The American Jobs Creation Act of 2004, P.L. 108Â357, 118 Stat. 1418 (the Act), was enacted on October 22, 2004. The Treasury Department and the Internal Revenue Service intend to issue regulations implementing §§ 833 and 834 of the Act, which amended §§ 704, 734, 743, and 6031 of the Internal Revenue Code. This notice provides interim procedures for partnerships and their partners to comply with the mandatory basis provisions of §§ 734 and 743, as amended by the Act. This notice also provides interim procedures for electing investment partnerships (EIPs) and their partners to comply with §§ 743(e) and 6031(f), as provided in § 833(b) of the Act.
US Code:
26 USC 743
Name of Law: Special rules where section 754 election or substantial built-in loss
US Code:
26 USC 6031
Name of Law: Return of partnership income
US Code:
26 USC 6103
Name of Law: Confidentiality and disclosure of returns and return information
PL:
Pub.L. 108 - 357 118 Stat 1418
Name of Law: The American Jobs Creation Act of 2004
US Code:
26 USC 734
Name of Law: Adjustment to basis of undistributed partnership propertywhere section 754 election or substantial
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.
Notice 2005-32 SUP STAT.doc
Notice-2005-32.docx
Notice 2005-32 - Notification Requirement for Transfer of Partnership Interest in Electing Investment Partnership (EIP)