Consent To Extend the Time To Assess Tax Under Section 367—Gain Recognition Agreement

ICR 201705-1545-039

OMB: 1545-1395

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2017-07-05
Supplementary Document
2017-05-24
ICR Details
1545-1395 201705-1545-039
Historical Active 201401-1545-032
TREAS/IRS
Consent To Extend the Time To Assess Tax Under Section 367—Gain Recognition Agreement
Extension without change of a currently approved collection   No
Regular
Approved without change 10/27/2017
Retrieve Notice of Action (NOA) 07/17/2017
  Inventory as of this Action Requested Previously Approved
10/31/2020 36 Months From Approved 10/31/2017
666 0 666
5,482 0 5,482
0 0 0

Form 8838 is used to extend the statute of limitations for U.S. persons who transfer stock or securities to a foreign corporation. The form is filed when the transferor makes a gain recognition agreement. This agreement allows the transferor to defer the payment of tax on the transfer. The IRS uses Form 8838 so that it may assess tax against the transferor after the expiration of the original statute of limitations.

US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information.
   US Code: 26 USC 367 Name of Law: Foreign corporations.
  
None

Not associated with rulemaking

  82 FR 12908 03/07/2017
82 FR 32602 07/14/2017
No

  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 666 666 0 0 0 0
Annual Time Burden (Hours) 5,482 5,482 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$20,755
No
    Yes
    Yes
No
No
No
Uncollected
Neal Dickman 2026225013

  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.
07/17/2017


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