80 FR 75169 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 80, Issue 230 (December 1, 2015)

Page Range		75169-75170
FR Document		2015-30383

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 Arbitrage Restrictions on Tax-Exempt Bonds.

Federal Register, Volume 80 Issue 230 (Tuesday, December 1, 2015)

[Federal Register Volume 80, Number 230 (Tuesday, December 1, 2015)]
[Notices]
[Pages 75169-75170]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-30383]


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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 
Arbitrage Restrictions on Tax-Exempt Bonds.

DATES: Written comments should be received on or before February 1, 
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 regulations should be directed to Kerry Dennis at Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224, or through the Internet, at Kerry.Dennis@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Arbitrage Restrictions on Tax-Exempt Bonds.
    OMB Number: 1545-1347.
    Regulation: TD 8718 and REG-138526-14 (NPRM).
    Abstract: Section 148 of the Internal Revenue Code requires issuers 
of tax-exempt bonds to rebate certain arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds.
    Under section 148(f), interest on a state or local bond is not tax 
exempt unless the issuer of the bond rebates to the United States 
arbitrage profits earned from investing proceeds of the bond in higher 
yielding nonpurpose investments. Form 8038-T is used to pay the 
arbitrage rebate to the United States and to pay penalty in lieu of 
rebates. Burden for the form is being reported under 1545-1219.
    Issuers are also required to keep records of certain interest rate 
hedges so that the hedges are taken into account in determining 
arbitrage profits. Under TD 8718, the scope of interest rate hedging 
transactions covered by the arbitrage regulations was broadened by 
requiring that hedges entered into prior to the sale date of the bonds 
are covered as well.
    The collection of information in the proposed regulation (REG-
138526-14) is in Sec.  1.148-1(f)(2)(ii) which contains a requirement 
that the issuer obtain certifications and supporting documentation 
regarding the underwriter's sales of the issuer's bonds.
    Current Actions: There is no change to the final regulations (TD 
8718), however the agency is adding the proposed Regulation 138526-14 
to the information collection request.
    Type of Review: Revision of a currently approved collection.
    Affected Public: State, local or tribal governments.
    Estimated Number of Respondents: 15,646
    Estimated Number of Responses: 24,010.
    Estimated Time per Respondent: 4 hours.
    Estimated Total Annual Burden Hours: 96,040.
    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.

[[Page 75170]]

    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 
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 20, 2015.
Michael Joplin,
IRS Tax Analyst.
[FR Doc. 2015-30383 Filed 11-30-15; 8:45 am]
BILLING CODE 4830-01-P

