Like-Kind Exchanges

Forms and Documents

Document Name	Status
Form Form 8824 Like-Kind Exchanges Form	Modified
Expiration Explanation.rtf Supplementary Document	2013-01-08
1545-1190_supporting_statement_20160404b (4).doc Supporting Statement A	2016-04-28

IC Document Collections

IC ID	Document Title	Status
40058	Like-Kind Exchanges Form	Modified

ICR Details

OMB Control No: 1545-1190	ICR Reference No: 201604-1545-002
Status: Historical Active	Previous ICR Reference No: 201208-1545-014
Agency/Subagency: TREAS/IRS	Agency Tracking No: Form_8824
Title: Like-Kind Exchanges
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: 08/19/2016
	Date Received in OIRA: 04/29/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2019	36 Months From Approved	08/31/2016
Responses	137,547	0	137,547
Time Burden (Hours)	665,269	0	1,995,807
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8824 is used by individuals, partnerships, and other entities to report the exchange of business or investment property, and the deferral of gains from such transactions under section 1031. It is also used to report the deferral of gain under section 1043 by members of the executive branch of the Federal government.

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Authorizing Statute(s): US Code: 26 USC 1043 Name of Law: Sale of property to comply with conflict-of-interest requirements.
   US Code: 26 USC 1031 Name of Law: Exchange of property held for productive use or investment.
  

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:
	81 FR 2962	01/19/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 25760	04/29/2016
Did the Agency receive public comments on this ICR? Yes

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

IC Title	Form No.	Form Name
Like-Kind Exchanges	Form 8824	Like-Kind Exchanges

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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	137,547	137,547	0	0	0	0
Annual Time Burden (Hours)	665,269	1,995,807	0	-1,330,538	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: There is a reduction in the burden associated with this collection. Form 8824 is used by individual, business, and other taxpayers. The estimate of burden that is being reported under 1545-1190 reports only the burden imposed on other taxpayers. The portion of the burden imposed on individual taxpayers is approved and reported under OMB Control Number 1545-0074. The portion of the burden imposed on business taxpayers is approved and reported under OMB Control Number 1545-0123. This results in a net decrease in burden of 1,330,538 hours.

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Annual Cost to Federal Government: $955

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: 04/29/2016

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