Qualified Severance of a Trust for Generation-Skipping Transfer (GST) Tax Purposes

Forms and Documents

Document Name	Status
Form 706-GS(T) Qualified Severance of a Trust for Generation-Skipping Transfer (GST) Tax Purposes Form	Modified
SUPP DOC addressing NOA & Notice of Qual Sev.docx Supplementary Document	2014-10-27
1545-1902_supporting_statement_20141024.docx Supporting Statement A	2014-10-27

IC Document Collections

IC ID	Document Title	Status
19590	Qualified Severance of a Trust for Generation-Skipping Transfer (GST) Tax Purposes Form	Modified

ICR Details

OMB Control No: 1545-1902	ICR Reference No: 201409-1545-036
Status: Historical Active	Previous ICR Reference No: 201309-1545-069
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Qualified Severance of a Trust for Generation-Skipping Transfer (GST) Tax Purposes
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/06/2015
	Date Received in OIRA: 10/31/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2018	36 Months From Approved	10/31/2015
Responses	650	0	25,000
Time Burden (Hours)	1,352	0	12,500
Cost Burden (Dollars)	0	0	0

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Abstract: This Regulation requires taxpayers to report a qualified severance by filing a Form 706-GS(T), or such other form that may be published by the Internal Revenue Service in the future that is specifically designated to be utilized to report qualified severance's. Where Form 706-GS(T) is used, the filer should attach a Notice of Qualified Severance to the return that clearly identifies the trust that is being severed and the new trusts created as a result of the severance. The Notice must also provide the inclusion ratio of the trust that was severed and the inclusion ratios of the new trusts resulting from the severance. The information collected will be used by the IRS to identify the trusts being severed and the new trusts created upon severance. The collection of information is required in order to have a qualified severance. If there was no reporting requirement, the IRS would be unable to achieve its objectives.

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Authorizing Statute(s): US Code: 26 USC 2642 Name of Law: Tax On Generation-Skipping Transfers; Inclusion ratio.
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 44972	08/01/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 64886	10/31/2014
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Qualified Severance of a Trust for Generation-Skipping Transfer (GST) Tax Purposes	706-GS(T)	Generation-Skipping Transfer Tax Return For Terminations

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ICR Summary of Burden

	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	650	25,000	0	-24,350	0	0
Annual Time Burden (Hours)	1,352	12,500	0	-11,148	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: We have updated the annual number of responses based on the most recent filing data (from 25,000 to 650) responses. This results in an overall annual decrease of time burden.

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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: 10/31/2014

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