Form 8866-Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method

Forms and Documents

Document Name	Status
Form 8866 Form 8866-Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method Form	Modified
2013 burden 8866.pdf Supplementary Document	2013-11-14
Supporting Statement 1545-1622.doc Supporting Statement A	2014-01-31

IC Document Collections

IC ID	Document Title	Status
40974	Form 8866-Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method Form	Modified

ICR Details

OMB Control No: 1545-1622	ICR Reference No: 201311-1545-016
Status: Historical Active	Previous ICR Reference No: 201009-1545-030
Agency/Subagency: TREAS/IRS	Agency Tracking No: SC-1545-1622-016
Title: Form 8866-Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method
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: 06/25/2014
	Date Received in OIRA: 01/31/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2017	36 Months From Approved	06/30/2014
Responses	3,300	0	3,300
Time Burden (Hours)	45,738	0	44,121
Cost Burden (Dollars)	0	0	0

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Abstract: Taxpayers depreciating property under the income forecast method and placed in service after September 13, 1995, must use Form 8866 to compute and report interest due or to be refunded under IRC 167(g)(2). The IRS uses Form 8866 to determine if the interest has been figured correctly.

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Authorizing Statute(s): US Code: 26 USC 167(g)(2) Name of Law: Depreciation
  

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:
	78 FR 48773	08/09/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 5526	01/31/2014
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form 8866-Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method	8866	Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method

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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	3,300	3,300	0	0	0	0
Annual Time Burden (Hours)	45,738	44,121	0	1,617	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Shading from line 2, column (c) of form 8866 was removed to capture the total adjustments to taxable income for prior years and the recomputation year. Also, a line was added in the signature block for the spouse to sign in the event a joint tax return is filed when a depreciation deduction is claimed under the income forecast method, (IRC section 1679(g) and proposed regulations 1.167(n)-6). These changes resulted in an increased burden of 1,617 hours.

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Annual Cost to Federal Government: $136

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: 01/31/2014

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