Internal Revenue Code § 59(e) contains
final regulations relating to the optional 10- year write off of
certain tax preference items under section 59(e) of the Internal
Revenue Code (Code). The final regulations affect taxpayers who
utilize section 59(e) for the optional 10-year write off of certain
tax preferences. These final regulations provide guidance on the
time and manner of making an election under section 59(e). The
regulations also provide guidance on revoking an election under
section 59(e). The regulations reflect changes to the law made by
the Tax Reform Act of 1986, the Technical and Miscellaneous Revenue
Act of 1988, and the Omnibus Budget Reconciliation Act of
1989.
US Code:
26
USC 59(e) Name of Law: Treatment of estates and trusts
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.