U.S. Income Tax Return for Regulated Investment Companies

Forms and Documents

Document Name	Status
Justification of Change.doc Justification for No Material/Nonsubstantive Change	2013-05-13

IC Document Collections

IC ID	Document Title	Status
206878	Built-in Gains Tax Worksheet Other-Worksheet 2013 DRAFT	New
17670	U.S. Income Tax Return for Regulated Investment Companies Instruction	Modified

ICR Details

OMB Control No: 1545-1010	ICR Reference No: 201305-1545-013
Status: Historical Active	Previous ICR Reference No: 201012-1545-003
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: U.S. Income Tax Return for Regulated Investment Companies
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 02/10/2014
	Date Received in OIRA: 06/05/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2014	03/31/2014	03/31/2014
Responses	3,605	0	3,605
Time Burden (Hours)	375,674	0	369,021
Cost Burden (Dollars)	0	0	0

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Abstract: Form 1120-RIC is filed by a domestic corporation electing to be taxed as a RIC in order to report its income and deductions and to compute its tax liability. IRC uses Form 1120-RIC to determine whether the RIC has correctly reported its income, deductions, and tax liability.

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Authorizing Statute(s): US Code: 26 USC 852 Name of Law: Taxation of regulated investment companies and their shareholders
   US Code: 26 USC 853 Name of Law: Foreign tax credit allowed to shareholders
   US Code: 26 USC 851 Name of Law: Definition of regulated investment company
   US Code: 26 USC 854 Name of Law: Limitations applicable to dividends received from regulated investment company
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
   US Code: 26 USC 855 Name of Law: Dividends paid by regulated investment company after close of taxable year
  

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:
	75 FR 60510	09/30/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 2751	01/14/2011
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
U.S. Income Tax Return for Regulated Investment Companies	1120-RIC (2012), 1120-RIC (2013 DRAFT)	U.S. Income Tax Return for Regulated Investment Companies ,   U.S. Income Tax Return for Regulated Investment Companies
Built-in Gains Tax Worksheet

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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	3,605	3,605	0	0	0	0
Annual Time Burden (Hours)	375,674	369,021	0	6,653	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: Changing Regulations

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This request has been divided into 2 ICs to more accurately describe the way information is requested and burden distributed on the public. On Form 1120-RIC line 25 is revised so that it is now lines 25a, 25b and 25c, to capture deductions for dividends paid and taxes paid under sections 851(d)(2) and 851(i). On page 2, Schedule B, Line 1, we added the reference to IRC section 852(g) per section 303 of the RIC Modernization Act of 2010, which allows a fund to qualify to pay tax exempt interest dividends regardless if the RIC meets the requirements under section 852(b)(5). On page 2, Schedule J we added line 2c with check boxes to capture taxes paid under sections 851(d)(2) and 851(i). On page 3, Schedule K, Line 10, we added line 10b to capture elections to pass through deductions and credits for foreign taxes paid to shareholders.

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Annual Cost to Federal Government: $14,315

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]? 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: 06/05/2013

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