Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

Forms and Documents

Document Name	Status
Form 982 Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Form and Instruction	Modified
2017-11-07 SS 1545-0046.doc Supporting Statement A	2017-11-07

IC Document Collections

IC ID	Document Title	Status
43851	Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment) Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0046	ICR Reference No: 201710-1545-018
Status: Historical Active	Previous ICR Reference No: 201210-1545-006
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
Type of Information Collection: Reinstatement without change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 12/31/2017
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/21/2017
	Date Received in OIRA: 12/19/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2018	6 Months From Approved
Responses	667	0	0
Time Burden (Hours)	7,491	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: Internal Revenue Code section 108 allows taxpayers to exclude from gross income amounts attributable to discharge of indebtedness in title 11 cases, insolvency, or qualified farm indebtedness. Code section 1081(b) allows corporations to exclude from gross income amounts attributable to certain transfers of property. The data is used to verify adjustments to basis of property and reduction of tax attributes.

Emergency Justfication: Taxpayers must use Form 982, Part I and Part II, to report an exclusion of forgiven debt from gross income under IRC 108 and the reduction of certain tax attributes (also required by IRC 108) as a result of the exclusion. Form 982, Part III, is used by a corporation to indicate consent to the application of a general rule for adjusting the basis of property as described in Reg. 1.1082-3(b). If the form is not available to the public, the IRS will have no way of knowing when forgiven debt reported on Form 1099-C is being excluded from income by the taxpayer or how the tax attributes have been reduced; or, in the case of certain corporations, consent to a general rule for adjusting basis of their property under IRC 1082(a)(2). Part I and II of the form give taxpayers the means of reporting an exclusion under IRC 108 and the reduction of tax attributes. Part III of the form gives taxpayers a means to consent to the general rule for adjusting the basis of its property under IRC 1082(a)(2). (Note: IRC 1082(a)(2) is a repealed provision, but still has ongoing application as long as certain conditions applied before the law was repealed.) Discharges of qualified principal residence indebtedness can only be excluded from income after 12/31/2016 if the discharge is subject to an arrangement that was entered into and evidenced in writing before January 1, 2017. IRC 108(a)(1)(E), PL 114-113, Div. Q, Sec. 151.

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Authorizing Statute(s): US Code: 26 USC 108 Name of Law: Income from discharge of indebtedness
  

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

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
Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)	982	Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

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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	667	0	0	667	0	0
Annual Time Burden (Hours)	7,491	0	0	7,491	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: Internal Revenue Code section 108 allows taxpayers to exclude from gross income amounts attributable to discharge of indebtedness in title 11 cases, insolvency, or qualified farm indebtedness. Code section 1081(b) allows corporations to exclude from gross income amounts attributable to certain transfers of property.

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Annual Cost to Federal Government: $1,051

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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: 12/19/2017

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