Asset Acquisition Statement

ICR 201906-1545-010

OMB: 1545-1021

Federal Form Document

Forms and Documents
Document
Name
Status
Form
Modified
Supporting Statement A
2019-09-17
IC Document Collections
IC ID
Document
Title
Status
39979 Modified
ICR Details
1545-1021 201906-1545-010
Active 201608-1545-017
TREAS/IRS
Asset Acquisition Statement
Extension without change of a currently approved collection   No
Regular
Approved without change 07/29/2020
Retrieve Notice of Action (NOA) 09/27/2019
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
  
None

Not associated with rulemaking

  84 FR 13989 04/08/2019
84 FR 50886 09/26/2019
Yes

1
IC Title Form No. Form Name
Asset Acquisition Statement 8594 Asset Acquisition 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 1,310 1,310 0 0 0 0
Annual Time Burden (Hours) 22,910 22,910 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$13,670
No
    No
    No
No
No
No
No
Joan McAlpine 240 613-5820

  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.
09/27/2019


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