Form 5227 - Split-Interest Trust Information Return

Forms and Documents

Document Name	Status
Form 5227 Form 5227 - Split-Interest Trust Information Return Form	Modified
1545-0196 ss 2017-04-18.doc Supporting Statement A	2017-04-18

IC Document Collections

IC ID	Document Title	Status
39698	Form 5227 - Split-Interest Trust Information Return Form	Modified
191738	Form 5227 - Cap Gains Worksheet Other-Worksheet	Modified
191737	Form 5227 - Ordin. Income Distribution Worksheet Other-Worksheet	Modified

ICR Details

OMB Control No: 1545-0196	ICR Reference No: 201606-1545-011
Status: Historical Active	Previous ICR Reference No: 201303-1545-013
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Form 5227 - Split-Interest Trust Information Return
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: 04/18/2017
	Date Received in OIRA: 06/30/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	04/30/2020	36 Months From Approved	04/30/2017
Responses	340,000	0	220,000
Time Burden (Hours)	33,138,550	0	15,152,550
Cost Burden (Dollars)	0	0	0

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Abstract: The data reported is used to verify that the beneficiaries of a charitable remainder trust include the correct amounts in their tax returns, and that the split-interest trust is not subject to private foundation taxes.

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Authorizing Statute(s): US Code: 26 USC 4947 Name of Law: Application of taxes to certain nonexempt trusts
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 6034 Name of Law: Returns by trusts described in section 4947(a)(2) or claiming charitable deductions under section 64
   US Code: 26 USC 642 Name of Law: Special rules for credits and deductions
   US Code: 26 USC 6012 Name of Law: Persons required to make returns of income
   US Code: 26 USC 664 Name of Law: Charitable remainder trusts
   US Code: 26 USC 1411 Name of Law: Imposition of Tax
  

Citations for New Statutory Requirements: PL: Pub.L. 111 - 152 1402 Name of Law: Health Care and Education Reconciliation Act of 2010

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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:
	81 FR 23552	04/21/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 42794	06/30/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 3

IC Title	Form No.	Form Name
Form 5227 - Split-Interest Trust Information Return	5227	Split-Interest Trust Information Return
Form 5227 - Ordin. Income Distribution Worksheet
Form 5227 - Cap Gains Worksheet

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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	340,000	220,000	0	0	120,000	0
Annual Time Burden (Hours)	33,138,550	15,152,550	0	2,585,200	15,400,800	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: Changing Regulations

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

Burden Reduction Due to:

Short Statement: There is an increase in the paperwork burden previously approved by OMB. An increase of 2,211,350 hours of burden is due to program changes for the following reasons: • Charitable remainder trusts have begun tracking net investment income (NII) received and distributed under section 1411(c). The form was updated to report the tracking of NII receipts and distributions (part II and Schedule A). • Charitable remainder trusts (CRT) may elect to apply a simplified NII calculation (reported on part I–B of Schedule A). • For charitable remainder trusts that own interests, directly or indirectly, in certain controlled foreign corporations (CFCs) or certain passive foreign investment companies (PFICs), the trust may make a special election to align the NIIT treatment of those CFCs and PFICs with their treatment for regular tax purposes. In addition, the Department estimates an increase of responses based on its most recent data on Form 5227 filings, from 220,000, to 340,000, resulting in an increase of 15,400,800 hours of burden. Together, form changes and an estimated increase in the number of responses result in a total increase of 120,000 responses and 17,986,000 hours of burden.

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Annual Cost to Federal Government: $2,050

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: 06/30/2016

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