Request for Section 754 Revocation (Form 15254)

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form IRS Form 15254 Request for Section 754 Revocation	Form and Instruction	Unchanged	Available
Form IRS Form 15254 Request for Section 754 Revocation	Form and Instruction	Unchanged	Repair queued
Supporting Statement-1545-2297.docx	Supporting Statement A	Uploaded 2024-02-08	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
243399	Request for Section 754 Revocation	Form and Instruction	Unchanged	Request for Section 754 Revocation
243399	Request for Section 754 Revocation	Form and Instruction	Unchanged

ICR Details

OMB Control No: 1545-2297	ICR Reference No: 202312-1545-002
Status: Active	Previous ICR Reference No: 202008-1545-017
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Request for Section 754 Revocation (Form 15254)
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: 04/15/2024
Retrieve Notice of Action (NOA)	Date Received in OIRA: 02/28/2024
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2027	36 Months From Approved	04/30/2024
Responses	50	0	50
Time Burden (Hours)	256	0	256
Cost Burden (Dollars)	0	0	0

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Abstract: An Internal Revenue Code (IRC) Section 754 election allows a partnership to adjust the basis of the property within a partnership under IRC 734(b) and 743(b) when one of the two triggering events occur: 1) a distribution of partnership property or 2) certain transfers of a partnership interest. These adjustments can only be made if the partnership has made an election under IRC Section 754. Once an election is made, it can be revoked with permission of the Commissioner. A partnership wishing to revoke the election must first file a request on Form 15254, Request for Section 754 Revocation, no later than 30 days after the close of the partnership year for which the revocation is intended to take effect. Form 15254 must state the reason(s), as outlined in 26 CFR 1.754-1(c), for requesting the revocation. Partnerships, partners, and their representatives will need to access the form from IRS.gov to complete and submit the form along with the required documents.

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Authorizing Statute(s): US Code: 26 USC 754 Name of Law: Manner of electing optional adjustment to basis of partnership property
  

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 69288	10/05/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 14738	02/28/2024
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
Request for Section 754 Revocation	IRS Form 15254	Request for Section 754 Revocation

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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	50	50	0	0	0	0
Annual Time Burden (Hours)	256	256	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: $13,002

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.     No

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: 02/28/2024

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