80 FR 44429 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 80, Issue 143 (July 27, 2015)

Page Range		44429-44429
FR Document		2015-18382

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, Pub. L. 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning conclusive presumption of worthlessness of debts held by banks (section 1.166-2).

Federal Register, Volume 80 Issue 143 (Monday, July 27, 2015)

[Federal Register Volume 80, Number 143 (Monday, July 27, 2015)]
[Notices]
[Page 44429]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-18382]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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, Pub. L. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
conclusive presumption of worthlessness of debts held by banks (section 
1.166-2).

DATES: Written comments should be received on or before September 25, 
2015 to be assured of consideration.

ADDRESSES: Direct all written comments to Christie Preston, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Allan Hopkins 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: Conclusive Presumption of Worthlessness of Debts Held by 
Banks.
    OMB Number: 1545-1254.
    Regulation Project Number: FI-34-91.
    Abstract: Section 1.166-2(d)(3) of this regulation allows a bank to 
elect to determine the worthlessness of debts by using a method of 
accounting that conforms worthlessness for tax purposes to 
worthlessness for regulatory purposes, and establish a conclusive 
presumption of worthlessness. An election under this regulation is 
treated as a change in accounting method.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 15 minutes.
    Estimated Total Annual Burden Hours: 50.
    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 thefunctions 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: July 15, 2015.
Christie Preston,
IRS Reports Clearance Officer.
[FR Doc. 2015-18382 Filed 7-24-15; 8:45 am]
BILLING CODE 4830-01-P

Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices 44429

request for OMB approval. All SUPPLEMENTARY INFORMATION: Approved: July 15, 2015.
comments will become a matter of Title: Conclusive Presumption of Christie Preston,
public record. Comments are invited on: Worthlessness of Debts Held by Banks. IRS Reports Clearance Officer.
(a) Whether the collection of OMB Number: 1545–1254. [FR Doc. 2015–18382 Filed 7–24–15; 8:45 am]
information is necessary for the proper
performance of the functions of the Regulation Project Number: FI–34–91. BILLING CODE 4830–01–P

