NPRM-REG-132422-17 Regulations on Income and Currency Gain or Loss with Respect to a Qualified Business Unit
New collection (Request for a new OMB Control Number)
No
Regular
11/14/2023
Requested
Previously Approved
36 Months From Approved
15
0
29
0
1,767
0
This NPRM provides proposed regulations under section 987 regarding the determination of taxable income or loss and foreign currency gain or loss with respect to a qualified business unit. The NPRM proposes modifications to the 2016 final regulations (81 FR 88806); the proposed modifications are intended to provide simplifying elections. This NPRM was initiated in response to Executive Order 13789 and Notice 2017-38.Section 987 of the Internal Revenue code ("Code") (26 U.S.C. §987) provides rules on translating the income or loss of section 987 qualified business units (âQBUsâ) and adjustments made for transfers of property between a QBU and its owner. The collections of information in the proposed regulations with respect to 26 U.S.C. §987 are in proposed 26 C.F.R. §§1.987-1(g), 1.987-9, and 1.987-10(k).
US Code:
26 USC 987
Name of Law: Tax Reform Act of 1986
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.
REG_SupportingStatement_987_10.19.23.docx
REG-132422-17 (NPRM) Income and Currency Gain or Loss with Respect to a Qualified Business Unit