Federal Register #2026-20743

IRS Requests Comments on Form 8838 Information Collection

The Department of the Treasury’s Internal Revenue Service (IRS) is seeking public comments on an existing tax information collection, not purchasing products or services. - Government buyer: Department of the Treasury, Internal Revenue Service (IRS). - Request: Comments on the information collection titled “Consent To Extend the Time To Assess Tax Under Section 367—Gain Recognition Agreement,” associated with IRS Form 8838. - Purpose: Form 8838 is used when U.S. persons transfer stock or securities to a foreign corporation under a gain recognition agreement. It extends the period in which the IRS may assess tax beyond the original limitations period. - Collection status and burden: The existing collection is being extended without changes. The estimated response burden is 8 hours and 13 minutes per response, with 200 estimated responses and 1,644 total annual burden hours. - Procurement scope: No products, services, quantities, part numbers, OEMs, or vendors are identified.

Description

The IRS is seeking public comments on an information collection under the Paperwork Reduction Act. Form 8838 is used when a U.S. person transfers stock or securities to a foreign corporation and makes a gain recognition agreement, allowing the transferor to defer tax payment. The form extends the statute of limitations so the IRS may assess tax after the original limitations period expires. The notice describes an extension of the currently approved collection with no changes; the estimated response burden is 8 hours and 13 minutes per response.

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