TD 8513 (FI-81-86) - Bad Debt Reserves of Banks

ICR 201205-1545-008

OMB: 1545-1290

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2012-05-04
IC Document Collections
IC ID
Document
Title
Status
18076
Unchanged
ICR Details
1545-1290 201205-1545-008
Historical Active 200903-1545-010
TREAS/IRS ah-1290-010
TD 8513 (FI-81-86) - Bad Debt Reserves of Banks
Extension without change of a currently approved collection   No
Regular
Approved without change 07/26/2012
Retrieve Notice of Action (NOA) 05/21/2012
  Inventory as of this Action Requested Previously Approved
07/31/2015 36 Months From Approved 07/31/2012
2,500 0 2,500
625 0 625
0 0 0

Section 585(c) of the Internal Revenue Code requires large banks to change from the reserve method of accounting to the specific charge off method of accounting for bad debts. The information required by section 1.585-8 of the regulations identifies any election made or revoked by the taxpayer in accordance with section 585(c).

US Code: 26 USC 585(c) Name of Law: Section not to apply to large banks.
  
None

Not associated with rulemaking

  76 FR 77052 12/09/2011
77 FR 29457 05/17/2012
No

1
IC Title Form No. Form Name
FI-81-86 (Final) Bad Debt Reserves of Banks

  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 2,500 2,500 0 0 0 0
Annual Time Burden (Hours) 625 625 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Craig Wojay 202 622-3920

  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.
05/21/2012


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