Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options

ICR 201302-1545-017

OMB: 1545-2186

Federal Form Document

Forms and Documents
Document
Name
Status
No forms / supporting documents in this ICR. Check IC Document Collections.
IC Document Collections
ICR Details
1545-2186 201302-1545-017
Historical Inactive 201010-1545-033
TREAS/IRS Rulemaking
Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options
Revision of a currently approved collection   No
Regular
Preapproved 07/11/2013
Retrieve Notice of Action (NOA) 02/22/2013
  Inventory as of this Action Requested Previously Approved
07/31/2016 36 Months From Approved 08/31/2013
4,011,500 0 4,000,000
241,417 0 240,000
0 0 0

This document contains regulations relating to reporting by brokers for transactions involving debt instruments and options. These regulations reflect changes in the law made by the Energy Improvement and Extension Act of 2008 that require brokers when reporting the sale of securities to the IRS to include the customer's adjusted basis in the sold securities and to classify any gain or loss as long-term or short-term.

PL: Pub.L. 110 - 343 403 Name of Law: Energy Improvement and Extension Act of 2008
   US Code: 26 USC 1,6045-1(n)(5) Name of Law: Returns of information of brokers and barter exchanges
  
None

1545-BL47 Final or interim final rulemaking

No

1
IC Title Form No. Form Name
Basis Reporting by Securities Brokers and Basis Determination ro Debt Instruments and Options

  Total Request 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 4,011,500 4,000,000 0 11,500 0 0
Annual Time Burden (Hours) 241,417 240,000 0 1,417 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
Yes
Changing Regulations
No
Information collection requirements under §1.6045-1(n)(5) relates to the furnishing of information in connection with the sale or transfer of debt instrument that is a covered security are being codified under 26 CFR 1. This new burden associated with this paragraph will increase the burden by 1,417 hours; for total burden request of 241,417 hours due to program change.

$0
No
No
No
No
No
Uncollected
Pamela Lew 202 622-3950

  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.
02/22/2013


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