REG-143544-04 Regulations Enabling Elections for Certain Transaction Under Section 336(e)

Forms and Documents

Document Name	Status
1545-2125_SUPPORTING_STATEMENT_REV.doc Supporting Statement A	2013-05-08

IC Document Collections

IC ID	Document Title	Status
184825	REG-143544-04 Regulations Enabling Elections for Certain Transaction Under Section 336(e)	Modified

ICR Details

OMB Control No: 1545-2125	ICR Reference No: 201307-1545-005
Status: Historical Active	Previous ICR Reference No: 201302-1545-023
Agency/Subagency: TREAS/IRS	Agency Tracking No: Final 1545-BD84; ah-2125-003
Title: REG-143544-04 Regulations Enabling Elections for Certain Transaction Under Section 336(e)
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/08/2013
	Date Received in OIRA: 07/08/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2016	36 Months From Approved
Responses	500	0	0
Time Burden (Hours)	1,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This document contains regulations under section 336(e) regarding situations whereby a corporation can elect to treat certain sales, exchanges, or distributions of subsidiary stock as an asset sale. The information being collected relates to the making of the section 336(e) election. The collection of information will notify the IRS when as election under section 336(e) is made and will provide relevant information pertaining to the parties making the election.

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Authorizing Statute(s): US Code: 26 USC 336(e) Name of Law: Certain stock sales and distributions may be treated as asset transfers.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BD84	Final or interim final rulemaking	78 FR 28467	05/15/2013

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Federal Register Notices & Comments

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
REG-143544-04 Regulations Enabling Elections for Certain Transaction Under Section 336(e)

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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	500	0	0	500	0	0
Annual Time Burden (Hours)	1,000	0	0	1,000	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The treasury decision provides that a section 336(e) election is made by attaching a statement to a timely filed Federal income tax return of the seller for the taxable year which includes the disposition date. If the seller is a member of a consolidated group, the statement is filed with the consolidated return of the consolidated group. If the target is an S corporation, all of the S corporation shareholders, including those who do not sell their S corporation stock, must consent to the election, and the section 336(e) election statement for an S corporation target is filed with the income tax return of the S corporation target. We estimate that this requirement will affect approximately 500 respondents per year and take 2 hours each for a total of 1000 hours.

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Annual Cost to Federal Government: $0

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)? No

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: 05/08/2013

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