TD 9547 - Election to Expense Certain Refineries

ICR 201409-1545-019

OMB: 1545-2103

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2015-03-31
IC Document Collections
IC ID
Document
Title
Status
184520
Modified
ICR Details
1545-2103 201409-1545-019
Historical Active 201111-1545-026
TREAS/IRS
TD 9547 - Election to Expense Certain Refineries
Extension without change of a currently approved collection   No
Regular
Approved without change 01/02/2017
Retrieve Notice of Action (NOA) 03/31/2015
  Inventory as of this Action Requested Previously Approved
01/31/2018 36 Months From Approved 12/31/2016
12 0 12
120 0 120
0 0 0

The regulations provide guidance with respect to section 179C of the Internal Revenue Code, which provides a taxpayer can elect to treat 50% of the cost of "qualified refinery property" as a deductible expense not chargeable to capital account. The taxpayer makes an election under section 179C by entering the amount of the deduction at the appropriate place on the taxpayer's timely filed original federal income tax return for the taxable year in which the qualified refinery property is placed in service and by attaching a report specifying (a) the name and address of the refinery and (b) the production capacity requirement under which the refinery qualifies. If the taxpayer making the expensing election described above is a cooperative described in section 1381, and one or more persons directly holding an ownership interest in the taxpayer are organizations described in section 1381, the taxpayer can elect to allocate all or a portion of the deduction allowable under section 179C to those persons. The allocation must be equal to the person's ratable share of the total amount allocated, determined on the basis of the person's ownership interest in the taxpayer/cooperative. If the taxpayer/cooperative makes such an election, it must provide written notice of the amount of the allocation to any owner receiving an allocation by written notice on Form 1099-PAT, Taxable Distributions Received from Cooperatives. This notice must be provided before the due date (including extensions) of the cooperative owner's federal income tax return for the taxable year for which the election applies.

US Code: 26 USC 179C Name of Law: Election to expense certain refineries
  
None

Not associated with rulemaking

  79 FR 43825 07/28/2014
80 FR 17150 03/31/2015
No

1
IC Title Form No. Form Name
TD 9547 - Election to expense certain refineries

  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 12 12 0 0 0 0
Annual Time Burden (Hours) 120 120 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Philip Tiegerman 202 927-9524 [email protected]

  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.
03/31/2015


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