Document
Proposed Extension of Information Collection Request Submitted for Public Comment Request, Qualified Personal Residence Trust
The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the public and other Federal agencies to take this opportunity ...
SUPPLEMENTARY INFORMATION:
Title:
Sale of Residence from Qualified Personal Residence Trust.
OMB Number:
1545-1485.
Form Project Number:
TD 8743.
Abstract:Internal Revenue Code section 2702(a)(3) provides special favorable valuation rules for valuing the gift of a personal residence trust. Regulation section 25.2702-5(a)(2) provides that if the trust fails to comply with the requirements contained in the regulations, the trust will be treated as complying if a statement is attached to the gift tax return reporting the gift stating that a proceeding has been commenced to reform the instrument to comply with the requirements of the regulations.
Current Actions:
There is no change in the paperwork burden previously approved by OMB.
Type of Review:
Extension of a currently approved collection.
Affected Public:
Individuals and households.
Estimated Number of Responses:
300.
Estimated Time per Respondent:
2 Hrs., 5 Min.
Estimated Total Annual Burden Hours:
625.
The following paragraph applies to all 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 if 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.
Desired Focus of Comments:
The Internal Revenue Service (IRS) is particularly interested in comments that:
- Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility.
- Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used.
- Enhance the quality, utility, and clarity of the information to be collected; and
- Minimize the burden of the collection of information on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology,e.g.,
by permitting electronic submissions of responses.
Comments submitted in response to this notice will be summarized and/or included in the ICR for OMB approval of the extension of the information collection; they will also become a matter of public record.
Approved: October 4, 2023.
Ronald J. Durbala,
IRS Tax Analyst.