INTL-941-86 (NPRM) and INTL-655-87 (Temporary) (TD 8178) Passive Foreign Investment Companies

Forms and Documents

Document Name	Status
1545-1028_2014 Supporting Statement_02DEC14.doc Supporting Statement A	2014-12-02

IC Document Collections

IC ID	Document Title	Status
17706	INTL-941-86 (NPRM) and INTL-655-87 (Temporary) Passive Foreign Investment Companies	Unchanged

ICR Details

OMB Control No: 1545-1028	ICR Reference No: 201410-1545-006
Status: Historical Active	Previous ICR Reference No: 201110-1545-023
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: INTL-941-86 (NPRM) and INTL-655-87 (Temporary) (TD 8178) Passive Foreign Investment Companies
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: 02/19/2015
Retrieve Notice of Action (NOA)	Date Received in OIRA: 12/15/2014
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	02/28/2018	36 Months From Approved	02/28/2015
Responses	275,000	0	275,000
Time Burden (Hours)	112,500	0	112,500
Cost Burden (Dollars)	0	0	0

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Abstract: These regulations specify how U.S. persons who are shareholders of passive foreign investment companies (PFICs) make elections with respect to their PFIC stock.

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Authorizing Statute(s): US Code: 26 USC 1291 Name of Law: Interest on tax deferral.
   US Code: 26 USC 1293 Name of Law: Current taxation of income from qualified electing funds.
   US Code: 26 USC 1294 Name of Law: Election to extend time for payment of tax on undistributed earnings.
   US Code: 26 USC 1295 Name of Law: Qualified electing fund.
   US Code: 26 USC 1296 Name of Law: election of mark to market for marketable stock.
   US Code: 26 USC 1297 Name of Law: Passive foreign investment company.
   US Code: 26 USC 1298 Name of Law: Special rules.
  

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:
	79 FR 45238	08/04/2014
30-day Notice:	Federal Register Citation:	Citation Date:
	79 FR 73951	12/12/2014
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-941-86 (NPRM) and INTL-655-87 (Temporary) Passive Foreign Investment Companies

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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	275,000	275,000	0	0	0	0
Annual Time Burden (Hours)	112,500	112,500	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: 12/15/2014

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