Reduction of Tax Attributes
Due to Discharge of Indebtedness (and Section 1082 Basis
Adjustment)
Extension without change of a currently approved collection
No
Regular
09/28/2021
Requested
Previously Approved
36 Months From Approved
10/31/2021
667
667
7,491
7,491
0
0
Internal Revenue Code section 108
allows taxpayers to exclude from gross income amounts attributable
to discharge of indebtedness in title 11 cases, insolvency, or
qualified farm indebtedness. Code section 1081(b) allows
corporations to exclude from gross income amounts attributable to
certain transfers of property. The data is used to verify
adjustments to basis of property and reduction of tax
attributes.
US Code:
26
USC 108 Name of Law: Income from discharge of indebtedness
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.