S Corporation Guidance under AJCA of 2004 (TD 9422 Final - REG-143326-05)

ICR 201703-1545-011

OMB: 1545-2114

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2017-09-12
IC Document Collections
IC ID
Document
Title
Status
180742
Modified
ICR Details
1545-2114 201703-1545-011
Historical Active 201009-1545-065
TREAS/IRS
S Corporation Guidance under AJCA of 2004 (TD 9422 Final - REG-143326-05)
Extension without change of a currently approved collection   No
Regular
Approved without change 10/16/2017
Retrieve Notice of Action (NOA) 04/24/2017
  Inventory as of this Action Requested Previously Approved
10/31/2020 36 Months From Approved 10/31/2017
26,000 0 26,000
26,000 0 26,000
0 0 0

This document contains final regulations that provide guidance regarding certain changes made to the rules governing S corporations under the American Jobs Creation Act of 2004 and the Gulf Opportunity Zone Act of 2005. The final regulations replace obsolete references in the current regulations and allow taxpayers to make proper use of the provisions that made changes to prior law. The final regulations include guidance on the S corporation family shareholder rules, the definitions of ‘‘powers of appointment’’ and ‘‘potential current beneficiaries’’ (PCBs) with regard to electing small business trusts (ESBTs), the allowance of suspended losses to the spouse or former spouse of an S corporation shareholder, and relief for inadvertently terminated or invalid qualified subchapter S subsidiary (QSub) elections. The final regulations affect S corporations and their shareholders.

US Code: 26 USC 1362 Name of Law: Election; revocation; termination
   US Code: 26 USC 1361 Name of Law: S corporation defined
  
None

Not associated with rulemaking

  82 FR 8487 01/25/2017
82 FR 18971 04/24/2017
No

1
IC Title Form No. Form Name
ESBT Election; statement

  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 26,000 26,000 0 0 0 0
Annual Time Burden (Hours) 26,000 26,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    Yes
    Yes
No
Yes
No
Uncollected
Charles Langley 202 622-3130 charles.j.langley@irscounsel.treas.gov

  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.
04/24/2017


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