Upon renewal of the collection, IRS will upload forms associated with this collection, if any. Particularly, related to the reporting done by the institution when it elects to defer payment on a statement filed with its return for the taxable year in which Federal financial assistance is received, and reports any deferral of the same payment in subsequent taxable years by a similar statement filed with the return.
Inventory as of this Action
Requested
Previously Approved
03/31/2016
36 Months From Approved
03/31/2014
250
0
250
125
0
125
0
0
0
Section 597 of the Internal Revenue Code provides that the Secretary provide guidance concerning the tax consequences of Federal financial assistance received by qualifying institutions. These institutions may defer payment of Federal income tax attributable to the assistance. Required information identifies deferred tax liabilities.
US Code:
12 USC 1795
Name of Law: The Resolution Trust Corporation established under 21B of the Federal Home Loan Bank Act
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.
sec.597 Notice 89-102.rtf
2013Notice 89-102[1].Sup.doc
Notice 89-102, Treatment of Acquisition of Certain Financial Institutions; Tax Consequences of Federal Financial Assistance