Notice 2010-46 modifies Notice 97-66, by providing necessary information to ensure taxpayers are not subject to excessive tax pursuant to IRC section 871(l). The information will allow a withholding agent to make a substitute dividend payment to certain counterparties in a series of securities lending transactions without withholding and depositing additional excessive tax.
US Code:
26 USC 871
Name of Law: Tax on nonresident alien individuals
PL:
Pub.L. 111 - 147 541
Name of Law: Hiring Incentives to Restore Employment Act
The burden previously approved by OMB decreased by 61,750 hours, because the provisions in Notice 97-66 were transition rules that are no longer applicable. Notice 97-66 is removed from this information collection.
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.
Supporting Statement.docx
Notice 2010-46, Prevention of Over-Withholding and U.S. Tax Avoidance With Respect to Certain Substitute Dividend Payments