Disclosure Requirements With Respect to Prohibited Tax Shelter Transactions

Forms and Documents

Document Name	Status

No forms / supporting documents in this ICR. Check IC Document Collections.

IC Document Collections

IC ID	Document Title	Status
179771	Disclosure Requirements With Respect to Prohibited Tax Shelter Transaction	New

ICR Details

OMB Control No: 1545-2079	ICR Reference No: 200704-1545-051
Status: Historical Inactive	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Disclosure Requirements With Respect to Prohibited Tax Shelter Transactions
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 04/30/2007
OIRA Conclusion Action: Preapproved	Conclusion Date: 06/05/2007
	Date Received in OIRA: 04/27/2007
Terms of Clearance: The request is "preapproved." The agency is instructed to activate the ICR by entering into ROCIS the Federal Register citation for the associated temporary rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2007	6 Months From Approved
Responses	6,500	0	0
Time Burden (Hours)	98,500	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This document contains proposed regulations that provide guidance under section 4965 of the Internal Revenue Code (“Code”), relating to excise taxes with respect to prohibited tax shelter transactions to which tax-exempt entities are parties, and sections 6033(a)(2) and 6011(g) of the Code, relating to certain disclosure obligations with respect to such transactions.

Emergency Justfication: The collection of information in these regulations is needed on an expedited basis because it is essential to the IRS’s mission of combating abusive tax avoidance transactions and preventing abuse of tax-exempt entities’ tax-exempt or tax-favored status. IRS Commissioner Mark Everson testified twice before the Senate Finance Committee, on June 22, 2004, and April 5, 2005, regarding the use of tax-exempt organizations as “accommodation parties” in tax shelter transactions.

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Authorizing Statute(s): US Code: 26 USC 4965 Name of Law: Excise tax on certain tax-exempt entities entering into prohibited tax shelter transactions
   US Code: 26 USC 6011(g) Name of Law: Income, estate, and gift taxes
   US Code: 26 USC 6033(a)(2) Name of Law: Returns by exempt organizations
  

Citations for New Statutory Requirements: US Code: 26 USC 6011 Name of Law: Income, estate, and gift taxes

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BG18	Final or interim final rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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

IC Title	Form No.	Form Name
Disclosure Requirements With Respect to Prohibited Tax Shelter Transaction

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ICR Summary of Burden

	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	6,500	0	0	6,500	0	0
Annual Time Burden (Hours)	98,500	0	0	98,500	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: These temporary regulations contain rules concerning disclosure requirements imposed by section 6033(a)(2) on tax-exempt entities that are parties to prohibited tax shelter transactions and by section 6011(g) on taxable parties to prohibited tax shelter transactions to which tax-exempt entities are parties. Proposed regulations providing rules concerning disclosure requirements under sections 6033(a)(2) and 6011(g) are being issued concurrently with these temporary regulations.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

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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: 04/27/2007

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