At-Risk Limitations

ICR 201905-1545-003

OMB: 1545-0712

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Modified
Supporting Statement A
2019-06-10
IC Document Collections
IC ID
Document
Title
Status
39815 Modified
ICR Details
1545-0712 201905-1545-003
Active 201602-1545-029
TREAS/IRS
At-Risk Limitations
Extension without change of a currently approved collection   No
Regular
Approved without change 07/29/2019
Retrieve Notice of Action (NOA) 06/25/2019
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
07/31/2022 36 Months From Approved 07/31/2019
230,332 0 230,332
914,419 0 914,419
0 0 0

IRC section 465 requires taxpayers to limit their at-risk loss to the lesser of the loss or their amount at risk. Form 6198 is used by taxpayers to determine their deductible loss and by IRS to verify the amount deducted.

US Code: 26 USC 465 Name of Law: Deductions limited to amount at risk
  
None

Not associated with rulemaking

  84 FR 9864 03/18/2019
84 FR 29586 06/24/2019
No

1
IC Title Form No. Form Name
Form 6198 - At-Risk Limitations 6198 At-Risk Limitations

  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 230,332 230,332 0 0 0 0
Annual Time Burden (Hours) 914,419 914,419 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$13,669
No
    Yes
    No
No
No
No
Uncollected
Maria Staggers 2022836577

  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.
06/25/2019


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