TD 9757; REG-127923-15 Guidance under Sec. 6035 Consistent Basis Reporting between Estate & Person Acquiring Property; Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent
TD 9757; REG-127923-15 Guidance under Sec. 6035 Consistent Basis Reporting between Estate & Person Acquiring Property; Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent
Pursuant to 5 CFR 1320.11(c), OMB files this comment on this information collection request (ICR. The agency shall examine public comment in response to the NPRM and will describe in the supporting statement of its next collection any public comments received regarding the collection as well as why (or why it did not) incorporate the commenterâs recommendation. The next submission to OMB must include the draft final rule.
Inventory as of this Action
Requested
Previously Approved
06/30/2016
36 Months From Approved
07/31/2016
10,000
0
10,000
53,100
0
53,100
0
0
0
The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 requires executors of an estate and other persons who are required to file a Form 706, Form 706-NA, or Form 706-A, to report to the Internal Revenue Service (IRS) and to each beneficiary receiving property from an estate the estate tax value of the property, if the return is filed after July 31, 2015. Form 8971 is used to report to the IRS and a Schedule A will be sent to each beneficiary and a copy of each Schedule A will be attached to the Form 8971. Some property received by a beneficiary may have a consistency requirement, meaning that the beneficiary must use the value reported on Schedule A as the beneficiaryâs initial basis the property.
PL:
Pub.L. 114 - 41 SEC. 2004
Name of Law: Surface Transportation and Veterans Health Care Choice Improvement Act of 2015
PL: Pub.L. 114 - 41 Sec. 2004 Name of Law: Surface Transportation and Veterans Health Care Choice Improvement Act of 2015
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.
Form 8971 Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent
Supporting Statement (Form 8971).doc
Notice 2015-57.pdf
Form 8971--Information Regarding Beneficiaries Acquiring Property from a Decedent