TD 8352 (temp & final) Final Regulations Under Sections 382 and 383 of the Internal Revenue Code of 1986; Pre-change Attributes; TD 8531- Final Regulations Under Section 382

Forms and Documents

Document Name	Status
2022 Supporting Statement (1545-1120) TD8352.docx Supporting Statement A	2022-03-22

IC Document Collections

IC ID	Document Title	Status
189768	TD 8531 - Final Regulations Under Sections 382 and 383 of the Internal Revenue Code of 1986; Pre-change Attributes; Pre-change Attributes; Final Regulations Under Section 382	Modified
17839	TD 8352 (Temp & Final) Final Regulations Under Sections 382 and 383 of the Internal Revenue Code of 1986; Pre-change Attributes	Modified

ICR Details

OMB Control No: 1545-1120	ICR Reference No: 202112-1545-003
Status: Received in OIRA	Previous ICR Reference No: 201805-1545-034
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: TD 8352 (temp & final) Final Regulations Under Sections 382 and 383 of the Internal Revenue Code of 1986; Pre-change Attributes; TD 8531- Final Regulations Under Section 382
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 03/31/2022

	Requested	Previously Approved
Expiration Date	36 Months From Approved	03/31/2022
Responses	75,000	75,150
Time Burden (Hours)	220,500	220,575
Cost Burden (Dollars)	0	0

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Abstract: (TD 8352 ) These previously approved regulations require reporting by a corporation after it undergoes an "ownership change" under sections 382 and 383. Corporations required to report under these regulations include those with capital loss carryovers and excess credits. (TD 8531) These regulations provide rules for the treatment of options under IRC section 382 for purposes of determining whether a corporation undergoes an ownership change. The regulation allows for certain elections for corporations whose stock is subject to options.

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Authorizing Statute(s): US Code: 26 USC 382 (g) Name of Law: Ownership Change
   US Code: 26 USC 383 Name of Law: Special limitations on certain excess credits
   US Code: 26 USC 382 (a) Name of Law: General Rule
  

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:
	86 FR 51965	09/17/2021
30-day Notice:	Federal Register Citation:	Citation Date:
	87 FR 18477	03/29/2022
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
TD 8352 (Temp & Final) Final Regulations Under Sections 382 and 383 of the Internal Revenue Code of 1986; Pre-change Attributes
TD 8531 - Final Regulations Under Sections 382 and 383 of the Internal Revenue Code of 1986; Pre-change Attributes; Pre-change Attributes; Final Regulations Under Section 382

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ICR Summary of Burden

	Total Request	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	75,000	75,150	0	-150	0	0
Annual Time Burden (Hours)	220,500	220,575	0	-75	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: Yes

Burden Reduction Due to: Miscellaneous Actions

Short Statement: There is a change in burden this submission due to the removal of burden associated with Section 1.382 4(h)(2)(vi). The estimated 150 corporations, with a time per respondent for either election of .5 hours, for a total burden of 75 hours, have been removed. These 75 hours adjusted the burden to now be 220,500 hours.

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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.     No

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? No

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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: 03/31/2022

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