Guidance Regarding the Transition Tax Under Section 965 and Related Provision

Forms and Documents

Document Name	Status
2018-08-15_SS_REG_104226-18r.doc Supporting Statement A	2018-08-15

IC Document Collections

IC ID	Document Title	Status
232675	Guidance Regarding the Transition Tax Under Section 965 and Related Provisions	New

ICR Details

OMB Control No: 1545-2280	ICR Reference No: 201808-1545-009
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Guidance Regarding the Transition Tax Under Section 965 and Related Provision
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule	Conclusion Date: 12/06/2018
	Date Received in OIRA: 08/15/2018
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR). The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date		36 Months From Approved
Responses	0	0	0
Time Burden (Hours)	0	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The proposed regulations implement section 965 of the Internal Revenue Code as amended by the Tax Cuts and Jobs Act, P.L. 115-97, which was enacted on December 22, 2017. Specifically, the proposed regulations provide rules for determining the section 965(a) inclusion amount of a United States shareholder of a deferred foreign income corporation. Information is collected for purposes of determining the amount of the tax liability as well as tracking the payment of the tax liability.

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Authorizing Statute(s): US Code: 26 USC 965 Name of Law: Treatment of deferred foreign income upon transition to participation exemption system of taxation
   PL: Pub.L. 115 - 97 1403 Name of Law: Tax Cuts and Job Acts
  

Citations for New Statutory Requirements: US Code: 26 USC 965 Name of Law: Treatment of deferred foreign income upon transition to participation exemption system of taxation

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BO51	Proposed rulemaking	83 FR 39514	08/09/2018

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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
Guidance Regarding the Transition Tax Under Section 965 and Related Provisions

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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: The proposed regulations implement section 965 of the Internal Revenue Code as amended by the Tax Cuts and Jobs Act, P.L. 115-97, which was enacted on December 22, 2017. Specifically, the proposed regulations provide rules for determining the section 965(a) inclusion amount of a United States shareholder of a deferred foreign income corporation. Information is collected for purposes of determining the amount of the tax liability as well as tracking the payment of the tax liability.

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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: 08/15/2018

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