Taxable REIT Subsidiary Election

Forms and Documents

Document Name	Status
Form 8875 Taxable REIT Subsidiary Election Form and Instruction	Modified
Burden Computation.PDF Supplementary Document	2010-05-17
Supp Stmnt.doc Supporting Statement A	2010-05-17
Proposals_F8875.pdf Supplementary Document	2000-10-19

IC Document Collections

IC ID	Document Title	Status
19223	Taxable REIT Subsidiary Election Form and Instruction	Modified

ICR Details

OMB Control No: 1545-1721	ICR Reference No: 201005-1545-037
Status: Historical Active	Previous ICR Reference No: 200703-1545-026
Agency/Subagency: TREAS/IRS	Agency Tracking No: EC-1721-037
Title: Taxable REIT Subsidiary Election
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: 09/21/2010
	Date Received in OIRA: 07/26/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2013	36 Months From Approved	09/30/2010
Responses	1,000	0	1,000
Time Burden (Hours)	9,980	0	7,660
Cost Burden (Dollars)	0	0	0

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Abstract: A corporation and a REIT use Form 8875 to jointly elect to have the corporation treated as a taxable REIT subsidiary as provided in 26 USC section 856(l).

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Authorizing Statute(s): US Code: 26 USC 856(l) Name of Law: Taxable REIT Subsidiary
   US Code: 26 USC 6103 Name of Law: Confidentiality and Disclosure of Returns and Return Information
   PL: Pub.L. 110 - 289 3061(c) Name of Law: Housing and Economic Act of 2008
   US Code: 26 USC 856(d)(9) Name of Law: Eligible Independent Contractor
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 289 3061(c) Name of Law: Housing and Economic Act of 2008
US Code: 26 USC 856(l) Name of Law: Taxable REIT Subsidiary

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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:
	75 FR 11636	03/11/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 42482	07/21/2010
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
Taxable REIT Subsidiary Election	8875	Taxable REIT Subsiviary Election

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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	1,000	1,000	0	0	0	0
Annual Time Burden (Hours)	9,980	7,660	2,320	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: Per Public Law 110-289 Housing and Recovery Act of 2008, product is revised. A "What's New" item to indicate that a corporation that provides the rights to operate a health care facility may qualify as a taxable REIT subsidiary. Revision of section "Purpose of Form" to indicate the health care facility should be treated the same as the lodging facility when determining if a REIT subsidiary election can be made. The health care facility could be a REIT subsidiary if certain conditions are met.

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Annual Cost to Federal Government: $1,000

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]? No

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)? No

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: 07/26/2010

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