Consolidated and Controlled Groups- Intercompany Transactions and Related Rules

Forms and Documents

Document Name	Status
2017-07-12 SS 1545-1433r1.doc Supporting Statement A	2017-07-11

IC Document Collections

IC ID	Document Title	Status
18330	CO-11-91 (TD 8597)(Final) Consolidated and Controlled Groups- Intercompany Transactions and Related Rules; CO-24-95 (TD 8660)(Final) Consolidated Groups-Intercompany Transactions and Related Rules	Modified

ICR Details

OMB Control No: 1545-1433	ICR Reference No: 201707-1545-002
Status: Historical Active	Previous ICR Reference No: 201307-1545-007
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Consolidated and Controlled Groups- Intercompany Transactions and Related Rules
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 11/20/2017
	Date Received in OIRA: 08/30/2017
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	11/30/2020	36 Months From Approved	11/30/2017
Responses	2,200	0	2,200
Time Burden (Hours)	1,050	0	1,050
Cost Burden (Dollars)	0	0	0

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Abstract: The Treasury regulations require common parents that make elections under Section 1.1502-13 to provide certain information. Section 1.1502 13(f)(5)(ii) provides common parents with an election to avoid potential duplications of gain from certain intercompany distributions and other transactions with respect to stock of members. These elections are designed to provide taxpayers relief from the application of certain provisions of the regulations. These elections must be made by the due date for the consolidated returns (including extensions). The section 1.1502 13(f)(5)(ii) election is made by attaching a statement to the consolidated return. Section 1.1502-13(f)(6)(i)(C) provides for an election to reduce basis in parent stock. The election must be made in a separate statement filed with the consolidated group's tax return. The information will be used to identify and assure that the amount, location, timing and attributes of intercompany transactions and corresponding items are properly maintained. Burden for the collection of information requirements under 1.1502 13(e)(3) and 1.1502 13(c) are being reported under OMB number 1545-0123.

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Authorizing Statute(s): US Code: 26 USC 267(f) Name of Law: Controlled groups
   US Code: 26 USC 1502 Name of Law: Regulations
  

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:
	82 FR 19455	04/27/2017
30-day Notice:	Federal Register Citation:	Citation Date:
	82 FR 41310	08/30/2017
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
CO-11-91 (TD 8597)(Final) Consolidated and Controlled Groups- Intercompany Transactions and Related Rules; CO-24-95 (TD 8660)(Final) Consolidated Groups-Intercompany Transactions and Related Rules

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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	2,200	2,200	0	0	0	0
Annual Time Burden (Hours)	1,050	1,050	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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: 08/30/2017

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