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
11/30/2023
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
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.
Supporting Statement.docx
Withholding on the transfer of a non-publicly traded partnership interest.