Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

ICR 202108-1545-003

OMB: 1545-0046

Federal Form Document

ICR Details
1545-0046 202108-1545-003
Received in OIRA 201802-1545-001
TREAS/IRS
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
  
None

Not associated with rulemaking

  86 FR 35868 07/07/2021
86 FR 53730 09/28/2021
No

  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 667 667 0 0 0 0
Annual Time Burden (Hours) 7,491 7,491 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No

$16,586
No
    Yes
    No
No
No
No
No
Taquesha Cain 202 317-8979 taquesha.r.cain@irs.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.
09/28/2021


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