Consent To Extend the Time To Assess Tax Under Section 367—Gain Recognition Agreement

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 8838 Consent to Extend the Time To Assess Tax Under Section 367 - Gain Recognition Agreement	Form and Instruction	Modified	Available
Form 8838 Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement	Form and Instruction	Modified	Repair queued
1545-1395 Supporting Statement.docx	Supporting Statement A	Uploaded 2023-11-08	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
40350	Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement	Form and Instruction	Modified	Consent to Extend the Time To Assess Tax Under Section 367 - Gain Recognition Agreement
40350	Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement	Form and Instruction	Modified

ICR Details

OMB Control No: 1545-1395	ICR Reference No: 202311-1545-007
Status: Active	Previous ICR Reference No: 202007-1545-011
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Consent To Extend the Time To Assess Tax Under Section 367—Gain Recognition Agreement
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/08/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/28/2023
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2027	36 Months From Approved	02/29/2024
Responses	200	0	666
Time Burden (Hours)	1,646	0	5,482
Cost Burden (Dollars)	0	0	0

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Abstract: Form 8838 is used to extend the statute of limitations for U.S. persons who transfer stock or securities to a foreign corporation. The form is filed when the transferor makes a gain recognition agreement. This agreement allows the transferor to defer the payment of tax on the transfer. The IRS uses Form 8838 so that it may assess tax against the transferor after the expiration of the original statute of limitations.

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Authorizing Statute(s): US Code: 26 USC 367 Name of Law: Foreign corporations.
  

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 61669	09/07/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 89496	12/27/2023
Did the Agency receive public comments on this ICR? No

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

table that charts list of burden

IC Title	Form No.	Form Name
Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement	8838	Consent to Extend the Time To Assess Tax Under Section 367 - Gain Recognition Agreement

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ICR Summary of Burden

table that charts list of burden

	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	200	666	0	-466	0	0
Annual Time Burden (Hours)	1,646	5,482	0	-3,836	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: Yes

Burden Reduction Due to: Cutting Redundancy

Short Statement: There is no change in the paperwork burden previously approved by OMB. However, the estimated number of responses was updated to eliminate duplication of the burden associated with individual and business respondents captured under OMB control numbers 1545-0074 and 1545-0123. This reduces the number of responses by 466 and the burden hours by 3,836 annually due to Agency Discretion.

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Annual Cost to Federal Government: $20,135

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.     Yes

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: 12/28/2023

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