Extensions of Time to Elect Method for Determining Allowable Loss

Forms and Documents

Document Name	Status
Ann 2005-25.pdf Supplementary Document	2010-12-16
REG-135898-04.pdf Supplementary Document	2010-12-16
2017 SS 1545-1774.doc Supporting Statement A	2017-08-07

IC Document Collections

IC ID	Document Title	Status
19345	TD 9187(Final) Extensions of Time to Elect Method for Determining Allowable Loss	Modified

ICR Details

OMB Control No: 1545-1774	ICR Reference No: 201708-1545-001
Status: Active	Previous ICR Reference No: 201402-1545-030
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Extensions of Time to Elect Method for Determining Allowable Loss
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: 03/19/2018
	Date Received in OIRA: 11/20/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2021	36 Months From Approved	03/31/2018
Responses	3,850	0	3,850
Time Burden (Hours)	7,700	0	7,700
Cost Burden (Dollars)	0	0	0

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Abstract: The regulations disallow certain losses recognized on sales of subsidiary stock by members of a consolidated group and apply to corporations filing consolidated returns, both during and after the period of affiliation, and also affect purchasers of the stock of members of a consolidated group. The information is necessary to allow the taxpayer to make certain elections to determine the amount of allowable loss under sec. 1.337(d)-2 and under sec. 1.1502-32(b)(4), to amend its waiver so that it may use its acquired subsidiary's losses.

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Authorizing Statute(s): US Code: 26 USC 337 Name of Law: Nonrecognition for property distributed to parent in complete liquidation of subsidiary
   US Code: 26 USC 1502 Name of Law: Regulations;Investment Adjustments
  

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:
	82 FR 35580	07/31/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 50733	11/01/2017
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
TD 9187(Final) Extensions of Time to Elect Method for Determining Allowable Loss

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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	3,850	3,850	0	0	0	0
Annual Time Burden (Hours)	7,700	7,700	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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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: 11/20/2017

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