80 FR 66618 - Internal Revenue Service

DEPARTMENT OF THE TREASURY

Federal Register Volume 80, Issue 209 (October 29, 2015)

Page Range		66618-66619
FR Document		2015-27496

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 an existing temporary and final regulation, INTL-21-91 (TD 8656), Section 6662--Imposition of the Accuracy-Related Penalty (Sec. 1.6662-6).

Federal Register, Volume 80 Issue 209 (Thursday, October 29, 2015)

[Federal Register Volume 80, Number 209 (Thursday, October 29, 2015)]
[Notices]
[Pages 66618-66619]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-27496]


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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.

-----------------------------------------------------------------------

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 an 
existing temporary and final regulation, INTL-21-91 (TD 8656), Section 
6662--Imposition of the Accuracy-Related Penalty (Sec.  1.6662-6).

DATES: Written comments should be received on or before December 28, 
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 this regulation should be directed to LaNita Van Dyke, or at 
Internal Revenue Service, Room 6517, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Section 6662--Imposition of the Accuracy-Related Penalty.
    OMB Number: 1545-1426.
    Regulation Project Number: INTL-21-91 (TD 8656).
    Abstract: These regulations provide guidance on the accuracy-
related penalty imposed on underpayments of tax caused by substantial 
and gross valuation misstatements as defined in Internal Revenue Code 
sections 6662(e) and 6662(h). Under section 1.6662-6(d) of the 
regulations, an amount is excluded from the penalty if certain 
requirements are met and a taxpayer maintains documentation of how a 
transfer price was determined for a transaction subject to Code section 
482.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,500.
    Estimated Time per Respondent: 8 hours, 3 minutes.
    Estimated Total Annual Burden Hours: 20,125.
    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

[[Page 66619]]

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: October 22, 2015.
Michael Joplin,
IRS Reports Clearance Officer.
[FR Doc. 2015-27496 Filed 10-28-15; 8:45 am]
 BILLING CODE 4830-01-P

66618 Federal Register / Vol. 80, No. 209 / Thursday, October 29, 2015 / Notices

DATES: Written comments should be request for OMB approval. All 1111 Constitution Avenue NW.,
received on or before December 28, 2015 comments will become a matter of Washington, DC 20224, or through the
to be assured of consideration. public record. Comments are invited on: internet, at LaNita.VanDyke@irs.gov.
ADDRESSES: Direct all written comments (a) Whether the collection of SUPPLEMENTARY INFORMATION:
to Christie Preston, Internal Revenue information is necessary for the proper Title: Section 6662—Imposition of the
Service, room 6129, 1111 Constitution performance of the functions of the Accuracy-Related Penalty.
Avenue NW., Washington, DC 20224. agency, including whether the OMB Number: 1545–1426.
FOR FURTHER INFORMATION CONTACT: information shall have practical utility; Regulation Project Number: INTL–21–
Requests for additional information or (b) the accuracy of the agency’s estimate 91 (TD 8656).
copies of the revenue procedure should of the burden of the collection of Abstract: These regulations provide
be directed to LaNita Van Dyke at information; (c) ways to enhance the guidance on the accuracy-related
Internal Revenue Service, room 6517, quality, utility, and clarity of the penalty imposed on underpayments of
1111 Constitution Avenue NW., information to be collected; (d) ways to tax caused by substantial and gross
Washington, DC 20224, or through the minimize the burden of the collection of valuation misstatements as defined in
internet at Lanita.VanDyke@irs.ov. information on respondents, including Internal Revenue Code sections 6662(e)
through the use of automated collection and 6662(h). Under section 1.6662–6(d)
SUPPLEMENTARY INFORMATION:
techniques or other forms of information of the regulations, an amount is
