80_FR_72711 80 FR 72488 - Proposed Collection; Comment Request for Regulation Project

80 FR 72488 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 80, Issue 223 (November 19, 2015)

Page Range72488-72489
FR Document2015-29567

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 taxation of gain or loss from certain nonfunctional currency transactions.

Federal Register, Volume 80 Issue 223 (Thursday, November 19, 2015) 
[Federal Register Volume 80, Number 223 (Thursday, November 19, 2015)]
[Notices]
[Pages 72488-72489]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-29567]


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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, Public Law 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning 
taxation of gain or loss from certain nonfunctional currency 
transactions.

DATES: Written comments should be received on or before January 19, 
2016 to be assured of consideration.

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

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to Kerry Dennis, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224, or through the Internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Taxation of Gain or Loss from Certain Nonfunctional Currency 
Transactions (Section 988 Transactions).
    OMB Number: 1545-1131.
    Regulation: INTL-485-89.
    Abstract: Internal Revenue Code sections 988(c)(1)(D) and (E) allow 
taxpayers to make elections concerning the taxation of exchange gain or 
loss on certain foreign currency denominated transactions. In addition, 
Code sections 988(a)(1)(B) and 988(d) require taxpayers to identify 
transactions which generate capital gain or loss or which are hedges of 
other transactions. This regulation provides guidance on making the 
elections and complying with the identification rules.
    Current Actions: There are no changes to the previously approved 
burden of this existing collection.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households and business or other 
for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 40 min.
    Estimated Total Annual Burden Hours: 3,333.
    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

[[Page 72489]]

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: November 13, 2015.
Michael Joplin,
IRS Reports Clearance Officer.
[FR Doc. 2015-29567 Filed 11-18-15; 8:45 am]
BILLING CODE 4830-01-P

