[Federal Register Volume 79, Number 148 (Friday, August 1, 2014)]
[Notices]
[Pages 44970-44971]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-18186]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Department of the Treasury, as part of its continuing
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). The IRS is soliciting comments concerning information
collection requirements related to purchase price allocations in deemed
and actual asset acquisitions.
DATES: Written comments should be received on or before September 30,
2014 to be assured of consideration.
ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulations should be directed to Kerry Dennis, at
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the Internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Purchase Price Allocation in Deemed and Actual Asset
Acquisition.
OMB Number: 1545-1658.
Regulation Project Number: T.D. 8940.
Abstract: Section 338 of the Internal Revenue Code provides rules
under which a qualifying stock acquisition is treated as an asset
acquisition (a ``deemed asset acquisition'') when an appropriate
election is made. Section 1060 provides rules for the allocation of
consideration when a trade or business is transferred. The collection
of information is necessary to make the election, to calculate and
collect the appropriate amount of tax liability when a qualifying stock
acquisition is made, to determine the persons liable for such tax, and
to determine the bases of assets
[[Page 44971]]
acquired in the deemed asset acquisition.
Current Actions: There are no changes to the paperwork burden
previously approved by OMB. This document is being submitted for
renewal purposes only.
Type of Review: Extension of OMB approval.
Affected Public: Business or other for-profit organizations, and
farms.
The regulation provides that a section 338 election is made by
filing Form 8023. The burden for this requirement is reflected in the
burden of Form 8023. The regulation also provides that both a seller
and a purchaser must each file an asset acquisition statement on Form
8594. The burden for this requirement is reflected in the burden of
Form 8594.
The burden for the collection of information in Sec. 1.338-2(e)(4)
is as follows:
Estimated Number of Respondents/Recordkeeper: 45.
Estimated Average Annual Burden per Respondent/Recordkeeper: 34
minutes.
Estimated Total Annual Reporting/Recordkeeping Hours: 25.
The following paragraph applies to all of the collections of
information covered by this notice:
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number. Books or records
relating to a collection of information must be retained as long as
their contents may become material in the administration of any
internal revenue law. Generally, tax returns and tax return information
are confidential, as required by 26 U.S.C. 6103.
Request for Comments: Comments submitted in response to this notice
will be summarized and/or included in the request for OMB approval. All
comments will become a matter of public record.
Comments are invited on: (a) Whether the collection of information
is necessary for the proper performance of the functions of the agency,
including whether the information shall have practical utility; (b) the
accuracy of the agency's estimate of the burden of the collection of
information; (c) ways to enhance the quality, utility, and clarity of
the information to be collected; (d) ways to minimize the burden of the
collection of information on respondents, including through the use of
automated collection techniques or other forms of information
technology; and (e) estimates of capital or start-up costs and costs of
operation, maintenance, and purchase of services to provide
information.
Approved: July 14, 2014.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2014-18186 Filed 7-31-14; 8:45 am]
BILLING CODE 4830-01-P