T.D. 9013 Limitation on Passive Activity Losses and Credits- Treatment on Self-Charged Items of Income and Expense

ICR 201409-1545-040

OMB: 1545-1244

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2014-11-26
ICR Details
1545-1244 201409-1545-040
Historical Active 201109-1545-002
TREAS/IRS Ready
T.D. 9013 Limitation on Passive Activity Losses and Credits- Treatment on Self-Charged Items of Income and Expense
Revision of a currently approved collection   No
Regular
Approved without change 09/25/2015
Retrieve Notice of Action (NOA) 12/05/2014
  Inventory as of this Action Requested Previously Approved
09/30/2018 36 Months From Approved 09/30/2015
1,000 0 1,000
100 0 150
0 0 0

These regulations provide guidance on the treatment of self-charged items of income and expense under section 469. The regulations recharacterize a percentage of certain portfolio income and expense as passive income and expense (self-charged items) when a taxpayer engages in a lending transaction with a partnership or an S corporation (passthrough entity) in which the taxpayer owns a direct or indirect interest and the loan proceeds are used in a passive activity. Similar rules apply to lending transactions between two identically owned passthrough entities. These final regulations affect taxpayers subject to the limitations on passive activity losses and credits.

US Code: 26 USC 469 Name of Law: Passive activity losses and credits limited.
  
None

Not associated with rulemaking

  79 FR 43534 07/25/2014
79 FR 71505 12/02/2014
No

1
IC Title Form No. Form Name
T.D. 9013 Limitation on Passive Activity Losses and Credits- Treatment on Self-Charged Items of Income and Expense

  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 1,000 1,000 0 0 0 0
Annual Time Burden (Hours) 100 150 0 0 -50 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
There is a change in the agency estimate to reflect the estimate provided in the regulation. There is no change to the collection requirements.

$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.
12/05/2014


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