TD 9451 contains a final regulations
that provide guidance to taxpayers for determining which
corporations are included in a controlled group of corporations.
REG-161948-05 contains proposed regulations under sections
334(b)(1)(B) and 362(e)(1) of the Internal Revenue Code of 1986
(Code). The proposed regulations apply to certain nonrecognition
transfers of loss property to corporations that are subject to
Federal income tax. The proposed regulations affect the
corporations receiving the loss property.
US Code:
26
USC 7805 Name of Law: Rules and regulations
PL: Pub.L. 108 - 357 188 Stat. 1418 Name of
Law: American Jobs Creation Act of 2004
This document contains proposed
regulations under sections 334(b)(1)(B) and 362(e)(1) of the
Internal Revenue Code of 1986 (Code). The revised collection of
information in these proposed regulations is in §§1.332-6, 1.351-3,
and 1.368-3. By requiring that taxpayers separately report the fair
market value and basis of property (including stock) described in
section 362(e)(1)(B) and in 362(e)(2)(A) that is transferred in a
tax-free transaction, this revised collection of information aides
in identifying transactions within the scope of sections
334(b)(1)(B), 362(e)(1), and 362(e)(2) and thereby facilitates the
IRS' verification that taxpayers are complying with sections
334(b)(1)(B), 362(e)(1), and 362(e)(2). The net result of these
changes will result in a decrease in the estimated annual responses
by 125,000, while increasing the estimte burden hours by 112,500
hours.
$0
No
No
No
No
No
Uncollected
Grid Glyer 202 622-7930
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.