Corporation Dissolution or Liquidation

Forms and Documents

Document Name	Status
Form FORM-966 Corporation Dissolution or Liquidation Form and Instruction	Modified
966.SUP.doc Supporting Statement A	2010-07-13

IC Document Collections

IC ID	Document Title	Status
16783	Corporation Dissolution or Liquidation Form and Instruction	Modified

ICR Details

OMB Control No: 1545-0041	ICR Reference No: 201007-1545-011
Status: Historical Active	Previous ICR Reference No: 200704-1545-045
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Corporation Dissolution or Liquidation
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: 09/20/2010
	Date Received in OIRA: 07/28/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2013	36 Months From Approved	09/30/2010
Responses	26,000	0	26,000
Time Burden (Hours)	209,820	0	159,120
Cost Burden (Dollars)	0	0	0

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Abstract: Form 966 is filed by a corporation whose shareholders have agreed to liquidate the corporation. As a result of the liquidation, the shareholders receive the property of the corporation in exchange for their stock. The IRS uses Form 966 to determine if the liquidation election was properly made and if any taxes are due on the transfers of property.

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Authorizing Statute(s): US Code: 26 USC 6043 Name of Law: Returns relating to taxable mergers and acquisitions
  

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:
	75 FR 5868	02/04/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 42821	07/22/2010
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
Corporation Dissolution or Liquidation	FORM-966	Corporate Dissolution or Liquidation

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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	26,000	26,000	0	0	0	0
Annual Time Burden (Hours)	209,820	159,120	0	0	50,700	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: Form 966 is filed by a corporation whose shareholders have agreed to liquidate the corporation. There are no changes being made to form 966 at this time. However, the burden was recalculated to reflect a more accurate representation of the time necessitated by this collection. This will result in a total estimated burden increase of 50,700 hours.

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Annual Cost to Federal Government: $7,054

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: 07/28/2010

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