Excise Tax Relating to Gain or Other Income Realized by Any Person on Receipt of Greenmail

Forms and Documents

Document	Type	Status	Availability
Form 8725 TD 8379(Final)-Excise Tax Relating to Gain or Other Income Realized by Any Person on Receipt of Greenmail	Form and Instruction	Modified	Repair queued
Supporting Statement.doc	Supporting Statement A	Uploaded 2015-09-24	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
17742	TD 8379(Final)-Excise Tax Relating to Gain or Other Income Realized by Any Person on Receipt of Greenmail	Form and Instruction	Modified

ICR Details

OMB Control No: 1545-1049	ICR Reference No: 201509-1545-030
Status: Historical Active	Previous ICR Reference No: 201208-1545-015
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Excise Tax Relating to Gain or Other Income Realized by Any Person on Receipt of Greenmail
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: 12/16/2015
	Date Received in OIRA: 10/30/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2018	36 Months From Approved	12/31/2015
Responses	12	0	8
Time Burden (Hours)	92	0	2
Cost Burden (Dollars)	0	0	0

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Abstract: The regulations provide rules relating to the manner and method of reporting and paying the nondeductible 50 percent excise tax imposed by section 5881 of the Internal Revenue Code with respect to the receipt of greenmail. The reporting requirements will be used to verify that the excise tax imposed under section 5881 is properly reported and timely paid. Form 8725 is used by persons who receive "greenmail" to compute and pay the excise tax on greenmail imposed under Internal Revenue Code section 5881. IRS uses the information to verify that the correct amount of tax has been reported.

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Authorizing Statute(s): US Code: 26 USC 5881 Name of Law: Greenmail
  

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:
	80 FR 34960	06/18/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 66972	10/30/2015
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
TD 8379(Final)-Excise Tax Relating to Gain or Other Income Realized by Any Person on Receipt of Greenmail	8725	Excise Tax on Greenmail

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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	12	8	0	0	4	0
Annual Time Burden (Hours)	92	2	0	0	90	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: There is no change to this existing regulation. However, IRS is consolidating data reported under 2 different approval numbers (1545-1086 and 1545-1049), to eliminate the perception of double counting the same tax requirements. We are making this submission to renew the OMB approval. The net result will be an increase in the estimated annual burden of 90 hours.

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Annual Cost to Federal Government: $300

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: 10/30/2015

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