TD 9451 - Guidance Necessary To Facilitate Business Election Filing; Finalization of Controlled Group Qualification Rules, TD 9759-Limitations on the Importation of Net Built-In Losses

Forms and Documents

Document Name	Status
2018-04-19_SS_1545-2019r.doc Supporting Statement A	2018-04-19

IC Document Collections

IC ID	Document Title	Status
223818	TD 9300, Guidance Necessary to Facilitate Business Electronic Filing	Removed
19774	TD 9759 - Limitations on the Importation of Net Built-In Losses	Modified

ICR Details

OMB Control No: 1545-2019	ICR Reference No: 201803-1545-012
Status: Active	Previous ICR Reference No: 201604-1545-010
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: TD 9451 - Guidance Necessary To Facilitate Business Election Filing; Finalization of Controlled Group Qualification Rules, TD 9759-Limitations on the Importation of Net Built-In Losses
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: 03/28/2019
	Date Received in OIRA: 06/27/2018
Terms of Clearance: OMB understands that the IRS is currently in the process of revising the methodology it uses to estimate burden and costs. OMB expects that future ICRs under this OMB control number will include dollar estimates of annual burden costs to taxpayers calculated using this revised methodology.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2022	36 Months From Approved	03/31/2019
Responses	225,000	0	1,225,000
Time Burden (Hours)	375,000	0	625,000
Cost Burden (Dollars)	0	0	0

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Abstract: This document contains a previously approved final regulation that provides guidance to taxpayers for determining which corporations are included in a controlled group of corporations. REG-161948-05 contains proposed regulations under sections 334(b)(1)(B) and 362(e)(1) of the Internal Revenue Code of 1986 (Code). The proposed regulations apply to certain nonrecognition transfers of loss property to corporations that are subject to Federal income tax. The proposed regulations affect the corporations receiving the loss property.

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Authorizing Statute(s): US Code: 26 USC 334 Name of Law: Basis of property received in liquidations
   US Code: 26 USC 7805 Name of Law: Rules and regulations
   US Code: 26 USC 362 Name of Law: Basis to corporations
  

Citations for New Statutory Requirements: US Code: 26 USC 334 Name of Law: Basis of Property recieved in liquidations
US Code: 26 USC 362(e)(1) Name of Law: Limitation on importation of built-in losses
US Code: 26 USC 362(e)(2) Name of Law: Limitation on transfer of built-in losses in section 351 transactions

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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:
	83 FR 9576	03/06/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 30224	06/27/2018
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
TD 9759 - Limitations on the Importation of Net Built-In Losses
TD 9300, Guidance Necessary to Facilitate Business Electronic Filing

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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	225,000	1,225,000	0	-1,000,000	0	0
Annual Time Burden (Hours)	375,000	625,000	0	-250,000	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: The change in burden estimates are due to the removal of TD 9300 (previously discontinued under OMB# 1545-1868 but now the burden is reported under 1545-0123, U. S. Business Income Tax Return) and discontinued in this collection to avoid duplication. The TD 9300 was included in the previously approved collection by error, IRS has corrected the error by removing the TD 9300 from this collection under OMB# 1545-1868, which has resulted in a decrease in the estimated annual responses by 1,000,000, also, decreasing the estimate burden hours by 250,000 hours.

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Annual Cost to Federal Government: $0

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.     No

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.     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: 06/27/2018

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