Under the final tangible property
regulations, the collection of information is required in order for
a taxpayer to elect the de minimis rule, to elect the safe harbor
for small taxpayers, or to elect to capitalize repair and
maintenance costs. This information will inform the IRS that the
taxpayer is electing to use these provisions, which allows
taxpayers to obtain beneficial treatment for the amounts that
qualify for these elections.
In response to comments
provided after publication of an notice of proposed rulemaking
recording keeping requirements by imposing an IC in the form of a
required election statement on federal income tax returns in order
to obtain benefit. Additional time is needed to go through the
pre-clearance Federal Register notice process in order to
immediately issue final tangible property regulations and provide
final rule to taxpayers in advance of the 2014 tax year.
US Code:
26
USC 263(a) Name of Law: General rule.
US Code: 26
USC 6001 Name of Law: Notice of regulations requiring records,
statements, and special returns.
This is a new collection. In
response to comments received after publication of REG-168745-03,
three elections are to be provided to ease taxpayer compliance with
the final tangible property regulations under Internal Revenue Code
section 263(a). The original NPRM contained no IC requirement, and,
therefore, had no OMB number associated with it. The final
regulation impose an IC requirement in the form of an election
statement attached to a federal income tax return for those
taxpayers who choose to utilize any of three safe harbors provided
in the final regulations in sections 1.263(a)-1(f)(5),
1.263(a)-3(h)(6), and 1.263(a)-3(n)(2).
$0
No
No
No
No
No
Uncollected
Scott Dinwiddie 202
622-7856
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.
REG-168745-03, Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property (Final)