Revenue Procedure 2008-38, Revenue Procedure 2008-39, Revenue Procedure 2008-40, Revenue Procedure 2008-41, Revenue Procedure 2008-42

ICR 201309-1545-087

OMB: 1545-1752

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2014-03-21
Supplementary Document
2011-02-07
ICR Details
1545-1752 201309-1545-087
Historical Active 201101-1545-011
TREAS/IRS GJS
Revenue Procedure 2008-38, Revenue Procedure 2008-39, Revenue Procedure 2008-40, Revenue Procedure 2008-41, Revenue Procedure 2008-42
Extension without change of a currently approved collection   No
Regular
Approved without change 07/06/2014
Retrieve Notice of Action (NOA) 04/24/2014
  Inventory as of this Action Requested Previously Approved
07/31/2017 36 Months From Approved 07/31/2014
70 0 70
5,950 0 5,950
0 0 0

RP 2008-40 allows issuers of life insurance contracts that have failed to meet the definition of life insurance contract under section 7702 or to satisfy the requirements of section 101(f) of the IRC to cure these contracts so that they do not fail section 7702 or section 101(f). RP 2008-38 allows issuers of variable contracts that have failed to meet the diversification requirements of section 817(h) to cure these contracts so that they do not fail section 817(h). RP 2008-39 allows issuers of life insurance contracts whose contracts have failed to meet the tests of section 7702A to cure these contracts that have inadvertently become modified endowment contracts. Rev. Proc. 2008-41 provides a procedure by which an issuer of a variable contract may remedy an inadvertent failure of a variable contract to meet the diversification requirements of section 817(h). RP 2008-42 provides guidance.

US Code: 26 USC 7702(a) Name of Law: Life insurance contract defined - General Rule
   US Code: 26 USC 101(f) Name of Law: Certain death benefits-Proceeds of flexible premium contracts issued before January 1, 1985 pa
   US Code: 26 USC 7702A Name of Law: Modified endowment contract defined
   US Code: 26 USC 817(h) Name of Law: Treatment of variable contracts-Treatment of certain nondiversified contracts
  
None

Not associated with rulemaking

  78 FR 53505 08/29/2013
79 FR 22760 04/23/2014
No

  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 70 70 0 0 0 0
Annual Time Burden (Hours) 5,950 5,950 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Katherine Hossofsky 202 622-3970

  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.
04/24/2014


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