Federal Register: November 5, 2009 (Volume 74, Number 213)
DOCID: fr05no09-117 FR Doc E9-26648
DEPARTMENT OF THE TREASURY
Internal Revenue Service
NOTICE: NOTICES
DOCID: fr05no09-117
DOCUMENT ACTION: Notice and request for comments.
SUBJECT CATEGORY:
Proposed Collection; Comment Request for Form 8869
DATES: Written comments should be received on or before January 4, 2010 to be assured of consideration.
DOCUMENT 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 10413 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 8869, Qualified Subchapter S Subsidiary Election.
SUMMARY:
Agency Information Collection Activities; Proposals, Submissions, and Approvals
SUPPLEMENTAL INFORMATION
Title: Qualified Subchapter S Subsidiary Election.
OMB Number: 15451700.
Form Number: 8869.
Abstract: Effective for tax years beginning after December 31, 1996, Internal Revenue Code section 1361(b)(3) allows an S corporation to own a corporate subsidiary, but only if it is wholly owned. To do so, the parent S corporation must elect to treat the wholly owned subsidiary as a qualified subchapter S subsidiary (QSub). Form 8869 is used to make this election.
Current Actions: There are no changes being made to the form at this time.
Affected Public: Businesses or other forprofit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time per Respondent: 8 hrs., 9 mins.
Estimated Total Annual Burden Hours: 40,750.
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
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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 startup costs and costs of operation, maintenance, and purchase of services to provide information.
Approved: October 22, 2009.
R. Joseph Durbala,
IRS Supervisory Tax Analyst.
[FR Doc. E926648 Filed 11409; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Requests for additional information or copies of the form and instructions should be directed to R. Joseph Durbala, (202) 6223634, Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224.