Split-Dollar Life Insurance Arrangements

ICR 201801-1545-016

OMB: 1545-1792

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2018-01-29
IC Document Collections
IC ID
Document
Title
Status
19382
Modified
ICR Details
1545-1792 201801-1545-016
Historical Active 201411-1545-041
TREAS/IRS
Split-Dollar Life Insurance Arrangements
Extension without change of a currently approved collection   No
Regular
Approved without change 04/26/2018
Retrieve Notice of Action (NOA) 02/14/2018
  Inventory as of this Action Requested Previously Approved
04/30/2021 36 Months From Approved 04/30/2018
115,000 0 115,000
32,500 0 32,500
0 0 0

The previously approved final regulations provide guidance for loans made pursuant to a split-dollar life insurance arrangement. To obtain a particular treatment under the regulations for certain split- dollar loans, the parties to the loan must make a written representation, which must be kept as part of their books and records and a copy filed with their federal income tax returns. In addition, if a split-dollar loan provides for contingent payments, the lender must produce a projected payment schedule for the loan and give the borrower a copy of the schedule. This schedule is used by parties to compute their interest accruals and any imputed transfers for tax purposes.

US Code: 26 USC 83 Name of Law: Property transferred in connection with performance of services
   US Code: 26 USC 301 Name of Law: Distributions of property
   US Code: 26 USC 7872 Name of Law: Treatment of loans with below-market interest rates
   US Code: 26 USC 61 Name of Law: Gross income defined
   US Code: 26 USC 6103 Name of Law: Confidentiality and disclosure of returns and return information
  
None

Not associated with rulemaking

  82 FR 48898 10/20/2017
83 FR 1792 02/14/2018
No

1
IC Title Form No. Form Name
Split-dollar loans

  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 115,000 115,000 0 0 0 0
Annual Time Burden (Hours) 32,500 32,500 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$12,124
No
    Yes
    Yes
No
No
No
Uncollected
David Silber 202 622-3930

  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.
02/14/2018


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