Notice 2005-32 - Notification Requirement for Transfer of Partnership Interest in Electing Investment Partnership (EIP)

Forms and Documents

Document Name	Status
Notice 2005-32 SUP STAT.doc Supporting Statement A	2014-12-18
Notice-2005-32.docx Supplementary Document	2014-10-16

IC Document Collections

IC ID	Document Title	Status
19655	Notice 2005-32 - Notification Requirement for Transfer of Partnership Interest in Electing Investment Partnership (EIP)	Modified

ICR Details

OMB Control No: 1545-1939	ICR Reference No: 201410-1545-004
Status: Historical Active	Previous ICR Reference No: 201111-1545-019
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Notice 2005-32 - Notification Requirement for Transfer of Partnership Interest in Electing Investment Partnership (EIP)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/04/2015
	Date Received in OIRA: 12/31/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2018	36 Months From Approved	03/31/2015
Responses	266,400	0	266,400
Time Burden (Hours)	552,100	0	552,100
Cost Burden (Dollars)	0	0	0

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Abstract: The American Jobs Creation Act of 2004, P.L. 108–357, 118 Stat. 1418 (the Act), was enacted on October 22, 2004. The Treasury Department and the Internal Revenue Service intend to issue regulations implementing §§ 833 and 834 of the Act, which amended §§ 704, 734, 743, and 6031 of the Internal Revenue Code. This notice provides interim procedures for partnerships and their partners to comply with the mandatory basis provisions of §§ 734 and 743, as amended by the Act. This notice also provides interim procedures for electing investment partnerships (EIPs) and their partners to comply with §§ 743(e) and 6031(f), as provided in § 833(b) of the Act.

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Authorizing Statute(s): US Code: 26 USC 743 Name of Law: Special rules where section 754 election or substantial built-in loss
   US Code: 26 USC 6031 Name of Law: Return of partnership income
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   PL: Pub.L. 108 - 357 118 Stat 1418 Name of Law: The American Jobs Creation Act of 2004
   US Code: 26 USC 734 Name of Law: Adjustment to basis of undistributed partnership propertywhere section 754 election or substantial
  

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 49848	08/22/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 78565	12/30/2014
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
Notice 2005-32 - Notification Requirement for Transfer of Partnership Interest in Electing Investment Partnership (EIP)

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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	266,400	266,400	0	0	0	0
Annual Time Burden (Hours)	552,100	552,100	0	0	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: No

Burden Reduction Due to:

Short Statement:

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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: 12/31/2014

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