T.D. 8537 - Carryover of Passive Activity Losses and Credits and At Risk Losses to Bankruptcy Estates of Individuals

ICR 202406-1545-005

OMB: 1545-1375

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2024-06-24
ICR Details
1545-1375 202406-1545-005
Received in OIRA 202102-1545-031
TREAS/IRS
T.D. 8537 - Carryover of Passive Activity Losses and Credits and At Risk Losses to Bankruptcy Estates of Individuals
Extension without change of a currently approved collection   No
Regular 07/31/2024
  Requested Previously Approved
36 Months From Approved 07/31/2024
500 500
100 100
0 0

TD 8537, contains the final regulation that affect individual taxpayers who file bankruptcy petitions under chapter 7 or chapter 11 of title 11 of the United States Code and have passive activity losses and credits under section 469 or losses under section 465. Internal Revenue Code (IRC), Section 469 defines passive activity losses and the credit limits applicable to those passive activity losses. IRC Section 465 limits the losses that can be claimed for at-risk activities, and to ensure that loses claimed are valid. IRC Section 1398, provides guidance relating to the application of carryover of passive activity losses and “at risk” losses to the bankruptcy estates of individuals. The regulations were amended to designate additional attributes that pass from the debtor to the bankruptcy estate under section 1398(g) of the Internal Revenue Code and that, upon termination of the estate, pass from the bankruptcy estate to the debtor under section 1398(i).

US Code: 26 USC 469 Name of Law: Passive activity losses and credits limited
   US Code: 26 USC 465 Name of Law: Deductions limited to amount at risk
   US Code: 26 USC 1398 Name of Law: Rules relating to individuals' title 11 cases
  
None

Not associated with rulemaking

  89 FR 18484 03/13/2024
89 FR 61586 07/31/2024
No

1
IC Title Form No. Form Name
T.D. 8537- Carryover of Passive Activity Losses and Credits and At Risk Losses to Bankruptcy Estates of Individuals

  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 500 500 0 0 0 0
Annual Time Burden (Hours) 100 100 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
No
Robert Alinsky 202 317-6659

  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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