Federal Register / Vol. 80, No. 230 / Tuesday, December 1, 2015 / Notices 75169

copies of the collection should be performance of the functions of the Regulation: TD 8718 and REG–
directed to LaNita Van Dyke, Internal agency, including whether the 138526–14 (NPRM).
Revenue Service, Room 6517, 1111 information shall have practical utility; Abstract: Section 148 of the Internal
Constitution Avenue NW., Washington, (b) the accuracy of the agency’s estimate Revenue Code requires issuers of tax-
DC 20224, or through the Internet at of the burden of the collection of exempt bonds to rebate certain arbitrage
LaNitaVanDyke@irs.gov. information; (c) ways to enhance the profits earned on nonpurpose
SUPPLEMENTARY INFORMATION: Currently, quality, utility, and clarity of the investments acquired with the bond
the IRS is seeking comments concerning information to be collected; (d) ways to proceeds.
the following information collection minimize the burden of the collection of Under section 148(f), interest on a
tools, reporting, and recordkeeping information on respondents, including state or local bond is not tax exempt
requirements: through the use of automated collection unless the issuer of the bond rebates to
Title: Guidance for Expatriates and techniques or other forms of information the United States arbitrage profits
Recipients of Foreign Source Gifts and technology; and (e) estimates of capital earned from investing proceeds of the
Bequests Under Sections 877A, 2801, or start-up costs and costs of operation, bond in higher yielding nonpurpose
and 6039G. maintenance, and purchase of services investments. Form 8038–T is used to
OMB Number: 1545–2123. to provide information. pay the arbitrage rebate to the United
Form Number: Notice 2009–85. Approved: November 20, 2015. States and to pay penalty in lieu of
Abstract: Section 301 of the Heroes Michael Joplin, rebates. Burden for the form is being
Earnings Assistance and Relief Tax Act reported under 1545–1219.
IRS Reports Clearance Officer.
of 2008 (the ‘‘Act’’) enacted new Issuers are also required to keep
[FR Doc. 2015–30366 Filed 11–30–15; 8:45 am]
sections 877A and 2801 of the Internal records of certain interest rate hedges so
BILLING CODE 4830–01–P
Revenue Code (‘‘Code’’), amended that the hedges are taken into account
sections 6039G and 7701(a), made in determining arbitrage profits. Under
conforming amendments to sections TD 8718, the scope of interest rate
DEPARTMENT OF THE TREASURY
877(e) and 7701(b), and repealed section hedging transactions covered by the
7701(n). This notice provides guidance Internal Revenue Service arbitrage regulations was broadened by
regarding certain federal tax requiring that hedges entered into prior
consequences under these sections for Proposed Collection; Comment to the sale date of the bonds are covered
individuals who renounce U.S. Request for Regulation Project as well.
citizenship or cease to be taxed as The collection of information in the
AGENCY: Internal Revenue Service (IRS), proposed regulation (REG–138526–14)
lawful permanent residents of the
Treasury. is in § 1.148–1(f)(2)(ii) which contains a
United States.
ACTION: Notice and request for requirement that the issuer obtain
Current Actions: There are no changes
to the previously approved burden of comments. certifications and supporting
this existing collection. SUMMARY: The Department of the documentation regarding the
Type of Review: Extension of a Treasury, as part of its continuing effort underwriter’s sales of the issuer’s bonds.
currently approved collection. to reduce paperwork and respondent Current Actions: There is no change to
Affected Public: Individuals or burden, invites the general public and the final regulations (TD 8718), however
households. other Federal agencies to take this the agency is adding the proposed
Estimated Number of Respondents: opportunity to comment on proposed Regulation 138526–14 to the
100. and/or continuing information information collection request.
Estimated Time per Respondent: 4 collections, as required by the Type of Review: Revision of a
hrs., 17 min. Paperwork Reduction Act of 1995, currently approved collection.
Estimated Total Annual Burden Public Law 104–13 (44 U.S.C. Affected Public: State, local or tribal
Hours: 420. 3506(c)(2)(A)). Currently, the IRS is governments.
The following paragraph applies to all soliciting comments concerning Estimated Number of Respondents:
of the collection of information covered Arbitrage Restrictions on Tax-Exempt 15,646
by this notice: Bonds. Estimated Number of Responses:
An agency may not conduct or 24,010.
DATES: Written comments should be
sponsor, and a person is not required to Estimated Time per Respondent: 4
respond to, a collection of information received on or before February 1, 2016 hours.
unless the collection of information to be assured of consideration. Estimated Total Annual Burden
displays a valid OMB control number. ADDRESSES: Direct all written comments Hours: 96,040.
Books or records relating to a collection to Michael Joplin, Internal Revenue The following paragraph applies to all
of information must be retained as long Service, Room 6129, 1111 Constitution of the collections of information covered
as their contents may become material Avenue NW., Washington, DC 20224. by this notice:
in the administration of any Internal FOR FURTHER INFORMATION CONTACT: An agency may not conduct or
Revenue law. Generally, tax returns and Requests for additional information or sponsor, and a person is not required to
tax return information are confidential, copies of regulations should be directed respond to, a collection of information
as required by 26 U.S.C. 6103. to Kerry Dennis at Internal Revenue unless the collection of information
Request for Comments: Comments Service, Room 6129, 1111 Constitution displays a valid OMB control number.
Avenue NW., Washington, DC 20224, or
tkelley on DSK3SPTVN1PROD with NOTICES

submitted in response to this notice will Books or records relating to a collection
be summarized and/or included in the through the Internet, at of information must be retained as long
request for OMB approval. All Kerry.Dennis@irs.gov. as their contents may become material
comments will become a matter of SUPPLEMENTARY INFORMATION: in the administration of any internal
public record. Comments are invited on: Title: Arbitrage Restrictions on Tax- revenue law. Generally, tax returns and
(a) Whether the collection of Exempt Bonds. tax return information are confidential,
information is necessary for the proper OMB Number: 1545–1347. as required by 26 U.S.C. 6103.

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75170 Federal Register / Vol. 80, No. 230 / Tuesday, December 1, 2015 / Notices

