TD 8395 - Special Valuation Rules

ICR 202108-1545-013

OMB: 1545-1241

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2021-11-27
IC Document Collections
IC ID
Document
Title
Status
18008
Modified
ICR Details
1545-1241 202108-1545-013
Received in OIRA 201806-1545-016
TREAS/IRS
TD 8395 - Special Valuation Rules
Extension without change of a currently approved collection   No
Regular 12/31/2021
  Requested Previously Approved
36 Months From Approved 12/31/2021
1,200 1,200
496 496
0 0

Section 2701 of the Internal Revenue Code allows various elections by family members who make gifts of common stock or partnership interests and retain senior interest. The elections affect the value of the gifted interests and the retained interests. This document contains final regulations relating to chapter 14 of the Internal Revenue Code as enacted in the Omnibus Budget Reconciliation Act of 1990, Pub Law 101-508, 104 Stat. 1388. These previously approved regulations provide special valuation rules for purposes of Federal estate and gift taxes imposed under chapter 1 and 12 of the Code. In addition, these regulations provide rules involving lapsing rights and other transactions that are treated as completed transfers under chapter 14.

US Code: 26 USC 2701 Name of Law: Special valuation rules in case of transfers of certaininterests in corporations or partnerships
   US Code: 26 USC 6501(c) Name of Law: Limitations on assessment and collection
  
None

Not associated with rulemaking

  86 FR 40138 07/26/2021
86 FR 73851 12/28/2021
No

1
IC Title Form No. Form Name
TD 8395 - Special Valuation Rules

  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 1,200 1,200 0 0 0 0
Annual Time Burden (Hours) 496 496 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
No
John MacEachen 201 317-6859

  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.
12/31/2021


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