Qualified Severance

Forms and Documents

Forms and supporting documents for this ICR

Document	Type	Status	Availability
Form 706-GS(T) Generation-Skipping Transfer Tax Return For Terminations	Form	Modified	Available
Form 706-GS(T) 26.2642-6 - Qualified severance.	Form	Modified	Repair queued
Supporting Statement - 1545-1902_Clean.docx	Supporting Statement A	Uploaded 2025-03-26	Repair queued
Supporting Statement - 1545-1902_Clean.docx	Supporting Statement A	Uploaded 2025-03-26	Repair queued

IC Document Collections

Information collection document groups

IC ID	Collection	Type	Status	Form
272740	26.2654-1(b)(2) - Certain trusts treated as separate trusts		New
19590	26.2642-6 - Qualified severance.	Form	Modified	Generation-Skipping Transfer Tax Return For Terminations
19590	26.2642-6 - Qualified severance.	Form	Modified
19590	26.2642-6 - Qualified severance.	Instruction	Modified

ICR Details

OMB Control No: 1545-1902	ICR Reference No: 202412-1545-002
Status: Active	Previous ICR Reference No: 202111-1545-004
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Qualified Severance
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/27/2025
Retrieve Notice of Action (NOA)	Date Received in OIRA: 04/30/2025
Terms of Clearance:

table that charts list comparision

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2028	36 Months From Approved	06/30/2025
Responses	700	0	650
Time Burden (Hours)	1,402	0	1,352
Cost Burden (Dollars)	0	0	0

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Abstract: This previously approved regulation requires taxpayers to report a qualified severance by filing a Form 706-GS(T), or such other form that may be published by the Internal Revenue Service in the future that is specifically designated to be utilized to report qualified severances. Where Form 706-GS(T) is used, the filer should attach a Notice of Qualified Severance to the return that clearly identifies the trust that is being severed and the new trusts created as a result of the severance. The Notice must also provide the inclusion ratio of the trust that was severed and the inclusion ratios of the new trusts resulting from the severance. The information collected will be used by the IRS to identify the trusts being severed and the new trusts created upon severance. The collection of information is required in order to have a qualified severance. If there was no reporting requirement, the IRS would be unable to achieve its objectives.

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Authorizing Statute(s): US Code: 26 USC 2642 Name of Law: Tax On Generation-Skipping Transfers; Inclusion ratio.
   US Code: 26 USC 2654 Name of Law: Tax on Certain Generation-Skipping Transfers; Special Rules
  

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:
	89 FR 79692	09/30/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	90 FR 17507	04/25/2025
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

table that charts list of burden

IC Title	Form No.	Form Name
26.2642-6 - Qualified severance.	706-GS(T)	Generation-Skipping Transfer Tax Return For Terminations
26.2654-1(b)(2) - Certain trusts treated as separate trusts

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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	700	650	0	0	50	0
Annual Time Burden (Hours)	1,402	1,352	0	0	50	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: There is no change in the collections of information previously approved by OMB. However, updates to properly account for both burdens addressed in TD 9348 and TD 9421 will result in an estimated burden increase of 50 hours. IRS is making this submission to update and renew the OMB approval.

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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.     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: 04/30/2025

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