Final) Averaging of Farm Income

ICR 201112-1545-008

OMB: 1545-1662

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2011-12-05
Supplementary Document
2008-10-15
IC Document Collections
IC ID
Document
Title
Status
19061
Unchanged
ICR Details
1545-1662 201112-1545-008
Historical Active 200810-1545-017
TREAS/IRS EC-1545-1662-008
REG-121063-97 (TD 8972 - Final) Averaging of Farm Income
Extension without change of a currently approved collection   No
Regular
Approved without change 12/28/2011
Retrieve Notice of Action (NOA) 12/15/2011
  Inventory as of this Action Requested Previously Approved
12/31/2014 36 Months From Approved 12/31/2011
1 0 1
1 0 1
0 0 0

Code section 1301 allows an individual engaged in a farming business to elect to reduce his or her regular tax liability by treating all or a portion of the current year's farming income as if it had been earned in equal proportions over the prior three years. The regulation provides that the election for averaging farm income is made by filing Schedule J of Form 1040, which is also used to record and total the amount of tax for each year of the four year calculation.

US Code: 26 USC 1301 Name of Law: Averaging of farm income
  
None

Not associated with rulemaking

  76 FR 47647 08/05/2011
76 FR 78081 12/15/2011
No

1
IC Title Form No. Form Name
REG-121063-97 (Final) Averaging of Farm Income

  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 1 1 0 0 0 0
Annual Time Burden (Hours) 1 1 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
John Moran 202 622-4940

  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.
12/15/2011


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