Sections 367(e)(1) and 367(e)(2) provide for gain recognition on certain transfers to foreign persons under sections 355 and 332. Section 6038B(a) requires U.S. persons transferring property to foreign persons in exchanges described in sections 332 and 355 to furnish information regarding such transfers.
US Code:
26 USC 367(e)(2)
Name of Law: Liquidation under section 332.
US Code:
26 USC 332
Name of Law: Complete liquidation of subsidiaries.
US Code:
26 USC 367(e)(1)
Name of Law: Distributions describled in section 355.
US Code:
26 USC 355
Name of Law: Distribution of stock and decurities of a controlled corporation.
US Code:
26 USC 6038B
Name of Law: Notice of certain transfers to foreign persons.
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.
Reg. 209827-96 & 111672-99.Sup.doc
TD 8834 (Final) Treatment of Distributions to Foreign Persons Under Sections 367(e)(1) and 367(e)(2)