This Revenue Procedure grants relief under Section 1.469-9(g) for certain taxpayers to make late elections to treat all interests in rental real estate as a single rental real estate activity.
US Code:
26 USC 469
Name of Law: Passive activity losses and credits limited.
This Draft Revenue Procedure grants relief under Section 1.469-9(g) for certain taxpayers to make late elections to treat all interests in rental real estate as a single rental real estate activity.
After receiving an OMB Control, this draft revenue procedure was drafted again. An amended return is required of the taxpayer to request relief under this Revenue Proceding, and a decision was made that the amended return would in fact require the taxpayer 30 minutes to complete. Under the first draft, to comply with this revenue procedure, 2,000 annual respondents were expected with an average annual burden per respondent of nine minutes. This would result in an estimated burden increase of 700 hours.
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.
SS Draft RP-125212-09.doc
RP-12512-09 Rules for Certain Rental Real Estate Activities