Title: Documentation Provisions for
technology; and (e) estimates of capital excluded from the penalty if certain
Certain Taxpayers Using the Fair Market
or start-up costs and costs of operation, requirements are met and a taxpayer
Value Method of Internet Expense
maintenance, and purchase of services maintains documentation of how a
Apportionment.
to provide information. transfer price was determined for a
OMB Number: 1545–1833.
Revenue Procedure Number: Revenue Dated: October 22, 2015. transaction subject to Code section 482.
Procedure 2003–37. Michael Joplin, Current Actions: There is no change to
Abstract: Revenue Procedure 2003–37 IRS Reports Clearance Officer. this existing regulation.
describes documentation and [FR Doc. 2015–27494 Filed 10–28–15; 8:45 am]
Type of Review: Extension of a
information a taxpayer that uses the fair currently approved collection.
BILLING CODE 4830–01–P
market value method of apportionment Affected Public: Business or other for-
of interest expense may prepare and profit organizations.
make available to the Service upon DEPARTMENT OF THE TREASURY Estimated Number of Respondents:
request in order to establish the fair 2,500.
market value of the taxpayer’s assets to Internal Revenue Service Estimated Time per Respondent: 8
the satisfaction of the Commissioner as hours, 3 minutes.
required by § 1.861–9T(g)(1)(iii). It also Proposed Collection; Comment Estimated Total Annual Burden
sets forth the procedures to be followed Request for Regulation Project Hours: 20,125.
in the case of elections to use the fair The following paragraph applies to all
AGENCY: Internal Revenue Service (IRS), of the collections of information covered
market value method.
Treasury. by this notice:
Current Actions: There are no changes
being made to the revenue procedure at ACTION: Notice and request for An agency may not conduct or
this time. comments. sponsor, and a person is not required to
Type of Review: Extension of a respond to, a collection of information
SUMMARY: The Department of the
currently approved collection. unless the collection of information
Treasury, as part of its continuing effort
Affected Public: Business or other for- displays a valid OMB control number.
to reduce paperwork and respondent
profit organizations. Books or records relating to a
burden, invites the general public and
Estimated Number of Respondents collection of information must be
other Federal agencies to take this
and/or Recordkeepers: 125. retained as long as their contents may
opportunity to comment on proposed
Estimated Average Time Per become material in the administration
and/or continuing information
Respondent/Recordkeeper: 5 hours. of any internal revenue law. Generally,
collections, as required by the
Estimated Total Annual Reporting tax returns and tax return information
Paperwork Reduction Act of 1995,
and/or Recordkeeping Burden: 625 are confidential, as required by 26
Public Law 104–13 (44 U.S.C.
hours. U.S.C. 6103.
3506(c)(2)(A)). Currently, the IRS is
The following paragraph applies to all Request for Comments: Comments
soliciting comments concerning an
of the collections of information covered submitted in response to this notice will
existing temporary and final regulation,
by this notice: be summarized and/or included in the
INTL–21–91 (TD 8656), Section 6662—
An agency may not conduct or request for OMB approval. All
Imposition of the Accuracy-Related
sponsor, and a person is not required to comments will become a matter of
Penalty (§ 1.6662–6).
respond to, a collection of information public record. Comments are invited on:
unless the collection of information DATES: Written comments should be (a) Whether the collection of
displays a valid OMB control number. received on or before December 28, 2015 information is necessary for the proper
Books or records relating to a collection to be assured of consideration. performance of the functions of the
of information must be retained as long ADDRESSES: Direct all written comments agency, including whether the
asabaliauskas on DSK5VPTVN1PROD with NOTICES

