INTL-79-91 (8573) T.D. Information Returns Required of United States Persons with Respect to Certain Foreign Corporations

Forms and Documents

Document Name	Status
td_8573.doc Supplementary Document	2010-12-10
Sup Stmnt INTL-79-91 (T.D. 8573).doc Supporting Statement A	2010-12-10

IC Document Collections

IC ID	Document Title	Status
18109	INTL-79-91 (T.D. 8573) Information Returns Required of United States Persons with Respect to Certain Foreign Corporations	Modified

ICR Details

OMB Control No: 1545-1317	ICR Reference No: 201012-1545-019
Status: Historical Active	Previous ICR Reference No: 200708-1545-029
Agency/Subagency: TREAS/IRS	Agency Tracking No: jg-1317-019
Title: INTL-79-91 (8573) T.D. Information Returns Required of United States Persons with Respect to Certain Foreign Corporations
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/07/2011
	Date Received in OIRA: 02/25/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2014	36 Months From Approved	04/30/2011
Responses	1	0	1
Time Burden (Hours)	1	0	1
Cost Burden (Dollars)	0	0	0

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Abstract: These regulations amend the Income Tax Regulations under sections 6035, 6038, and 6046 of the Internal Revenue Code of 1986. These amendments are to clarify the requirements of sections 1.6035-1, 1.6038-2, and 1.6046-1 of the Income Tax Regulations relating to Form 5471. These regulations amend and liberalize certain requirements regarding the format in which information already specified in the statute and regulation is presented for purposes of Form 5471. The regulations provide that financial statement information be expressed in U.S. dollars translated according to U.S. generally accepted accounting principles and permit functional currency reporting of certain items.

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Authorizing Statute(s): US Code: 26 USC 6038 Name of Law: Information reporting with respect to certain foreign corporations and partnerships
   US Code: 26 USC 6035 Name of Law: Information Concerning Persons Subject to Special Provisions
   US Code: 26 USC 6046 Name of Law: Returns as to organization or reorganization of foreign corporations to acquisitions of their stock
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
  

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 51862	08/23/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 7904	02/11/2011
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
INTL-79-91 (T.D. 8573) Information Returns Required of United States Persons with Respect to Certain Foreign Corporations

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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	1	0	0	0	0
Annual Time Burden (Hours)	1	1	0	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:

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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: 02/25/2011

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