Return by a U.S. Transferor of Property to a Foreign Corporation

Forms and Documents

Document Name	Status
Form 926 Form 926 - Return by a U.S. Transferor of Property to a Foreign Corporation Form	Modified
2018-09-05_SS_1545-0026rKD.docx Supporting Statement A	2018-09-05

IC Document Collections

IC ID	Document Title	Status
39372	Form 926 - Return by a U.S. Transferor of Property to a Foreign Corporation Form	Modified

ICR Details

OMB Control No: 1545-0026	ICR Reference No: 201807-1545-013
Status: Active	Previous ICR Reference No: 201702-1545-011
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Return by a U.S. Transferor of Property to a Foreign Corporation
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: 12/06/2018
	Date Received in OIRA: 10/26/2018
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2021	36 Months From Approved	06/30/2020
Responses	667	0	667
Time Burden (Hours)	28,608	0	30,195
Cost Burden (Dollars)	0	0	0

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Abstract: Form 926 is filed by any U.S. person who transfers certain tangible or intangible property to a foreign corporation to report information required by section 6038B.

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Authorizing Statute(s): US Code: 26 USC 6038B Name of Law: Information reporting with respect to certain foreign corporations and partnerships
   PL: Pub.L. 115 - 97 14102 Name of Law: Tax Cuts and Jobs Act 2017
   PL: Pub.L. 115 - 97 14221 Name of Law: Tax Cuts and Jobs Act 2017
  

Citations for New Statutory Requirements: PL: Pub.L. 115 - 97 14221 Name of Law: Tax Cuts and Jobs Act

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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 29618	06/25/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	83 FR 52614	10/26/2018
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
Form 926 - Return by a U.S. Transferor of Property to a Foreign Corporation	926	Return by a U.S. Transferor of Property to a Foreign Corporation

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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	667	0	0	0	0
Annual Time Burden (Hours)	28,608	30,195	-1,587	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: For transfers after December 31, 2017, P.L. 115-97, section 14102 repealed the active trade or business exception under section 367. Transfers of tangible property (other than certain stock transfers) are subject to full gain recognition under the general rule of section 367(a)(1). In addition, section 91 of the Internal Revenue Code was added to provide rules on transfers of foreign branch assets to foreign corporations requiring the transferor to include a “Transferred Loss Amount” as income. For transfers in taxable years beginning after December 31, 2017, section 14221 of P.L. 115-97 revised the definition of intangible property under section 936(h)(3)(B) subject to section 367(d) treatment on the transfer of such property to include goodwill, going concern value, workforce in place and any other item the value or potential value of which is not attributable to tangible property or the services of an individual. The definition in section 936(h)(3)(B) was subsequently re-designated (without substantive change) as section 367(d)(4) by section 401(d)(1)(D)(viii)(I) of the Consolidated Appropriations Act, 2018, P.L. 115-141. Changes have been made to the form, creating a reduction of burden of 1,587 hours.

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Annual Cost to Federal Government: $19,365

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: 10/26/2018

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