as their contents may become material to Christie Preston, Internal Revenue information shall have practical utility;
in the administration of any internal Service, Room 6129, 1111 Constitution (b) the accuracy of the agency’s estimate
revenue law. Generally, tax returns and Avenue NW., Washington, DC 20224. of the burden of the collection of
tax return information are confidential, FOR FURTHER INFORMATION CONTACT: information; (c) ways to enhance the
as required by 26 U.S.C. 6103. Requests for additional information or quality, utility, and clarity of the
Request for Comments: Comments copies of this regulation should be information to be collected; (d) ways to
submitted in response to this notice will directed to LaNita Van Dyke, or at minimize the burden of the collection of
be summarized and/or included in the Internal Revenue Service, Room 6517, information on respondents, including

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Federal Register / Vol. 80, No. 209 / Thursday, October 29, 2015 / Notices 66619

through the use of automated collection Current Actions: There is no change SUMMARY: The Department of the
techniques or other forms of information in the paperwork burden previously Treasury, as part of its continuing effort
technology; and (e) estimates of capital approved by OMB. to reduce paperwork and respondent
or start-up costs and costs of operation, Type of Review: Extension of a burden, invites the general public and
maintenance, and purchase of services currently approved collection. other Federal agencies to take this
to provide information. Affected Public: Businesses and other opportunity to comment on proposed
for-profit organizations, Individuals or and/or continuing information
Approved: October 22, 2015.
Households. collections, as required by the
Michael Joplin, Estimated Number of Respondents: Paperwork Reduction Act of 1995,
IRS Reports Clearance Officer. 22,000. Public Law 104–13 (44 U.S.C.
[FR Doc. 2015–27496 Filed 10–28–15; 8:45 am] Estimated Time per Respondent: 12 3506(c)(2)(A)). Currently, the IRS is
BILLING CODE 4830–01–P hrs., 41 min. soliciting comments concerning Form
Estimated Total Annual Burden 1066, U.S. Real Estate Mortgage
Hours: 278,960. Investment Conduit (REMIC) Income
DEPARTMENT OF THE TREASURY An agency may not conduct or Tax Return and Schedule Q (Form
sponsor, and a person is not required to 1066), Quarterly Notice to Residual
Internal Revenue Service respond to, a collection of information Interest Holder of REMIC Taxable
unless the collection of information Income or Net Loss Allocation.
Proposed Collection; Comment displays a valid OMB control number.
Request for Information Collection DATES: Written comments should be
Books or records relating to a collection
Tools of information must be retained as long received on or before December 28, 2015
as their contents may become material to be assured of consideration.
AGENCY: Internal Revenue Service (IRS), ADDRESSES: Direct all written comments
in the administration of any internal
Treasury. to Christie Preston, Internal Revenue
revenue law. Generally, tax returns and
ACTION: Notice and request for tax return information are confidential, Service, Room 6129, 1111 Constitution
comments. as required by 26 U.S.C. 6103. Avenue NW., Washington, DC 20224.
Request for Comments: Comments FOR FURTHER INFORMATION CONTACT:
SUMMARY: The Department of the submitted in response to this notice will Requests for additional information or
Treasury, as part of its continuing effort be summarized and/or included in the copies of the form and instructions
to reduce paperwork and respondent request for OMB approval. All should be directed to LaNita Van Dyke,
burden, invites the general public and comments will become a matter of Internal Revenue Service, Room 6517,
other Federal agencies to take this public record. Comments are invited on: 1111 Constitution Avenue NW.,
opportunity to comment on proposed (a) Whether the collection of Washington, DC 20224, or through the
and/or continuing information information is necessary for the proper internet at Lanita.VanDyke@irs.gov.
collections, as required by the performance of the functions of the SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act of 1995, agency, including whether the Title: Form 1066, U.S. Real Estate
Public Law 104–13(44 U.S.C. information shall have practical utility; Mortgage Investment Conduit (REMIC)
3506(c)(2)(A)). Currently, the IRS is (b) the accuracy of the agency’s estimate Income Tax Return and Schedule Q
soliciting comments concerning; Profit of the burden of the collection of (Form 1066), Quarterly Notice to
or Loss From Business; Form 8907. information; (c) ways to enhance the Residual Interest Holder of REMIC
DATES: Written comments should be quality, utility, and clarity of the Taxable Income or Net Loss Allocation.
received on or before December 28, 2015 information to be collected; (d) ways to OMB Number: 1545–1014.
to be assured of consideration. minimize the burden of the collection of Form Number: Form 1066 and
information on respondents, including Schedule Q (Form 1066).
ADDRESSES: Direct all written comments
through the use of automated collection Abstract: Form 1066 and Schedule Q
to Christie Preston, Internal Revenue (Form 1066) are used by a real estate
Service, Room 6129, 1111 Constitution techniques or other forms of information
technology; and (e) estimates of capital mortgage investment conduit (REMIC)
Avenue NW., Washington, DC 20224. to figure its tax liability and income and
or start-up costs and costs of operation,
FOR FURTHER INFORMATION CONTACT: maintenance, and purchase of services other tax-related information to pass
Requests for additional information or to provide information. through to its residual holders. IRS uses
copies of the form and instructions the information to determine the correct
should be directed to LaNita Van Dyke, Approved: October 22, 2015.
tax liability of the REMIC and its
Internal Revenue Service, Room 6129, Michael Joplin,
residual holders.
1111 Constitution Avenue NW., IRS Reports Clearance Officer. Current Actions: There are no changes
Washington, DC 20224, or through the [FR Doc. 2015–27493 Filed 10–28–15; 8:45 am] being made to the forms at this time.
internet at Lanita.VanDyke@irs.gov. BILLING CODE 4830–01–P Type of Review: Extension of a
SUPPLEMENTARY INFORMATION: Currently, currently approved collection.
the IRS is seeking comments concerning Affected Public: Business or other for-
DEPARTMENT OF THE TREASURY profit organizations.
the following information collection
Estimated Number of Respondents:
tools, reporting, and record-keeping Internal Revenue Service 4,917.
requirements:
asabaliauskas on DSK5VPTVN1PROD with NOTICES

Estimated Time per Respondent: 64
Title: Nonconventional Source Fuel Proposed Collection; Comment hours, 16 minutes.
Credit Form 8907 Request for Form 1066 and Schedule Estimated Total Annual Burden
Form Number: Form 8907. Q (Form 1066) Hours: 758,989.
Abstract: Form 8907 will be used to AGENCY: Internal Revenue Service (IRS), The following paragraph applies to all
determine the amount of credit that can Treasury. of the collections of information covered
be claimed for the production and sale by this notice:
ACTION: Notice and request for
of qualified nonconventional source An agency may not conduct or
comments.
fuel. sponsor, and a person is not required to

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Document Created: 2015-12-14 15:21:21
Document Modified: 2015-12-14 15:21:21

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 December 28, 2015 to be assured of consideration.
Contact		Requests for additional information or copies of this regulation should be directed to LaNita Van Dyke, or at Internal Revenue Service, Room 6517, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet, at [email protected]
FR Citation		80 FR 66618