TD 9866 (REG-951A) and Notice 2020-69 (S Corporation Guidance under Section 958 (Rules for Determining Stock Ownership) and Guidance Regarding the Treatment of Qualified Improvement Property under the

ICR 202103-1545-006

OMB: 1545-2291

Federal Form Document

Forms and Documents
Document
Name
Status
Supplementary Document
2021-03-10
Supplementary Document
2021-03-10
Supplementary Document
2020-08-31
Supporting Statement A
2021-05-27
ICR Details
1545-2291 202103-1545-006
Received in OIRA 202008-1545-016
TREAS/IRS
TD 9866 (REG-951A) and Notice 2020-69 (S Corporation Guidance under Section 958 (Rules for Determining Stock Ownership) and Guidance Regarding the Treatment of Qualified Improvement Property under the
Extension without change of a currently approved collection   No
Regular 05/27/2021
  Requested Previously Approved
36 Months From Approved 05/31/2021
3,688 3,688
1,844 1,844
0 0

The Treasury Department and the IRS published final regulations (TD 9866) in the Federal Register (84 FR 29288) under § 951A (final regulations). The final regulations adopted “aggregate treatment” with respect to income inclusion amounts arising from section 951A (the global intangible low tax income inclusion or GILTI) for partnerships. Under aggregate treatment, for purposes of determining the GILTI inclusion amount of any partner of a domestic partnership, each partner is treated as proportionately owning the stock of a controlled foreign corporation (CFC) owned by the partnership within the meaning of § 958(a) in the same manner as if the domestic partnership were a foreign partnership. Because only a U.S. person that is a U.S. shareholder can have a GILTI inclusion amount, a partner that is not a U.S. shareholder of a partnership-owned CFC does not have a GILTI inclusion amount determined by reference to the partnership-owned CFC. Section 1.951A-1(e)(1) applies to taxable years of foreign corporations beginning after December 31, 2017, and to taxable years of U.S. shareholders in which or with which such taxable years of foreign corporations’ end.

US Code: 26 USC 1373 Name of Law: Foreign Income
   US Code: 26 USC 1366 Name of Law: Pass-thru of items to shareholders
  
None

Not associated with rulemaking

  86 FR 12076 03/01/2021
86 FR 28683 05/27/2021
No

1
IC Title Form No. Form Name
(NOT-114860-20) S Corporation Guidance under Section 958 (Rules for Determining Stock Ownership)

  Total Request 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 3,688 3,688 0 0 0 0
Annual Time Burden (Hours) 1,844 1,844 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$0
No
    No
    No
No
No
No
No
Jennifer Keeney 202 622-3060 jennifer.keeney@irscounsel.treas.gov

  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.
05/27/2021


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