REG-168745-03, Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property

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Forms and supporting documents for this ICR

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Information collection document groups

IC ID	Collection	Type	Status	Form
207875	REG-168745-03, Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property (Final)		New

ICR Details

OMB Control No: 1545-2248	ICR Reference No: 201307-1545-053
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-XXXX-053
Title: REG-168745-03, Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 08/09/2013
OIRA Conclusion Action: Preapproved	Conclusion Date: 08/22/2013
	Date Received in OIRA: 08/08/2013
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2014	6 Months From Approved
Responses	4,000,000	0	0
Time Burden (Hours)	1,100,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: 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.

Emergency Justfication: 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.

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Authorizing Statute(s): 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.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BJ93	Final or interim final rulemaking

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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

table that charts list of burden

IC Title	Form No.	Form Name
REG-168745-03, Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property (Final)

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ICR Summary of Burden

table that charts list of burden

	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	4,000,000	0	0	4,000,000	0	0
Annual Time Burden (Hours)	1,100,000	0	0	1,100,000	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: 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).

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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: 08/08/2013

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