(TD 8701)--Treatment of Shareholders of Certain Passive Investment Companies; (TD 8178)--Passive Foreign Investment Companies.

Forms and Documents

Document	Type	Status	Availability
1545-1507 Supporting Statement (Combining 1545-1028).doc	Supporting Statement A	Uploaded 2016-08-30	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
223250	TD 8178--Passive Foreign Investment Companies		New
18539	TD 8701--Treatment of Shareholders of Certain Passive Investment Companies		Modified

ICR Details

OMB Control No: 1545-1507	ICR Reference No: 201608-1545-027
Status: Historical Active	Previous ICR Reference No: 201306-1545-007
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: (TD 8701)--Treatment of Shareholders of Certain Passive Investment Companies; (TD 8178)--Passive Foreign Investment Companies.
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: 01/02/2017
	Date Received in OIRA: 08/31/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2020	36 Months From Approved	12/31/2016
Responses	406,250	0	131,250
Time Burden (Hours)	212,500	0	100,000
Cost Burden (Dollars)	0	0	0

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Abstract: The reporting requirements affect U.S. persons that are direct and indirect shareholders of passive foreign investment companies (PFICs). The IRS uses Form 8621 to identify PFICs, U.S. persons that are shareholders, and transactions subject to PFIC taxation and to verify income inclusions, excess distributions and deferred tax amounts. These regulations also specify how U.S. persons who are shareholders of passive foreign investment companies (PFICs) make elections with respect to their PFIC stock.

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Authorizing Statute(s): US Code: 26 USC 1291 Name of Law: Interest on tax deferral.
   US Code: 26 USC 1295 Name of Law: Qualified electing fund.
   US Code: 26 USC 1296 Name of Law: Election of mark to market for marketable stock.
   US Code: 26 USC 1297 Name of Law: Election of mark to market for marketable stock.
   US Code: 26 USC 1298 Name of Law: Special rules.
  

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 27191	05/05/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 60124	08/31/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
TD 8701--Treatment of Shareholders of Certain Passive Investment Companies
TD 8178--Passive Foreign Investment Companies

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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	406,250	131,250	0	275,000	0	0
Annual Time Burden (Hours)	212,500	100,000	0	112,500	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The change in the paperwork burden previously approved by OMB is increasing by 112,500 hours, because the collection under OMB control number 1545-1028 is being included here under 1545-1507. The collection under OMB control number 1545-1028 will be discontinued.

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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: 08/31/2016

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