Failure To File Gain Recognition Agreements or Satisfy Other Reporting Obligations

Forms and Documents

Document	Type	Status	Availability
2023 Supporting Statement(1545-1487)-LVD.docx	Supporting Statement A	Uploaded 2023-08-28	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
18462	Failure To File Gain Recognition Agreements or Satisfy Other Reporting Obligations (TD 9704 - final)		Unchanged

ICR Details

OMB Control No: 1545-1487	ICR Reference No: 202305-1545-023
Status: Received in OIRA	Previous ICR Reference No: 202003-1545-001
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Failure To File Gain Recognition Agreements or Satisfy Other Reporting Obligations
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 08/30/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	08/31/2023
Responses	414	414
Time Burden (Hours)	2,471	2,471
Cost Burden (Dollars)	0	0

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Abstract: Sections 367(e)(1) and 367(e)(2) provide for gain recognition on certain transfers to foreign persons under sections 355 and 332. Section 6038B(a) requires U.S. persons transferring property to foreign persons in exchanges described in sections 332 and 355 to furnish information regarding such transfers.

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Authorizing Statute(s): US Code: 26 USC 367(e)(2) Name of Law: Liquidation under section 332.
   US Code: 26 USC 332 Name of Law: Complete liquidation of subsidiaries.
   US Code: 26 USC 367(e)(1) Name of Law: Distributions describled in section 355.
   US Code: 26 USC 355 Name of Law: Distribution of stock and decurities of a controlled corporation.
   US Code: 26 USC 6038B Name of Law: Notice of certain transfers to foreign persons.
   US Code: 26 USC 337 (a) and (b)(1) Name of Law: Nonrecognition for property distributed to parent in complete liquidation of subsidiary
   US Code: 26 USC 337 (c) Name of Law: Nonrecognition for property distributed to parent in complete liquidation of subsidiary
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 27590	05/02/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 60012	08/30/2023
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Failure To File Gain Recognition Agreements or Satisfy Other Reporting Obligations (TD 9704 - final)

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ICR Summary of Burden

	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	414	414	0	0	0	0
Annual Time Burden (Hours)	2,471	2,471	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 08/30/2023

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