Related Group Election With Respect to Qualified Investments in Foreign Base Company Shipping Operations

Forms and Documents

Document Name	Status
TD 7959 SS 2016.doc Supporting Statement A	2016-07-11

IC Document Collections

IC ID	Document Title	Status
17372	Related Group Election With Respect to Qualified Investments in Foreign Base Company Shipping Operations.	Modified

ICR Details

OMB Control No: 1545-0755	ICR Reference No: 201607-1545-025
Status: Historical Active	Previous ICR Reference No: 201306-1545-005
Agency/Subagency: TREAS/IRS	Agency Tracking No: TD_9759
Title: Related Group Election With Respect to Qualified Investments in Foreign Base Company Shipping Operations
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: 12/27/2016
	Date Received in OIRA: 07/29/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2019	36 Months From Approved	12/31/2016
Responses	100	0	100
Time Burden (Hours)	205	0	205
Cost Burden (Dollars)	0	0	0

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Abstract: United States shareholders may elect to determine foreign base company shipping income and qualified investments in foreign base company shipping operations of controlled foreign corporations on a consolidated basis (rather than on a corporation by corporation basis). Under Treas. Reg. §1.955A 3(d)each United States shareholder shall attach to his return a statement setting forth the adjusted basis of the property before the reduction and the amount and nature of the reduction. The election will be effective for all years thereafter until revoked with the approval of the Commissioner of Internal Revenue. The request for consent for revocation of the election under Treas. Reg. §1.955A 3(D)(2)shall be made by mailing a letter for such purpose to the Commissioner of Internal Revenue Service containing a statement of the facts which justify such consent.

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Authorizing Statute(s): US Code: 26 USC 954 Name of Law: Foreign Base Company Income
   US Code: 26 USC 955 Name of Law: Withdrawal of Previously Excluded Subpart F Income from Qualified 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 29957	05/13/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 49716	07/29/2016
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
Related Group Election With Respect to Qualified Investments in Foreign Base Company Shipping Operations.

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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	100	100	0	0	0	0
Annual Time Burden (Hours)	205	205	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: 07/29/2016

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