72488 Federal Register / Vol. 80, No. 223 / Thursday, November 19, 2015 / Notices SUMMARY: The Department of the The following paragraph applies to all soliciting comments concerning taxation Treasury, as part of its continuing effort of the collections of information covered of gain or loss from certain to reduce paperwork and respondent by this notice: nonfunctional currency transactions. burden, invites the general public and An agency may not conduct or DATES: Written comments should be other Federal agencies to take this sponsor, and a person is not required to received on or before January 19, 2016 opportunity to comment on proposed respond to, a collection of information to be assured of consideration. and/or continuing information unless the collection of information ADDRESSES: Direct all written comments collections, as required by the displays a valid OMB control number. to Michael Joplin, Internal Revenue Paperwork Reduction Act of 1995, Books or records relating to a collection Service, Room 6129, 1111 Constitution Public Law 104–13 (44 U.S.C. of information must be retained as long Avenue NW., Washington, DC 20224. 3506(c)(2)(A)). Currently, the IRS is as their contents may become material FOR FURTHER INFORMATION CONTACT: soliciting comments concerning Form in the administration of any internal revenue law. Generally, tax returns and Requests for additional information or 13768, Electronic Tax Administration tax return information are confidential, copies of the regulation should be Advisory Committee Membership as required by 26 U.S.C. 6103. directed to Kerry Dennis, Internal Application. Request for Comments: Comments Revenue Service, Room 6129, 1111 DATES: Written comments should be Constitution Avenue NW., Washington, submitted in response to this notice will received on or before January 19, 2016 DC 20224, or through the Internet at be summarized and/or included in the to be assured of consideration. Kerry.Dennis@irs.gov. request for OMB approval. All ADDRESSES: Direct all written comments comments will become a matter of SUPPLEMENTARY INFORMATION: to Michael Joplin, Internal Revenue public record. Comments are invited on: Title: Taxation of Gain or Loss from Service, Room 6129, 1111 Constitution (a) Whether the collection of Certain Nonfunctional Currency Avenue NW., Washington, DC 20224. information is necessary for the proper Transactions (Section 988 Transactions). FOR FURTHER INFORMATION CONTACT: performance of the functions of the OMB Number: 1545–1131. Requests for additional information or agency, including whether the Regulation: INTL–485–89. copies of the collection tools should be information shall have practical utility; Abstract: Internal Revenue Code directed to Kerry Dennis, Internal (b) the accuracy of the agency’s estimate sections 988(c)(1)(D) and (E) allow Revenue Service, Room 6129, 1111 of the burden of the collection of taxpayers to make elections concerning Constitution Avenue NW., Washington, information; (c) ways to enhance the the taxation of exchange gain or loss on DC 20224, or through the Internet at quality, utility, and clarity of the certain foreign currency denominated Kerry.Dennis@irs.gov. information to be collected; (d) ways to transactions. In addition, Code sections SUPPLEMENTARY INFORMATION: minimize the burden of the collection of 988(a)(1)(B) and 988(d) require Title: Electronic Tax Administration information on respondents, including taxpayers to identify transactions which Advisory Committee Membership through the use of automated collection generate capital gain or loss or which Application. techniques or other forms of information are hedges of other transactions. This OMB Number: 1545–2231. technology; and (e) estimates of capital regulation provides guidance on making Form Number: Form 13768. or start-up costs and costs of operation, the elections and complying with the Abstract: The Internal Revenue maintenance, and purchase of services identification rules. Service Restructuring and Reform Act of to provide information. Current Actions: There are no changes 1998 (RRA 98) authorized the creation to the previously approved burden of of the Electronic Tax Administration Approved: November 12, 2015. this existing collection. Advisory Committee (ETAAC). ETAAC Michael Joplin, Type of Review: Extension of a has a primary duty of providing input IRS Reports Clearance Officer. currently approved collection. to the Internal Revenue Service (IRS) on [FR Doc. 2015–29566 Filed 11–18–15; 8:45 am] Affected Public: Individuals or its strategic plan for electronic tax BILLING CODE 4830–01–P households and business or other for- administration. Accordingly, ETAAC’s profit organizations. responsibilities involve researching, Estimated Number of Respondents: analyzing and making recommendations DEPARTMENT OF THE TREASURY 5,000. on a wide range of electronic tax Estimated Time per Respondent: 40 administration issues. ETAAC members Internal Revenue Service min. convey the public’s perception of the Estimated Total Annual Burden Proposed Collection; Comment Hours: 3,333. IRS electronic tax administration Request for Regulation Project activities, offer constructive The following paragraph applies to all observations about current or proposed AGENCY: Internal Revenue Service (IRS), of the collections of information covered policies, programs, and procedures, and Treasury. by this notice. suggest improvements. ACTION: Notice and request for An agency may not conduct or Current Actions: There is no change comments. sponsor, and a person is not required to in the paperwork burden previously respond to, a collection of information approved by OMB. SUMMARY: The Department of the unless the collection of information Type of Review: Extension of a Treasury, as part of its continuing effort displays a valid OMB control number. currently approved collection. to reduce paperwork and respondent Books or records relating to a collection mstockstill on DSK4VPTVN1PROD with NOTICES Affected Public: Businesses and other burden, invites the general public and of information must be retained as long for-profit organizations. other Federal agencies to take this as their contents may become material Estimated Number of Respondents: opportunity to comment on proposed in the administration of any internal 500. and/or continuing information revenue law. Generally, tax returns and Estimated Time per Respondent: 1 collections, as required by the tax return information are confidential, hour. Paperwork Reduction Act of 1995, as required by 26 U.S.C. 6103. Estimated Total Annual Burden Public Law 104–13 (44 U.S.C. Request for Comments: Comments Hours: 500. 3506(c)(2)(A)). Currently, the IRS is submitted in response to this notice will VerDate Sep<11>2014 16:00 Nov 18, 2015 Jkt 238001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 E:\FR\FM\19NON1.SGM 19NON1

