SECTION 9. PAPERWORK

REDUCTION ACT

The collections of information in section 5.01 of this notice are reflected in the submission to the Office of Management and Budget (OMB) for review in accordance with Paperwork Reduction Act (44 U.S.C. 3507(c)) (PRA) that is associated with Form 1065 and Form 1120S (OMB control number 1545-0123) because the notification requirements in section 5.01 are closely related to the Schedules K-1 for such forms.

The collections of information in section 5.02 of this notice will be reflected in submissions to the OMB for review in accordance with the PRA that are associated with Form 1065 and Form 1120S (OMB control number 1545-0123). These submissions will be updated in the ordinary course.

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.

The collections of information in this notice are in sections 5.01 and 5.02. This information is required to allow partners of domestic partnerships and shareholders of S corporations to ensure that they are taxed only once with respect to a GILTI inclusion amount of a domestic partnership or S corporation that applied the rules in proposed §1.951A-5. This information is also required to allow the IRS to verify that partners and shareholders are taxed only once with respect to such a GILTI inclusion amount. The collections of information are required in order for section 4 of this notice to apply. The likely respondents are business or other for-profit institutions.

The burdens associated with the notification requirements in section 5.01 of this notice would be so minor as to not impact the estimated burdens provided in such

submission. The burdens associated with the reporting requirements in section 5.02 of this notice are also minor.

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 U.S.C. 6103.