Service Seeking Comments on Deductions for Qualified Intellectual Property Contributions

Service Seeking Comments on Deductions for Qualified Intellectual Property Contributions

News story posted in Comments on 6 June 2008| 1 comments
audience: National Publication | last updated: 18 May 2011
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Summary

Notice 2005-41 explains new rules governing charitable contributions of intellectual property made after June 3, 2004. Although no change to the notice is anticipated, the Service is seeking comments regarding the efficiency of its information collection processes. Comments should be received by August 4, 2008.

Full Text: 

73 F.R. 32081-32082

Jun. 5, 2008

Proposed Collection; Comment
Request for Notice 2005-41


DEPARTMENT OF THE TREASURY

Internal Revenue Service

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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)). Currently, the IRS is soliciting comments concerning Notice 2005-41, Guidance Regarding Qualified Intellectual Property Contributions.

DATES: Written comments should be received on or before August 4, 2008 to be assured of consideration.

ADDRESSES: Direct all written comments to Glenn P. Kirkland, Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of notice should be directed to Allan Hopkins at (202) 622-6665, or at Internal Revenue Service, room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or through the internet, at Allan.M.Hopkins@irs.gov.

SUPPLEMENTARY INFORMATION:

Title: Guidance Regarding Qualified Intellectual Property Contributions.

OMB Number: 1545-1937.

Notice Number: Notice 2005-41.

Abstract: Notice 2005-41 explains new rules governing charitable contributions of intellectual property made after June 3, 2004. The notice explains the method by which a donor of qualified intellectual property may notify the donee that the donor intends to treat the contribution as a qualified donation under section 170(m). Donors of qualified intellectual property will use the required notification as evidence that they have satisfied the section 170(m) notification requirement.

Current Actions: There are no changes being made to the notice at this time.

Type of Review: This is a new collection.

Affected Public: Business or other for-profit organizations.

Estimated Number of Respondents: 30.

Estimated Average Time per Respondent: 1 hour.

Estimated Total Annual Burden Hours: 30.

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: May 23, 2008.

                Glenn P. Kirkland,
                IRS Reports Clearance Officer.

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Comments

Tanner Q for "Deductions for Qualified Intellectual Property....

Because the Obama nominee for Treasury Secretary just got slapped with $42,000 worth of fines from the Internal Revenue Service. Geithner worked for the International Monetary Fund for three years, and apparently forgot how the tax code works

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