Form 8927 - Determination Under Section 860(e)(4) by a Qualified Investment Entity

Forms and Documents

Document Name	Status
Form 8927 Determination Under Section 860(e)(4) by a Qualified Investment Entity Form and Instruction	New
brdn_busi for Form 8927.PDF Supplementary Document	2008-11-06
Emergency Request memo.doc Supplementary Document	2008-11-06
ombat1.doc Supplementary Document	2008-11-06
Supporting Statement_for_Form_8927.pdf Supporting Statement A	2008-11-06

IC Document Collections

IC ID	Document Title	Status
187121	Determination Under Section 860(e)(4) by a Qualified Investment Entity Form and Instruction	New

ICR Details

OMB Control No: 1545-2130	ICR Reference No: 200811-1545-004
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: Approval needed by 11/26/08
Title: Form 8927 - Determination Under Section 860(e)(4) by a Qualified Investment Entity
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: 12/01/2008
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/01/2008
	Date Received in OIRA: 11/26/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2009	6 Months From Approved
Responses	50	0	0
Time Burden (Hours)	140	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The American Jobs Creation Act of 2004 (AJCA) expanded the meaning of the term "determination" to include self-determinations made by a regulated investment company (RIC) or a real estate investment trust (REIT). IRC section 860(g) provides that no deficiency dividend deduction shall be allowed under IRC section 860(a) unless a claim is filed within 120 days after the date of the determination. Form 8927 is used by the RIC or REIT to establish the date of detemination under IRC section 860(e)(4).

Emergency Justfication: The collection of information is needed quicker than the normal review process in order to provide a means for regulated investment companies (RICs) and real estate investment trusts (REITs) to effect a self-determination of a deficiency dividend under section 860(e)(4) of the Code. This provision allows a RIC or REIT to be relieved from the payment of a deficiency in (or to be allowed a credit or refund of) certain taxes. This self-determination provision is part of a complicated set of relief provisions to help ensure that shareholders of RICs and REITs are not harmed by minor errors made by the RIC or REIT in meeting numerous qualifying requirements in the Code. Taxpayers have been confused on how to comply with the self-determination provision, and the Service has had significant problems processing taxpayer attempts to comply with the provision. After much coordination with numerous offices in the Service and Treasury, Form 8927 was developed to assist taxpayers in making a self determination of a deficiency dividend in a manner that can be processed by Service in accordance with its mission. We wish to implement the Form on January 1, 2009.

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Authorizing Statute(s): PL: Pub.L. 108 - 357 243(f)(5) Name of Law: The American Jobs Creation Act of 2004 (AJCA)
  

Citations for New Statutory Requirements: PL: Pub.L. 108 - 357 243(f)(5) Name of Law: The American Jobs Creation Act of 2004 (AJCA)

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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:
	73 FR 64014	10/28/2008
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
Determination Under Section 860(e)(4) by a Qualified Investment Entity	8927	860-2(b)(1)

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ICR Summary 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	0	50	0	0	0
Annual Time Burden (Hours)	140	0	140	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: The American Jobs Creation Act of 2004 (AJCA) expanded the meaning of the term "determination" to include self-determinations made by a regulated investment company (RIC) or a real estate investment trust (REIT). IRC section 860(g) provides that no deficiency dividend deduction shall be allowed under IRC section 860(a) unless a claim is filed within 120 days after the date of the determination. This is a new form.

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Annual Cost to Federal Government: $7,500

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: 11/26/2008

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