Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options

Forms and Documents

Document Name	Status
Supporting_Statement_1545-2186_REV.doc Supporting Statement A	2013-02-22

IC Document Collections

IC ID	Document Title	Status
192738	Basis Reporting by Securities Brokers and Basis Determination ro Debt Instruments and Options	Modified

ICR Details

OMB Control No: 1545-2186	ICR Reference No: 201308-1545-011
Status: Historical Active	Previous ICR Reference No: 201010-1545-033
Agency/Subagency: TREAS/IRS	Agency Tracking No: Rulemaking
Title: Basis Reporting by Securities Brokers and Basis Determination for Debt Instruments and Options
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 08/08/2013
	Date Received in OIRA: 08/08/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2016	36 Months From Approved	08/31/2013
Responses	4,011,500	0	4,000,000
Time Burden (Hours)	241,417	0	240,000
Cost Burden (Dollars)	0	0	0

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Abstract: This document contains regulations relating to reporting by brokers for transactions involving debt instruments and options. These 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
   US Code: 26 USC 1,6045-1(n)(5) Name of Law: Returns of information of brokers and barter exchanges
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BL47	Final or interim final rulemaking	78 FR 23116	04/18/2013

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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
Basis Reporting by Securities Brokers and Basis Determination ro Debt Instruments and Options

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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	4,011,500	4,000,000	0	11,500	0	0
Annual Time Burden (Hours)	241,417	240,000	0	1,417	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: Information collection requirements under §1.6045-1(n)(5) relates to the furnishing of information in connection with the sale or transfer of debt instrument that is a covered security are being codified under 26 CFR 1. This new burden associated with this paragraph will increase the burden by 1,417 hours; for total burden request of 241,417 hours due to program change.

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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]? 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: 02/22/2013

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