Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent

Forms and Documents

Document Name	Status
Form 8971 Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent Form	New
Notice 2015-57.pdf Supplementary Document	2015-11-05
Legislation PL 114-41.pdf Supplementary Document	2015-11-05
Form 8971 Supporting Statement V.2_REV.doc Supporting Statement A	2015-12-01

IC Document Collections

IC ID	Document Title	Status
218887	Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent Form	New

ICR Details

OMB Control No: 1545-2264	ICR Reference No: 201511-1545-003
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 12/15/2015
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/23/2015
	Date Received in OIRA: 12/02/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2016	6 Months From Approved
Responses	10,000	0	0
Time Burden (Hours)	53,100	0	0
Cost Burden (Dollars)	0	0	0

---

Abstract: The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 requires executors of an estate and other persons who are required to file a Form 706, Form 706-NA, or Form 706-A, to report to the Internal Revenue Service (IRS) and to each beneficiary receiving property from an estate the estate tax value of the property, if the return is filed after July 31, 2015. Form 8971 is used to report to the IRS and a Schedule A will be sent to each beneficiary and a copy of each Schedule A will be attached to the Form 8971. Some property received by a beneficiary may have a consistency requirement, meaning that the beneficiary must use the value reported on Schedule A as the beneficiary’s initial basis the property.

Emergency Justfication: An expedited approval process for Form 8971 is being requested due the very short time frame provided for implementation of new reporting requirements. The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (P.L. 114-41) was enacted on July 31, 2015. Section 2004 of the legislation inserted two new provisions into the Internal Revenue Code – sections 1014(f) and 6035. Form 8971 is being developed to implement the reporting requirements mandated for executors of estates in the new §6035. The new legislation was effective upon enactment (§2004(d)) and required reporting to begin reporting with 30 days (§6035(a)(3)(A)). IRS Office of Chief Counsel issued Notice 2015-57, effective August 21, 2015, which delayed any required reporting under §6035 due before February 29, 2016, to February 29, 2016. An expedited process for developing and approving the Form 8971 will be required to ensure that taxpayers are able to meet this new deadline for reporting because the form will need to be available to taxpayers before the expiration of time periods established under normal processing times.

---

Authorizing Statute(s): PL: Pub.L. 114 - 41 SEC. 2004 Name of Law: Surface Transportation and Veterans Health Care Choice Improvement Act of 2015
  

Citations for New Statutory Requirements: PL: Pub.L. 114 - 41 Sec. 2004 Name of Law: Surface Transportation and Veterans Health Care Choice Improvement Act of 2015

---

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

---

Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

---

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

IC Title	Form No.	Form Name
Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent	8971	Information Regarding Beneficiaries Acquiring Property from a Decedent

---

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	10,000	0	10,000	0	0	0
Annual Time Burden (Hours)	53,100	0	53,100	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: This is a new collection of information.

---

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

---

Common Form ICR:  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:

(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: 12/02/2015

---