This ICR is
being extended on the basis that Treasury will shortly submit a
discontinuance request reflecting the fact that the burden for this
information collection is included in approval under OMB #
1545-0074.
Inventory as of this Action
Requested
Previously Approved
07/31/2021
36 Months From Approved
07/31/2020
1,310
0
1,310
22,910
0
22,910
0
0
0
Section 1060 requires reporting to the
IRS, as prescribed by regulations, by the buyer and seller of the
total consideration paid for assets in an applicable asset
acquisition. The information required to be reported includes the
amount allocated to goodwill or going concern value. TD 8940
contained final regulations relating to deemed and actual asset
acquisitions under sections 338 and 1060. Regulations section
1.1060-1 establishes the time for filing and the content of Form
8594. Form 8594 is used by the buyer and seller of assets to which
goodwill or going concern value can attach to report the allocation
of the purchase price among the transferred assets.
US Code:
26
USC 1060 Name of Law: Special allocation rules for certain
asset acquisitions
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.