26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not- 2007-31), Statute of Limitations and Exchange of Information Concerning Certain Individuals Filing Income Tax Returns with the U.S. VI.
ICR 201010-1545-016 · OMB 1545-2063 · Historical Active
26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not- 2007-31), Statute of Limitations and Exchange of Information Concerning Certain Individuals Filing Income Tax Returns with the U.S. VI.
Extension without change of a currently approved collection
This Regulation concerns the statute of limitations on assessment of the U.S. income tax liability, if any, of U.S. citizens or resident aliens who are bona fide residents of the USVI. In general, the Regulation provides rules allowing bona fide residents of the USVI to start the period of limitations by properly filing a return with the USVI tax administration and, in the case of individuals with $75,000 or more of gross income during the taxable year, by filing an income tax return with the IRS reporting no gross income and no taxable income on lines 22 and 43 (in addition to a proper USVI filing). The Regulation provides for a new collection of information in the form of an annual information statement, under sections 932(c) and 7654, for U.S. citizens or residents with $75,000 or more of gross income who claim bona fide residency status in the USVI. Taxpayers subject to the new collection of information must attach a statement to their US 1040 return, for taxable years ending on or after December 31, 2006, that answers several questions relating to their claim of bona fide residency status in the USVI.
US Code:
26 USC 932(c)
Name of Law: Coordination of United States and Virgin Islands income taxes
US Code:
26 USC 7654
Name of Law: Coordination of United States and certain possession individual income taxes
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 26 CFR 1.932-1.doc
Notice 2007-31 - 16 IRB 971.pdf
26 CFR 1.932-1 (Formerly Not-2007-19 As Amended by Not- 2007-31), Statute of Limitations and Exchange of Information Concerning Certain Individuals Filing Income Tax Returns with the U.S. VI.