OMB.report

Federal forms, ICRs, and supporting documents

Information Collection Request

FI-43-94 (Final) Regulations Under Section 1258 of the Internal Revenue Code of 1986; Netting Rule for Certain Conversion Transactions.

ICR 200701-1545-037 · OMB 1545-1452 · Historical Active

Forms and Documents
DocumentTypeStatusAvailability
SS.doc Supporting Statement A Uploaded 2007-01-31 Available
IC Document Collections
IC IDCollectionTypeStatusForm
18374 FI-43-94 (Final) Regulations Under Section 1258 of the Internal Revenue Code of 1986; Netting Rule for Certain Conversion Transactions. Modified
ICR Details
1545-1452 200701-1545-037
Historical Active 200312-1545-033
TREAS/IRS
FI-43-94 (Final) Regulations Under Section 1258 of the Internal Revenue Code of 1986; Netting Rule for Certain Conversion Transactions.
Extension without change of a currently approved collection   No
Regular
Approved without change 05/15/2007
Retrieve Notice of Action (NOA) 02/09/2007
  Inventory as of this Action Requested Previously Approved
05/31/2010 36 Months From Approved 05/31/2007
50,000 0 50,000
5,000 0 5,000
0 0 0
Section 1258 recharacterizes capital gains from conversion transactions as ordinary income to the extent of the time value element. This regulation provides that certain gains and losses may be netted for purposes of determining the amount of gain recharacterized.
US Code: 26 USC 1258 Name of Law: null
  
None
Not associated with rulemaking
  71 FR 58473 10/03/2006
72 FR 6314 02/09/2007
No
  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 50,000 50,000 0 0 0 0
Annual Time Burden (Hours) 5,000 5,000 0 0 0 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
$0
No
No
Uncollected
Uncollected
Uncollected
Uncollected
Dale Collinson 202 622-4799
  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.
02/09/2007