Regulations Providing Guidance Under Section 1446(f)

ICR 202007-1545-009

OMB: 1545-2292

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2020-08-03
IC Document Collections
ICR Details
1545-2292 202007-1545-009
Historical Inactive
TREAS/IRS
Regulations Providing Guidance Under Section 1446(f)
New collection (Request for a new OMB Control Number)   No
Regular
Preapproved 09/14/2020
Retrieve Notice of Action (NOA) 08/04/2020
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
09/30/2023 36 Months From Approved
76,000 0 0
50,920 0 0
0 0 0

Nonresident aliens and foreign corporations are taxable in the United States on taxable income which is effectively connected with the conduct of a trade or business within the United States. This document contains proposed regulations implementing certain sections of the Internal Revenue Code, including sections added to the Internal Revenue Code by the Tax Cuts and Jobs Act, that relate to the withholding of tax and information reporting with respect to certain dispositions of interests in partnerships engaged in the conduct of a trade or business within the United States.

US Code: 26 USC 864(c)(8) Name of Law: Gain or loss of foreign persons from sale or exchange of certain partnership interests
   US Code: 26 USC 1446(f) Name of Law: Special rules for withholding on dispositions of partnership interests
  
US Code: 26 USC 1446(f) Name of Law: Special rules for withholding on dispositions of partnership interests
PL: Pub.L. 115 - 97 13501 Name of Law: Tax Cuts and Jobs Act

1545-BO60 Proposed rulemaking 84 FR 21198 05/13/2019

No

1
IC Title Form No. Form Name
Withholding on the transfer of a non-publicly traded partnership interest.

  Total Request 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 76,000 0 76,000 0 0 0
Annual Time Burden (Hours) 50,920 0 50,920 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
This document contains proposed regulations implementing certain sections of the Internal Revenue Code, including sections added to the Internal Revenue Code by the Tax Cuts and Jobs Act, that relate to the withholding of tax and information reporting with respect to certain dispositions of interests in partnerships engaged in the conduct of a trade or business within the United States. These proposed regulations contain collections of information that are not on existing or new IRS forms. This will create new burden with an estimated number of responses of 76,000 and annual burden increase of 50,920 hours.

$0
No
    Yes
    Yes
No
No
No
No
Ronald Gootzeit 202 622-3860

  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.
08/04/2020


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