T.D. 8618 - Definition of a Controlled Foreign Corporation, Foreign Base Company Income, and Foreign Personal Holding Company Income of a Controlled Foreign Corporation (INTL-362-88)

ICR 201309-1545-010 · OMB 1545-1068 · Historical Active

⚠️ Notice: This information collection may be outdated. More recent filings for OMB 1545-1068 can be found here:

2016-12-27 - Extension without change of a currently approved collection

Forms and Documents

Document	Type	Status	Availability
T.D. 8618 Supporting Statement (INTL-362-88).doc	Supporting Statement A	Uploaded 2013-09-06	Available

IC Document Collections

IC ID	Collection	Type	Status	Form
17770	INTL-362-88 (T.D. 8618)(Final) Definition of a Controlled Foreign Corporation, Foreign Base Company Income, and Foreign Personal Holding Company Income of a Controlled Foreign Corporation		Unchanged

ICR Details

OMB Control No: 1545-1068	ICR Reference No: 201309-1545-010
Status: Historical Active	Previous ICR Reference No: 201006-1545-017
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-1068-017
Title: T.D. 8618 - Definition of a Controlled Foreign Corporation, Foreign Base Company Income, and Foreign Personal Holding Company Income of a Controlled Foreign Corporation (INTL-362-88)
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: 12/04/2013
Retrieve Notice of Action (NOA)	Date Received in OIRA: 09/18/2013
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2016	36 Months From Approved	12/31/2013
Responses	50,500	0	50,500
Time Burden (Hours)	50,417	0	50,417
Cost Burden (Dollars)	0	0	0

Abstract: The election and recordkeeping requirements are necessary to exclude certain high-taxed or active business income from subpart F income or to include certain income in the appropriate category of subpart F income. The recordkeeping and election procedures allow the U.S. shareholders and the IRS to know the amount of the controlled foreign corporation's subpart F income.

Authorizing Statute(s): US Code: 26 USC 957 Name of Law: Controlled foreign corporations; United States persons
US Code: 26 USC 954 Name of Law: Foreign base company income

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:
	78 FR 23975	04/23/2013
30-day Notice:	Federal Register Citation:	Citation Date:
	78 FR 57456	09/18/2013
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
INTL-362-88 (T.D. 8618)(Final) Definition of a Controlled Foreign Corporation, Foreign Base Company Income, and Foreign Personal Holding Company Income of a Controlled Foreign Corporation

ICR Summary of Burden

	Total Approved	Previously Approved
Annual Number of Responses	50,500	50,500
Annual Time Burden (Hours)	50,417	50,417
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: Phyllis Marcus 202 622-3840

Common Form ICR: No