TD 9757; REG-127923-15 Guidance under Sec. 6035 Consistent Basis Reporting between Estate & Person Acquiring Property; Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent

Forms and Documents

Document Name	Status
Form 8971 Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent Form	Modified
Supporting Statement (Form 8971).doc Supporting Statement A	2016-06-16
Notice 2015-57.pdf Supplementary Document	2015-11-05
Legislation PL 114-41.pdf Supplementary Document	2015-11-05

IC Document Collections

IC ID	Document Title	Status
218887	Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent Form	Modified

ICR Details

OMB Control No: 1545-2264	ICR Reference No: 201602-1545-036
Status: Historical Inactive	Previous ICR Reference No: 201511-1545-003
Agency/Subagency: TREAS/IRS	Agency Tracking No: Form_8971
Title: TD 9757; REG-127923-15 Guidance under Sec. 6035 Consistent Basis Reporting between Estate & Person Acquiring Property; Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 08/03/2016
	Date Received in OIRA: 06/28/2016
Terms of Clearance: Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenter’s recommendation. The next submission to OMB must include the draft final rule.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2016	36 Months From Approved	07/31/2016
Responses	10,000	0	10,000
Time Burden (Hours)	53,100	0	53,100
Cost Burden (Dollars)	0	0	0

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Abstract: The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 requires executors of an estate and other persons who are required to file a Form 706, Form 706-NA, or Form 706-A, to report to the Internal Revenue Service (IRS) and to each beneficiary receiving property from an estate the estate tax value of the property, if the return is filed after July 31, 2015. Form 8971 is used to report to the IRS and a Schedule A will be sent to each beneficiary and a copy of each Schedule A will be attached to the Form 8971. Some property received by a beneficiary may have a consistency requirement, meaning that the beneficiary must use the value reported on Schedule A as the beneficiary’s initial basis the property.

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Authorizing Statute(s): PL: Pub.L. 114 - 41 SEC. 2004 Name of Law: Surface Transportation and Veterans Health Care Choice Improvement Act of 2015
  

Citations for New Statutory Requirements: PL: Pub.L. 114 - 41 Sec. 2004 Name of Law: Surface Transportation and Veterans Health Care Choice Improvement Act of 2015

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
1545-BM97	Proposed rulemaking	81 FR 11486	03/04/2016

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 14937	03/18/2016
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 39751	06/17/2016
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
Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent	8971	Information Regarding Beneficiaries Acquiring Property from a Decedent

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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:

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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: 06/28/2016

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