REG-101896-09 - Basis Reporting by Securities Brokers and Basis Determination for Stock; Proposed Rule

Forms and Documents

Document Name	Status
OMB_Supporting_Statement REV.doc Supporting Statement A	2010-06-10

IC Document Collections

IC ID	Document Title	Status
192738	REG-101896-09 - Basis Reporting by Securities Brokers and Basis Determination for Stock; Proposed Rule	New

ICR Details

OMB Control No: 1545-2186	ICR Reference No: 201010-1545-033
Status: Historical Active	Previous ICR Reference No: 201004-1545-028
Agency/Subagency: TREAS/IRS	Agency Tracking No: RuleMaking Approval by 6/15/10
Title: REG-101896-09 - Basis Reporting by Securities Brokers and Basis Determination for Stock; Proposed Rule
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 10/19/2010
	Date Received in OIRA: 10/19/2010
Terms of Clearance: Pre-approval contingent upon no substantive changes to this collection after adoption of the final rule. Otherwise this collection should be re-submitted to OMB for review.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2013	36 Months From Approved
Responses	4,000,000	0	0
Time Burden (Hours)	240,000	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: This document contains proposed regulations relating to reporting sales of securities by brokers and determining the basis of securities. The proposed regulations reflect changes in the law made by the Energy Improvement and Extension Act of 2008 that require brokers, when reporting the sale of securities to the IRS, to include the customer’s adjusted basis in the sold securities and to classify any gain or loss as long-term or short-term.

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Authorizing Statute(s): PL: Pub.L. 110 - 343 403 Name of Law: Energy Improvement and Extension Act of 2008
  

Citations for New Statutory Requirements: PL: Pub.L. 110 - 343 403 Name of Law: Energy Improvement and Extension Act of 2008

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BI66	Final or interim final rulemaking	75 FR 64072	10/18/2010

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Federal Register Notices & Comments

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
REG-101896-09 - Basis Reporting by Securities Brokers and Basis Determination for Stock; Proposed Rule

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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	4,000,000	0	4,000,000	0	0	0
Annual Time Burden (Hours)	240,000	0	240,000	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: The collection of information in these proposed regulations in §§ 1.6045–1(c)(3)(xi)(C) and 1.6045A–1 concerning furnishing information in connection with a transfer of securities is necessary to allow brokers that effect sales of transferred covered securities to determine and report the adjusted basis of the securities and whether any gain or loss with respect to the securities is long-term or short-term in compliance with section 6045(g) of the Internal Revenue Code (Code). This rulemaking will increase burden by an additional 4,000,000 responses and 240,000 hours.

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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]? Uncollected

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: 06/10/2010

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