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you treated as a gift, and $8,000 that you received from

You are not required to provide the information

nonresident alien A that you treated as a gift, and you

requested on a form that is subject to the Paperwork

know that X is wholly owned by A, you must complete

Reduction Act unless the form displays a valid OMB

columns (a) through (g) for each gift.

control number. Books or records relating to a form or its

instructions must be retained as long as their contents

Note: Gifts from foreign corporations or foreign

may become material in the administration of any Internal

partnerships are subject to recharacterization by the IRS

Revenue law. Generally, tax returns and return

under section 672(f)(4).

information are confidential, as required by section 6103.

Line 56. If “Yes,” and the ultimate donor on whose

However, section 6103 allows or requires the Internal

behalf the reporting donor is acting is a foreign

Revenue Service to disclose or give the information

corporation or foreign partnership, attach an explanation

shown on your tax return to others as described in the

including the ultimate foreign donor’s name, address,

Code. For example, we may disclose your tax information

identification number (if any), and status as a corporation

to the Department of Justice to enforce the tax laws, both

or partnership.

civil and criminal, and to cities, states, the District of

If the ultimate donor is a foreign trust, treat the amount

Columbia, U.S. commonwealths or possessions, and

received as a distribution from a foreign trust and

certain foreign governments to carry out their tax laws.

complete Part III.

Please keep this notice with your records. It may help

you if we ask you for other information. If you have any

Privacy Act and Paperwork Reduction Act Notice.

questions about the rules for filing and giving information,

We ask for the information on this form to carry out the

please call or visit any Internal Revenue Service office.

Internal Revenue laws of the United States. You are

required to give us the information. We need it to ensure

The time needed to complete and file this form and

that you are complying with these laws and to allow us to

related schedules will vary depending on individual

figure and collect the right amount of tax.

circumstances. The estimated average times are:

In addition, the Privacy Act requires that when we ask

you for information we must first tell you our legal right to

Recordkeeping . . . . . . . . . . . . . . . . . . . . . . . .

42 hr., 34 min.

ask for the information, why we are asking for it, and how

Learning about the law or the form . . . . . . . . . .

4 hr., 38 min.

it will be used. We must also tell you what could happen

Preparing the form . . . . . . . . . . . . . . . . . . . . . .

6 hr., 28 min.

if we do not receive it and whether your response is

voluntary, required to obtain a benefit, or mandatory

Sending the form to the IRS . . . . . . . . . . . . . . .

16 min.

under the law.

Our authority to ask for information is sections 6001,

If you have comments concerning the accuracy of

6011, and 6012(a) and their regulations, which require

these time estimates or suggestions for making this form

you to file a return or statement with us for any tax for

simpler, we would be happy to hear from you. You can

which you are liable. Your response is mandatory under

write to the Tax Forms Committee, Western Area

these sections. Section 6109 requires that you provide

Distribution Center, Rancho Cordova, CA 95743-0001.

your social security number or employer identification

Do not send the tax form to this office. Instead, see

number on what you file. This is so we know who you

When and Where To File on page 1.

are, and can process your return and other papers. You

must fill in all parts of the tax form that apply to you.

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Instructions For Form 3520 - Annual Return To Report Transactions With Foreign Trusts And Receipt Of Certain Foreign Gifts - 2001 Page 10

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