Request for Comments: Comments Service, Room 6129, 1111 Constitution minimize the burden of the collection of
submitted in response to this notice will Avenue NW., Washington, DC 20224, or information on respondents, including
be summarized and/or included in the through the Internet, at through the use of automated collection
request for OMB approval. All Sara.L.Covington@irs.gov. techniques or other forms of information
comments will become a matter of SUPPLEMENTARY INFORMATION: technology; and (e) estimates of capital
public record. Comments are invited on: Title: Tribal Economic Development or start-up costs and costs of operation,
(a) Whether the collection of Bonds. maintenance, and purchase of services
information is necessary for the proper OMB Number: 1545–2233. to provide information.
performance of the functions of the Notice Number: Notice 2012–48. Approved: November 23, 2015.
agency, including whether the Abstract: This Notice solicits Michael A. Joplin,
information shall have practical utility; applications for the reallocation of IRS Supervisory Tax Analyst.
(b) the accuracy of the agency’s estimate available amounts of national bond [FR Doc. 2015–30382 Filed 11–30–15; 8:45 am]
of the burden of the collection of issuance authority limitation for tribal
information; (c) ways to enhance the BILLING CODE 4830–01–P
economic development bonds (‘‘Tribal
quality, utility, and clarity of the Economic Development Bonds’’) that
information to be collected; (d) ways to were previously allocated to eligible DEPARTMENT OF THE TREASURY
minimize the burden of the collection of issuers by the Internal Revenue Service
collection techniques or other forms of (‘‘IRS’’) and that have not been used. Internal Revenue Service
information technology; and (e) This Notice also provides related
estimates of capital or start-up costs and guidance on: (1) The application Proposed Collection; Comment
costs of operation, maintenance, and requirements and forms for requests for Request for Form 8918
purchase of services to provide volume cap allocations, and (2) the
information. AGENCY: Internal Revenue Service (IRS),
method that the IRS and the Department
Treasury.
Approved: November 20, 2015. of the Treasury will use to allocate the
volume cap. ACTION: Notice and request for
Michael Joplin,
Current Actions: There are no changes comments.
IRS Tax Analyst.
[FR Doc. 2015–30383 Filed 11–30–15; 8:45 am]
being made to the burden previously SUMMARY: The Department of the
requested at this time. Treasury, as part of its continuing effort
BILLING CODE 4830–01–P
Type of Review: Extension of a to reduce paperwork and respondent
currently approved collection. burden, invites the general public and
DEPARTMENT OF THE TREASURY Affected Public: Tribal governments. other Federal agencies to take this
Estimated Number of Respondents: opportunity to comment on proposed
Internal Revenue Service 143. and/or continuing information
Estimated Average Time per collections, as required by the
Proposed Collection; Comment Respondent: 7 hours. Paperwork Reduction Act of 1995,
Request for Notice 2012–48 Estimated Total Annual Burden Public Law 104–13 (44 U.S.C.
Hours: 1,000. 3506(c)(2)(A)). Currently, the IRS is
AGENCY: Internal Revenue Service (IRS),
The following paragraph applies to all soliciting comments concerning Form
Treasury.
of the collections of information covered 8918, Material Advisor Disclosure
ACTION: Notice and request for by this notice:
comments. Statement.
An agency may not conduct or
sponsor, and a person is not required to DATES: Written comments should be
SUMMARY: The Department of the received on or before February 1, 2016
Treasury, as part of its continuing effort respond to a collection of information
unless the collection displays a valid to be assured of consideration.
to reduce paperwork and respondent ADDRESSES: Direct all written comments
burden, invites the general public and OMB control number. Books or records
relating to a collection of information to Michael Joplin, Internal Revenue
other Federal agencies to take this Service, Room 6129, 1111 Constitution
opportunity to comment on proposed must be retained as long as their
contents may become material in the Avenue NW., Washington, DC 20224.
and/or continuing information
collections, as required by the administration of any internal revenue FOR FURTHER INFORMATION CONTACT:
Paperwork Reduction Act of 1995, law. Generally, tax returns and tax Requests for additional information or
Public Law 104–13 (44 U.S.C. return information are confidential, as copies of the form and instructions
3506(c)(2)(A)). The IRS is soliciting required by 26 U.S.C. 6103. should be directed to Sara Covington,
comments concerning information Request for Comments: Comments Internal Revenue Service, Room 6129,
collection requirements related to submitted in response to this notice will 1111 Constitution Avenue NW.,
Notice 2012–48, Tribal Economic be summarized and/or included in the Washington, DC 20224, or through the
Development Bonds. request for OMB approval. All Internet at Sara.L.Covington@irs.gov.
comments will become a matter of SUPPLEMENTARY INFORMATION:
DATES: Written comments should be
public record. Comments are invited on: Title: Material Advisor Disclosure
received on or before February 1, 2016 (a) Whether the collection of Statement.
to be assured of consideration. information is necessary for the proper OMB Number: 1545–0865.
ADDRESSES: Direct all written comments performance of the functions of the Form Numbers: 8918.
to Michael Joplin, Internal Revenue
tkelley on DSK3SPTVN1PROD with NOTICES

agency, including whether the Abstract: The American Jobs Creation
Service, Room 6129, 1111 Constitution information shall have practical utility; Act of 2004, Public Law 108–357, 118
Avenue NW., Washington, DC 20224. (b) the accuracy of the agency’s estimate Stat. 1418, (AJCA) was enacted on
FOR FURTHER INFORMATION CONTACT: of the burden of the collection of October 22, 2004. Section 815 of the
Requests for additional information or information; (c) ways to enhance the AJCA amended section 6111 to require
copies of notice should be directed to quality, utility, and clarity of the each material advisor with respect to
Sara Covington, at Internal Revenue information to be collected; (d) ways to any reportable transaction to make a

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Document Created: 2018-03-02 09:10:30
Document Modified: 2018-03-02 09:10:30

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 February 1, 2016 to be assured of consideration.
Contact		Requests for additional information or copies of regulations should be directed to Kerry Dennis at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet, at [email protected]
FR Citation		80 FR 75169

80 FR 75169 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 80, Issue 230 (December 1, 2015)

DEPARTMENT OF THE TREASURY
Internal Revenue Service