Adjustments Following Sales of Partnership Interests

Forms and Documents

Document Name	Status
Supporting Statement final.doc Supporting Statement A	2016-11-21

IC Document Collections

IC ID	Document Title	Status
18831	Adjustments Following Sales of Partnership Interests (TD 8847 - Final)	Modified

ICR Details

OMB Control No: 1545-1588	ICR Reference No: 201611-1545-031
Status: Historical Active	Previous ICR Reference No: 201308-1545-029
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Adjustments Following Sales of Partnership Interests
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: 03/02/2017
	Date Received in OIRA: 12/16/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2020	36 Months From Approved	03/31/2017
Responses	301,000	0	301,000
Time Burden (Hours)	904,000	0	904,000
Cost Burden (Dollars)	0	0	0

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Abstract: Partnerships, with a section 754 election in effect, are required to adjust the basis of partnership property following certain transfers of partnership interests. The regulations require the partnership to attach a statement to its partnership return indicating the adjustment and how it was allocated among the partnership property.

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Authorizing Statute(s): US Code: 26 USC 7805 Name of Law: Rules and regulations
   US Code: 26 USC 743 Name of Law: Optional adjustment to basis of partnership property
   US Code: 26 USC 751 Name of Law: Unrealized receivables and inventory items
   US Code: 26 USC 755 Name of Law: Rules for allocation of basis
   US Code: 26 USC 734 Name of Law: Optional adjustment to basis of undistributed partnership property
   US Code: 26 USC 1017 Name of Law: Discharge of indebtedness
   US Code: 26 USC 732 Name of Law: Basis of distributed property other than money
  

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 67433	09/30/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 90921	12/15/2016
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
Adjustments Following Sales of Partnership Interests (TD 8847 - Final)

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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	301,000	301,000	0	0	0	0
Annual Time Burden (Hours)	904,000	904,000	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: 12/16/2016

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