Federal Register / Vol. 80, No. 223 / Thursday, November 19, 2015 / Notices 72489 be summarized and/or included in the SUPPLEMENTARY INFORMATION: DEPARTMENT OF THE TREASURY request for OMB approval. All Title: New Markets Credit. comments will become a matter of OMB Number: 1545–1804. Internal Revenue Service public record. Comments are invited on: Form Number: Form 8874. (a) Whether the collection of Proposed Collection; Comment Abstract: Investors to claim a credit information is necessary for the proper Request for Form 8900 for equity investments made in performance of the functions of the Qualified Community Development AGENCY: Internal Revenue Service (IRS), agency, including whether the Entities use Form 8874. Treasury. information shall have practical utility; Current Actions: There is no change ACTION: Notice and request for (b) the accuracy of the agency’s estimate in the paperwork burden previously comments. of the burden of the collection of approved by OMB. This form is being information; (c) ways to enhance the submitted for renewal purposes only. SUMMARY: The Department of the quality, utility, and clarity of the Type of Review: Extension of a Treasury, as part of its continuing effort information to be collected; (d) ways to currently approved collection. to reduce paperwork and respondent minimize the burden of the collection of Affected Public: Individuals or burden, invites the general public and information on respondents, including households, and business or other for- other Federal agencies to take this through the use of automated collection profit organizations. opportunity to comment on proposed techniques or other forms of information and/or continuing information Estimated Number of Respondents: technology; and (e) estimates of capital collections, as required by the 6,666. or start-up costs and costs of operation, Paperwork Reduction Act of 1995, maintenance, and purchase of services Estimated Time per Respondent: 4 hours, 52 minutes. Public Law 104–13 (44 U.S.C. to provide information. 3506(c)(2)(A)). Currently, the IRS is Estimated Total Annual Burden Approved: November 13, 2015. Hours: 32,464. soliciting comments concerning Form Michael Joplin, The following paragraph applies to all 8900, Qualified Railroad Track IRS Reports Clearance Officer. of the collections of information covered Maintenance Credit. [FR Doc. 2015–29567 Filed 11–18–15; 8:45 am] by this notice: DATES: Written comments should be BILLING CODE 4830–01–P An agency may not conduct or received on or before January 19, 2016 sponsor, and a person is not required to to be assured of consideration. respond to, a collection of information ADDRESSES: Direct all written comments DEPARTMENT OF THE TREASURY unless the collection of information to Michael Joplin, Internal Revenue displays a valid OMB control number. Service, Room 6129, 1111 Constitution Internal Revenue Service Avenue NW., Washington, DC 20224. Books or records relating to a collection Proposed Collection; Comment of information must be retained as long FOR FURTHER INFORMATION CONTACT: Request for Form 8874 as their contents may become material Requests for additional information or in the administration of any internal copies of the form and instructions AGENCY: Internal Revenue Service (IRS), revenue law. Generally, tax returns and should be directed to Kerry Dennis, at Treasury. tax return information are confidential, Internal Revenue Service, Room 6129, ACTION: Notice and request for as required by 26 U.S.C. 6103. 1111 Constitution Avenue NW., comments. Request for Comments: Comments Washington, DC 20224, or through the submitted in response to this notice will internet at Kerry.Dennis@irs.gov. SUMMARY: The Department of the be summarized and/or included in the SUPPLEMENTARY INFORMATION: Treasury, as part of its continuing effort request for OMB approval. All Title: Qualified Railroad Track to reduce paperwork and respondent comments will become a matter of Maintenance Credit. burden, invites the general public and public record. Comments are invited on: OMB Number: 1545–1983. other Federal agencies to take this (a) Whether the collection of Form Number: 8900. opportunity to comment on proposed information is necessary for the proper Abstract: Form 8900 Qualified and/or continuing information performance of the functions of the Railroad Track Maintenance Credit, was collections, as required by the agency, including whether the developed to carry out the provisions of Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. information shall have practical utility; Code section 45G. This section was 3506(c)(2)(A)). Currently, the IRS is (b) the accuracy of the agency’s estimate added by section 245 of the American soliciting comments concerning Form of the burden of the collection of Jobs Creation Act of 2004 (Pub. L. 108– 8874, New Markets Credit. information; (c) ways to enhance the 357). Form 8900 provides a means for quality, utility, and clarity of the the eligible taxpayer to compute the DATES: Written comments should be information to be collected; (d) ways to amount of credit. received on or before January 19, 2016 Current Actions: There are no changes minimize the burden of the collection of to be assured of consideration. in the paperwork burden previously information on respondents, including ADDRESSES: Direct all written comments approved by OMB. This form is being through the use of automated collection to Michael Joplin, Internal Revenue techniques or other forms of information submitted for renewal purposes only. Service, Room 6129, 1111 Constitution technology; and (e) estimates of capital Type of Review: Extension of a current Avenue NW., Washington, DC 20224. or start-up costs and costs of operation, OMB approval. mstockstill on DSK4VPTVN1PROD with NOTICES FOR FURTHER INFORMATION CONTACT: maintenance, and purchase of services Affected Public: Business or other for- Requests for additional information or to provide information. profit organizations and farms. copies of the form and instructions Estimated Number of Respondents: should be directed to Kerry Dennis, Dated: November 12, 2015. 333. Internal Revenue Service, Room 6129, Michael Joplin, Estimated Time per Respondent: 5 1111 Constitution Avenue NW., IRS Reports Clearance Officer. hours, 58 minutes. Washington, DC 20224, or through the [FR Doc. 2015–29568 Filed 11–18–15; 8:45 am] Estimated Total Annual Burden Internet at Kerry.Dennis@irs.gov. BILLING CODE 4830–01–P Hours: 1,985. VerDate Sep<11>2014 16:00 Nov 18, 2015 Jkt 238001 PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 E:\FR\FM\19NON1.SGM 19NON1


Document Created: 2015-12-14 13:57:02
Document Modified: 2015-12-14 13:57:02
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comments.
DatesWritten comments should be received on or before January 19, 2016 to be assured of consideration.
ContactRequests for additional information or copies of the regulation should be directed to Kerry Dennis, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at [email protected]
FR Citation80 FR 72488 
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