Conclusive Presumption of Worthlessness of Debts Held by Banks

ICR 201810-1545-025

OMB: 1545-1254

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2018-10-23
IC Document Collections
ICR Details
1545-1254 201810-1545-025
Active 201509-1545-033
TREAS/IRS
Conclusive Presumption of Worthlessness of Debts Held by Banks
Extension without change of a currently approved collection   No
Regular
Approved without change 04/17/2019
Retrieve Notice of Action (NOA) 12/21/2018
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
04/30/2022 36 Months From Approved 04/30/2019
200 0 200
50 0 50
0 0 0

Paragraph (d)(3) of section 1.166-2 of the previously approved regulations allows banks and thrifts to elect to conform their tax accounting for bad debts with their regulatory accounting. An election, or revocation thereof, is a change in method of accounting. The collection of information required in section 1.166-2(d)(3) is necessary to monitor the elections.

US Code: 26 USC 166 Name of Law: Bad Debts
  
None

Not associated with rulemaking

  83 FR 49453 10/01/2018
83 FR 27735 12/21/2018
No

1
IC Title Form No. Form Name
TD 8396 - Conclusive Presumption of Wothlessness of Debts Held by Banks (FI-34-91) (Final)

  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 200 200 0 0 0 0
Annual Time Burden (Hours) 50 50 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    Yes
    No
No
No
No
Uncollected
John Rogers, III 202 622-3950

  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.
12/21/2018


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