TD 8096 - Product Liability Losses and Accumulations for Product Liability Losses
Extension without change of a currently approved collection
No
Regular
04/29/2021
Requested
Previously Approved
36 Months From Approved
04/30/2021
5,000
5,000
2,500
2,500
0
0
Generally, a taxpayer who sustains a product liability loss must carry the loss back 10 years. However, a taxpayer may elect to have such loss treated as a regular net operating loss under section 172. If desired, such election is made by attaching a statement to the tax return. This statement will enable the IRS to monitor compliance with the statutory requirements.
US Code:
26 USC 172
Name of Law: Net operating loss deduction
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 1545-0863 (TD 8096).docx
TD 8096 - Product Liability Losses and Accumulations for Product Liability Losses