This document contains regulations relating to reporting by brokers for transactions involving debt instruments and options. These regulations reflect changes in the law made by the Energy Improvement and Extension Act of 2008 that require brokers when reporting the sale of securities to the IRS to include the customer's adjusted basis in the sold securities and to classify any gain or loss as long-term or short-term.
PL:
Pub.L. 110 - 343 403
Name of Law: Energy Improvement and Extension Act of 2008
US Code:
26 USC 1,6045-1(n)(5)
Name of Law: Returns of information of brokers and barter exchanges
The first update to the burden was required when the regulations were amended to require transfer statement reporting for debt instruments, options, and securities futures contracts in REG-102988-11. The first update increased the burden by 450,000 hours and was not included in the last OMB approval. The third update to the burden was required when the regulations were amended to require transfer statement reporting for section 1256 options and additional transfer statement information for debt instruments in TD 9713. See §1.6045A-1(e) and (f). The third update increased the burden by 3,333 hours, for a total burden request of 694,750 hours due to program changes.
$0
No
No
No
No
No
Uncollected
Pamela Lew 202 622-3950
No
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.
Spprt Stmnt Revised 7-28-16 Final.doc
Basis Reporting by Securities Brokers and Basis Determination ro Debt Instruments and Options