Like-Kind Exchanges

Forms and Documents

Document Name	Status
Form Form 8824 Like-Kind Exchanges Form	Modified
Supporting Statement - 1545-1190.docx Supporting Statement A	2023-11-21

IC Document Collections

IC ID	Document Title	Status
40058	Like-Kind Exchanges Form	Modified

ICR Details

OMB Control No: 1545-1190	ICR Reference No: 202311-1545-010
Status: Received in OIRA	Previous ICR Reference No: 202108-1545-002
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Like-Kind Exchanges
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/30/2023

	Requested	Previously Approved
Expiration Date	36 Months From Approved	02/28/2025
Responses	137,547	137,547
Time Burden (Hours)	2,364,433	665,269
Cost Burden (Dollars)	142,859,042	0

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Abstract: Form 8824 is used by individuals, partnerships, and other entities to report the exchange of business or investment property, and the deferral of gains from such transactions under section 1031. It is also used to report the deferral of gain under section 1043 by certain members of the executive branch of the Federal government.

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Authorizing Statute(s): US Code: 26 USC 1031 Name of Law: Exchange of property held for productive use or investment.
   US Code: 26 USC 1043 Name of Law: Sale of property to comply with conflict-of-interest requirements.
  

Citations for New Statutory Requirements: PL: Pub.L. 115 - 97 13303 Name of Law: Tax Cuts and Jobs Act

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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:
	88 FR 63199	09/14/2023
30-day Notice:	Federal Register Citation:	Citation Date:
	88 FR 83205	11/28/2023
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
Like-Kind Exchanges	Form 8824	Like-Kind Exchanges

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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	137,547	137,547	0	0	0	0
Annual Time Burden (Hours)	2,364,433	665,269	1,699,164	0	0	0
Annual Cost Burden (Dollars)	142,859,042	0	142,859,042	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: Substantial changes are being made to the form and instructions, based on Regulations sections 1.1031(a)-1(a)(3) and 1.1031(a)-3 (and IRC 1031 as updated by PL 115-97 (TCJA), section 13303). These rules limit the property eligible for like-kind exchanges. Under these rules, only property meeting the definition of real property in IRC 1031 is like-kind property for purposes of like-kind exchanges. These changes will result in an estimated burden increase of 1,699,164 hours.

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Annual Cost to Federal Government: $75,505

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.     Yes

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: 11/30/2023

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