agency, including whether the Abstract: Section 1.166–2(d)(3) of this
information shall have practical utility; regulation allows a bank to elect to
DEPARTMENT OF THE TREASURY
(b) the accuracy of the agency’s estimate determine the worthlessness of debts by
of the burden of the collection of using a method of accounting that Internal Revenue Service
information; (c) ways to enhance the conforms worthlessness for tax purposes
quality, utility, and clarity of the to worthlessness for regulatory Agency Information Collection
information to be collected; (d) ways to purposes, and establish a conclusive Activity; Proposed Collection
minimize the burden of the collection of presumption of worthlessness. An
election under this regulation is treated AGENCY: Internal Revenue Service (IRS),
information on respondents, including Treasury.
through the use of automated collection as a change in accounting method.
ACTION: Notice and request for
techniques or other forms of information Current Actions: There is no change to
comments.
technology; and (e) estimates of capital these existing regulations.
or start-up costs and costs of operation, Type of Review: Extension of a SUMMARY: The Department of the
maintenance, and purchase of services currently approved collection. Treasury, as part of its continuing effort
to provide information. Affected Public: Business or other for- to reduce paperwork and respondent
Approved: July 16, 2015. profit organizations. burden, invites the general public and
Christie Preston, Estimated Number of Respondents: other Federal agencies to take this
IRS Reports Clearance Officer. 200. opportunity to comment on proposed
[FR Doc. 2015–18362 Filed 7–24–15; 8:45 am] and/or continuing information
Estimated Time per Respondent: 15
collections, as required by the
BILLING CODE 4830–01–P minutes.
Paperwork Reduction Act of 1995,
Estimated Total Annual Burden Public Law 104–13 (44 U.S.C.
Hours: 50. 3506(c)(2)(A)).
DEPARTMENT OF THE TREASURY
The following paragraph applies to all
DATES: Written comments should be
Internal Revenue Service of the collections of information covered
received on or before September 25,
by this notice:
Proposed Collection; Comment 2015 to be assured of consideration.
An agency may not conduct or
Request for Regulation Project ADDRESSES: Direct all written comments
sponsor, and a person is not required to
to Christie Preston, Internal Revenue
AGENCY: Internal Revenue Service (IRS), respond to, a collection of information
Service, Room 6129, 1111 Constitution
Treasury. unless the collection of information
Avenue NW., Washington, DC 20224.
ACTION: Notice and request for displays a valid OMB control number.
FOR FURTHER INFORMATION CONTACT:
comments. Books or records relating to a collection
of information must be retained as long Requests for additional information or
SUMMARY: The Department of the as their contents may become material copies of the regulations should be
Treasury, as part of its continuing effort in the administration of any internal directed to Allan Hopkins at Internal
to reduce paperwork and respondent revenue law. Generally, tax returns and Revenue Service, Room 6129, 1111
burden, invites the general public and tax return information are confidential, Constitution Avenue NW., Washington,
other Federal agencies to take this as required by 26 U.S.C. 6103. DC 20224, or through the Internet at
opportunity to comment on proposed Allan.M.Hopkins@irs.gov.
Request for Comments: Comments
and/or continuing information SUPPLEMENTARY INFORMATION:
submitted in response to this notice will
collections, as required by the Title: Transfers of Securities Under
be summarized and/or included in the
Paperwork Reduction Act of 1995, Pub. Certain Agreements.
request for OMB approval. All OMB Number: 1545–0770.
L. 104–13 (44 U.S.C. 3506(c)(2)(A)). comments will become a matter of
Currently, the IRS is soliciting Regulation Project Number: FI–182–
public record. Comments are invited on: 78.
comments concerning conclusive (a) Whether the collection of
presumption of worthlessness of debts Abstract: Section 1058 of the Internal
information is necessary for the proper Revenue Code provides tax-free
held by banks (section 1.166–2). performance of thefunctions of the treatment for transfers of securities
DATES: Written comments should be agency, including whether the pursuant to a securities lending
received on or before September 25, information shall have practical utility; agreement. The agreement must be in
2015 to be assured of consideration. (b) the accuracy of the agency’s estimate writing and is used by the taxpayer, in
ADDRESSES: Direct all written comments of the burden of the collection of a tax audit situation, to justify
to Christie Preston, Internal Revenue information; (c) ways to enhance the nonrecognition treatment of gain or loss
Service, Room 6129, 1111 Constitution quality, utility, and clarity of the on the exchange of the securities.
Avenue NW., Washington, DC 20224. information to be collected; (d) ways to Current Actions: There is no change to
FOR FURTHER INFORMATION CONTACT: minimize the burden of the collection of this existing regulation.
tkelley on DSK3SPTVN1PROD with NOTICES

Requests for additional information or information on respondents, including Type of Review: Extension of a
copies of the regulations should be through the use of automated collection currently approved collection.
directed to Allan Hopkins at Internal techniques or other forms of information Affected Public: Business or other for-
Revenue Service, Room 6129, 1111 technology; and (e) estimates of capital profit organizations, individuals, and
Constitution Avenue NW., Washington, or start-up costs and costs of operation, not-for-profit institutions.
DC 20224, or through the Internet at maintenance, and purchase of services Estimated Number of Respondents:
Allan.M.Hopkins@irs.gov. to provide information. 11,742.

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Document Created: 2018-02-23 09:26:52
Document Modified: 2018-02-23 09:26:52

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice and request for comments.
Dates		Written comments should be received on or before September 25, 2015 to be assured of consideration.
Contact		Requests for additional information or copies of the regulations should be directed to Allan Hopkins at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at [email protected]
FR Citation		80 FR 44429

80 FR 44429 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 80, Issue 143 (July 27, 2015)

DEPARTMENT OF THE TREASURY
Internal Revenue Service