(TD 8847 - Final) Adjustments Following Sales of Partnership Interests

ICR 201308-1545-029

OMB: 1545-1588

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2013-09-26
IC Document Collections
ICR Details
1545-1588 201308-1545-029
Historical Active 201007-1545-028
TREAS/IRS mb
(TD 8847 - Final) Adjustments Following Sales of Partnership Interests
Extension without change of a currently approved collection   No
Regular
Approved without change 12/04/2013
Retrieve Notice of Action (NOA) 09/30/2013
  Inventory as of this Action Requested Previously Approved
12/31/2016 36 Months From Approved 12/31/2013
301,000 0 301,000
904,000 0 904,000
0 0 0

Partnerships, with a section 754 election in effect, are required to adjust the basis of partnership property following certain transfers of partnership interests. The regulations require the partnership to attach a statement to its partnership return indicating the adjustment and how it was allocated among the partnership property.

US Code: 26 USC 7805 Name of Law: Rules and regulations
   US Code: 26 USC 743 Name of Law: Optional adjustment to basis of partnership property
   US Code: 26 USC 751 Name of Law: Unrealized receivables and inventory items
   US Code: 26 USC 755 Name of Law: Rules for allocation of basis
   US Code: 26 USC 734 Name of Law: Optional adjustment to basis of undistributed partnership property
   US Code: 26 USC 1017 Name of Law: Discharge of indebtedness
   US Code: 26 USC 732 Name of Law: Basis of distributed property other than money
  
None

Not associated with rulemaking

  78 FR 21707 04/11/2013
78 FR 59758 09/27/2013
No

1
IC Title Form No. Form Name
(TD 8847 - Final) Adjustments Following Sales of Partnership Interests

  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 301,000 301,000 0 0 0 0
Annual Time Burden (Hours) 904,000 904,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
David Haglund 202 622-3110

  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.
09/30/2013


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