PS-128-86, PS-127-86, and PS-73-88 (Final)(TD 8644) Generation- Skipping Transfer Tax

Forms and Documents

Document Name	Status
Supporting Statement.doc Supporting Statement A	2010-09-23
Corrections to TD 8644 (March 1996).pdf Supplementary Document	2010-09-14
Corrections to TD 8644 (June1996).pdf Supplementary Document	2010-09-14
Corrections to TD 8644 (August 1996).pdf Supplementary Document	2010-09-14

IC Document Collections

IC ID	Document Title	Status
17620	PS-128-86, PS-127-86, and PS-73-88 (Final)(TD 8644) Generation- Skipping Transfer Tax	Modified

ICR Details

OMB Control No: 1545-0985	ICR Reference No: 201009-1545-021
Status: Historical Active	Previous ICR Reference No: 200706-1545-035
Agency/Subagency: TREAS/IRS	Agency Tracking No: EC-1545-0985-021
Title: PS-128-86, PS-127-86, and PS-73-88 (Final)(TD 8644) Generation- Skipping Transfer Tax
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: 01/28/2011
Retrieve Notice of Action (NOA)	Date Received in OIRA: 11/30/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	01/31/2014	36 Months From Approved	01/31/2011
Responses	10	0	7,500
Time Burden (Hours)	5	0	3,750
Cost Burden (Dollars)	0	0	0

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Abstract: This regulation provides rules relating to the effective date, return requirements, definitions, and certain special rules covering the generation-skipping transfer tax. The information required by the regulation will require individuals and/or fiduciaries to report information on Form 706NA, 706, 706GS (D), 706GS(D-1), 706GS(T), 709 and 843 in connection with the generation skipping transfer tax. The information will facilitate the assessement of the tax and taxpayer examinations.

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Authorizing Statute(s): US Code: 26 USC 2662 Name of Law: Return requirements
   US Code: 26 USC 7805 Name of Law: Rules and Regulations
   US Code: 26 USC 2653 Name of Law: Taxation of multiple skips
   US Code: 26 USC 2662 Name of Law: Return Requirements
   US Code: 26 USC 2663 Name of Law: Regulations
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-AJ11	Final or interim final rulemaking	60 FR 66898	12/27/1995

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 38869	07/06/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 73163	11/29/2010
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
PS-128-86, PS-127-86, and PS-73-88 (Final)(TD 8644) Generation- Skipping Transfer Tax

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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	10	7,500	0	-7,490	0	0
Annual Time Burden (Hours)	5	3,750	0	-3,745	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: Yes

Burden Reduction Due to: Changing Regulations

Short Statement: Because the generation-skipping transfer tax sunset, the agency estimates there will be minimal burden associated with these regulations until further notice.

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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]? 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? 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: 11/30/2010

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