TD 8096 - Product Liability Losses and Accumulations for Product Liability Losses

ICR 202405-1545-001

OMB: 1545-0863

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2024-05-01
IC Document Collections
ICR Details
1545-0863 202405-1545-001
Received in OIRA 202104-1545-001
TREAS/IRS
TD 8096 - Product Liability Losses and Accumulations for Product Liability Losses
Extension without change of a currently approved collection   No
Regular 07/31/2024
  Requested Previously Approved
36 Months From Approved 07/31/2024
5,000 5,000
2,500 2,500
0 0

Generally, a taxpayer who sustains a product liability loss must carry the loss back 10 years. However, a taxpayer may elect to have such loss treated as a regular net operating loss under section 172. If desired, such election is made by attaching a statement to the tax return. This statement will enable the IRS to monitor compliance with the statutory requirements.

US Code: 26 USC 172 Name of Law: Net operating loss deduction
  
None

Not associated with rulemaking

  89 FR 16086 03/06/2024
89 FR 61586 07/31/2024
No

1
IC Title Form No. Form Name
TD 8096 - Product Liability Losses and Accumulations for Product Liability Losses

  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 5,000 5,000 0 0 0 0
Annual Time Burden (Hours) 2,500 2,500 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    Yes
    No
No
No
No
No
Jonathan Dunlap 202 317-4718

  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.
07/31/2024


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