Rule to be Included in Final Regulations Under Section 897(e) of the Code

ICR 201910-1545-020

OMB: 1545-1660

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2019-10-22
IC Document Collections
IC ID
Document
Title
Status
19055
Modified
ICR Details
1545-1660 201910-1545-020
Active 201502-1545-009
TREAS/IRS
Rule to be Included in Final Regulations Under Section 897(e) of the Code
Extension without change of a currently approved collection   No
Regular
Approved without change 03/18/2020
Retrieve Notice of Action (NOA) 01/31/2020
  Inventory as of this Action Requested Previously Approved
03/31/2023 36 Months From Approved 03/31/2020
100 0 100
200 0 200
0 0 0

Notice 99-43 announced modification of the current rules under Temporary Regulation section 1.897-6T(a)(1) regarding transfers, exchanges and other dispositions of U.S. real property interests in nonrecognition transactions occurring after June 18, 1980. The notice provided that, contrary to section 1.897-6T(a)(1), a foreign taxpayer will not recognize a gain under Code 897(e) for an exchange described in Code section 368(a)(1)(E) or (F), provided the taxpayer receives substantially identical shares of the same domestic corporation with the same divided rights, voting power, liquidation preferences, and convertibility as the shares exchanged without any additional rights or features.

US Code: 26 USC 897 Name of Law: Disposition of investment in United States real property
  
None

Not associated with rulemaking

  84 FR 42990 08/19/2019
85 FR 5776 01/31/2020
No

1
IC Title Form No. Form Name
Nonrecognition Exchanges under Section 897

  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 100 100 0 0 0 0
Annual Time Burden (Hours) 200 200 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
Uncollected
Robert Lorence 202 622-3860

  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.
01/31/2020


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