Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

ICR 202409-1545-002 · OMB 1545-0046 · Received in OIRA

Forms and Documents

Document	Type	Status	Availability
Form 982 Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)	Form	Modified	Repair queued
2024 SS 1545-0046_kd_final_clean.docx	Supporting Statement A	Uploaded 2024-10-15	Repair queued

IC Document Collections

IC ID	Collection	Type	Status	Form
43851	Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)	Form	Modified

ICR Details

OMB Control No: 1545-0046	ICR Reference No: 202409-1545-002
Status: Received in OIRA	Previous ICR Reference No: 202108-1545-003
Agency/Subagency: TREAS/IRS	Agency Tracking No:
Title: Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR: No
Type of Review Request: Regular	Date Submitted to OIRA: 11/29/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved	11/30/2024
Responses	667	667
Time Burden (Hours)	7,491	7,491
Cost Burden (Dollars)	0	0

Abstract: Internal Revenue Code section 108 allows taxpayers to exclude from gross income amounts attributable to discharge of indebtedness in title 11 cases, insolvency, or qualified farm indebtedness. Code section 1081(b) allows corporations to exclude from gross income amounts attributable to certain transfers of property. The data is used to verify adjustments to basis of property and reduction of tax attributes.

Authorizing Statute(s): US Code: 26 USC 108 Name of Law: Income from discharge of indebtedness

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 65984	08/13/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 94880	11/29/2024
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Form 982--Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)	982	Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)

ICR Summary of Burden

	Total Request	Previously Approved
Annual Number of Responses	667	667
Annual Time Burden (Hours)	7,491	7,491
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

Annual Cost to Federal Government: $22,982

Does this IC contain surveys, censuses, or employ statistical methods? No

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination. Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination. No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? No

Agency Contact: Angela Cotto 202 317-5869 [email protected]

Common Form ICR: No