This document contains a final
regulation that provides guidance to taxpayers for determining
which corporations are included in a controlled group of
corporations. REG-161948-05 contains proposed regulations under
sections 334(b)(1)(B) and 362(e)(1) of the Internal Revenue Code of
1986 (Code). The proposed regulations apply to certain
nonrecognition transfers of loss property to corporations that are
subject to Federal income tax. The proposed regulations affect the
corporations receiving the loss property.
The IRS is requesting an
emergency approval for this collection to complete the full
research that will reflect the proposed regulations under sections
334(b)(1)(B) and 362(e)(1) (anti-loss importation provisions)
revised under Final regulations 1.332-6. 1.351-3 and 1.368-3,
published on March 28, 2016. Prior approval for this collection was
under two different expirations dates (Preapproval 05/31/2016 and
Approval 04/30/2016); this request is intended to combine all
related information, to be ultimately renewed for three years once
the emergency request is approved. The IRS will amend this
collection to reflect the updated information pertaining to the
Final regulations, TD 9759.
US Code:
26
USC 7805 Name of Law: Rules and regulations
US Code: 26
USC 334 Name of Law: Basis of property received in
liquidations
US Code: 26
USC 362 Name of Law: Basis to corporations
US Code: 26 USC 334 Name of Law: Basis of
Property recieved in liquidations
US Code: 26 USC 362(e)(1) Name of Law: Limitation on importation of
built-in losses
US Code: 26 USC 362(e)(2) Name of Law: Limitation on transfer of
built-in losses in section 351 transactions
This document contains proposed
regulations under sections 334(b)(1)(B) and 362(e)(1) of the
Internal Revenue Code of 1986 (Code). The revised collection of
information in these proposed regulations is in §§1.332-6, 1.351-3,
and 1.368-3. By requiring that taxpayers separately report the fair
market value and basis of property (including stock) described in
section 362(e)(1)(B) and in 362(e)(2)(A) that is transferred in a
tax-free transaction, this revised collection of information aides
in identifying transactions within the scope of sections
334(b)(1)(B), 362(e)(1), and 362(e)(2) and thereby facilitates the
IRS' verification that taxpayers are complying with sections
334(b)(1)(B), 362(e)(1), and 362(e)(2). The net result of these
changes will result in a decrease in the estimated annual responses
by 125,000, while increasing the estimate burden hours by 112,500
hours.
$0
No
No
No
No
No
No
Uncollected
Grid Glyer 202 622-7930
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.
2017-07-20 SS 1545-2019r.doc
TD 9300, Guidance Necessary to Facilitate Business Electronic Filing