Related Group Election With Respect to Qualified Investments in Foreign Base Company Shipping Operations

ICR 201306-1545-005 · OMB 1545-0755 · Historical Active

⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1545-0755 can be found here:

2016-07-29 - Extension without change of a currently approved collection

Forms and Documents

Document	Type	Status	Availability
TD 7959 SS.doc	Supporting Statement A	Uploaded 2013-06-10	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
17372	Related Group Election With Respect to Qualified Investments in Foreign Base Company Shipping Operations.		Modified

ICR Details

OMB Control No: 1545-0755	ICR Reference No: 201306-1545-005
Status: Historical Active	Previous ICR Reference No: 201005-1545-007
Agency/Subagency: TREAS/IRS	Agency Tracking No: mb
Title: Related Group Election With Respect to Qualified Investments in Foreign Base Company Shipping Operations
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 07/26/2013
Retrieve Notice of Action (NOA)	Date Received in OIRA: 06/26/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2016	36 Months From Approved	07/31/2013
Responses	100	0	100
Time Burden (Hours)	205	0	205
Cost Burden (Dollars)	0	0	0

Abstract: The election described in the attached justification converted an annual election to an election effective until revoked. The computational information required is necessary to assure that the U.S. shareholder correctly reports any shipping income of its controlled foreign corporations which is taxable to that shareholder.

Authorizing Statute(s): US Code: 26 USC 954 Name of Law: Foreign Base Company Income
US Code: 26 USC 955 Name of Law: Withdrawal of Previously Excluded Subpart F Income from Qualified Investment

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	77 FR 71039	11/28/2012
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 38446	06/26/2013
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Related Group Election With Respect to Qualified Investments in Foreign Base Company Shipping Operations.

ICR Summary of Burden

	Total Approved	Previously Approved
Annual Number of Responses	100	100
Annual Time Burden (Hours)	205	205
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Valerie Lippe 202 622-3840

Common Form ICR: No