PS-276-76 (Final) Treatment of Gain From Disposition of Certain Natural Resource Recapture Property

ICR 201011-1545-020

OMB: 1545-1352

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2007-07-31
Supporting Statement A
2010-11-17
ICR Details
1545-1352 201011-1545-020
Historical Active 200707-1545-026
TREAS/IRS ah-1352-026
PS-276-76 (Final) Treatment of Gain From Disposition of Certain Natural Resource Recapture Property
Extension without change of a currently approved collection   No
Regular
Approved without change 02/27/2011
Retrieve Notice of Action (NOA) 12/29/2010
  Inventory as of this Action Requested Previously Approved
02/28/2014 36 Months From Approved 02/28/2011
400 0 400
2,000 0 2,000
0 0 0

This regulation prescribes rules for determining the tax treatment of gain from the disposition of natural resource recapture property in accordance with Internal Revenue Code section 1254. Gain is treated as ordinary income in an amount equal to the intangible drilling and development costs and depletion deductions taken with respect to the property. The information that taxpayers are required to retain will be used by the IRS to determine whether a taxpayer has properly characterized gain on the disposition of section 1254 property.

US Code: 26 USC 1254 Name of Law: Gain from disposition of interest in oil, gas, geothermal, or other mineral properties
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
  
None

Not associated with rulemaking

  75 FR 49026 01/10/1995
75 FR 81714 12/28/2010
No

1
IC Title Form No. Form Name
PS-276-76 (Final) Treatment of Gain From Disposition of Certain Natural Resource Recapture Property

  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 400 400 0 0 0 0
Annual Time Burden (Hours) 2,000 2,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
No
No
No
No
Uncollected
Brenda Stewart 202 622-3120

  No

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:
 
 
 
 
 
 
 
    (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;
 
 
 
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.
12/29/2010


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