81 FR 14937 - Proposed Information Collection; Comment Request

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 53 (March 18, 2016)

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)).

[Federal Register Volume 81, Number 53 (Friday, March 18, 2016)]
[Notices]
[Pages 14937-14938]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-06085]



[[Page 14937]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Information Collection; Comment Request

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)).

DATES: Written comments should be received on or before May 17, 2016 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Elaine, Internal Revenue 
Service, Room 6517, 1111 Constitution Avenue NW., Washington, DC 20224, 
or at [email protected].
    Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or recordkeeping requirement 
number, and OMB number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: To obtain additional information, or 
copies of the information collection and instructions, or copies of any 
comments received, contact Elaine Christophe, at Internal Revenue 
Service, Room 6517, 1111 Constitution Avenue NW., Washington, DC 20224, 
or through the Internet, at [email protected].

SUPPLEMENTARY INFORMATION:

Request for Comments

    The Department of the Treasury and the Internal Revenue Service, as 
part of their continuing effort to reduce paperwork and respondent 
burden, invite the general public and other Federal agencies to take 
this opportunity to comment on the proposed or continuing information 
collections listed below in this notice, as required by the Paperwork 
Reduction Act of 1995, (44 U.S.C. 3501 et seq.).
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in our request for Office of 
Management and Budget (OMB) approval of the relevant information 
collection. All comments will become a matter of public record. Please 
do not include any confidential or inappropriate material in your 
comments.
    We invite comments on: (a) Whether the collection of information is 
necessary for the proper performance of the agency's functions, 
including whether the information has 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 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 the 
requested information.
    Currently, the IRS is seeking comments concerning the following 
forms, and reporting and recordkeeping requirements:
    1. Title: Direct Rollovers and 20-Percent Withholding Upon Eligible 
Rollover Distributions From Qualified Plans.
    OMB Number: 1545-1341.
    Abstract: This regulation implements the provisions of the 
Unemployment Compensation Amendments of 1992 (Pub. L. 102-318), which 
impose mandatory 20 percent income tax withholding upon the taxable 
portion of certain distributions from a qualified pension plan or a 
tax-sheltered annuity that can be rolled over tax-free to another 
eligible retirement plan unless such amounts are transferred directly 
to such other plan in a ``direct rollover'' transaction. These 
provisions also require qualified pension plans and tax sheltered 
annuities to offer their participants the option to elect to make 
``direct rollovers'' of their distributions and to provide distributees 
with a written explanation of the tax laws regarding their 
distributions and their option to elect such a rollover.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals, business or other for-profit 
organizations, not-for profit institutions, and Federal, state, local 
or tribal governments.
    Estimated Number of Respondents: 1,423,926.
    Estimated Time per Respondent: .45 minutes.
    Estimated Total Annual Burden Hours: 643,369.
    2. Title: Notice of Inconsistent Treatment or Administrative 
Adjustment Request (AAR). OMB Number: 1545-0790.
    Form Number: 8082.
    Abstract: A partner, S corporation shareholder, or the holder of a 
residual interest in a real estate mortgage investment conduit (REMIC) 
generally must report items consistent with the way they were reported 
by the partnership or S corporation on Schedule K-1 or by the REMIC on 
Schedule Q. Also, an estate or domestic trust beneficiary, or a foreign 
trust owner or beneficiary, is subject to the consistency reporting 
requirements for returns filed after August 5, 1997. Form 8082 is used 
to notify the IRS of any inconsistency between the tax treatment of 
items reported by the partner, shareholder, etc., and the way the pass-
through entity treated and reported the same item on its tax return.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and farms.
    Estimated Number of Respondents: 7,067.
    Estimated Time per Respondent: 7 hr., 13 min.
    Estimated Total Annual Burden Hours: 51,024.
    3. Title: Notification of Distribution From a Generation-Skipping 
Trust.
    OMB Number: 1545-1143.
    Form Number: 706-GS(D-1).
    Abstract: Form 706-GS(D-1) is used by trustees to provide 
information to the IRS and to distributees regarding generation-
skipping distributions from trusts. The information is needed by 
distributees to compute the generation-skipping tax imposed by Internal 
Revenue Code section 2601. The IRS uses the information to verify that 
the tax has been properly computed.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 80,000.
    Estimated Time per Respondent: 4 hours, 22 minutes.
    Estimated Total Annual Burden Hours: 348,800.
    4. Title: Revenue Procedure 97-43, Procedures for Electing Out of 
Exemptions Under Section 1.475(c)-1, and Revenue Ruling 97-39, Mark-to-
Market Accounting Method for Dealers in Securities.
    OMB Number: 1545-1558.
    Revenue Procedure Number: Revenue Procedure 97-43.
    Revenue Ruling Number: Revenue Ruling 97-39.

[[Page 14938]]

    Abstract: Revenue Procedure 97-43 provides taxpayers automatic 
consent to change to mark-to-market accounting for securities after the 
taxpayer elects under regulation section 1.475(c)-1, subject to certain 
terms and conditions. Revenue Ruling 97-39 provides taxpayers 
additional mark-to-market guidance under section 475 of the Internal 
Revenue Code.
    Current Actions: There are no changes being made to the revenue 
procedure or revenue ruling at this time.
    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: 5 hours.
    Estimated Total Annual Burden Hours: 1,000.
    5. Title: Modernized e-File--Non-compliance with Mandate for Large 
Corporations to file electronically.
    OMB Number: 1545-2023.
    Form Number: MeF letter.
    Abstract: Service will contact those taxpayers who file paper 
income tax returns to determine if these taxpayers should have filed 
electronic returns under the Mandate, Treasury Regulation Section 
301.6011-5T.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 20,250.
    Estimated Time per Respondent: 5 minutes.
    Estimated Total Annual Burden Hours: 2,080.
    6. Title: Form 8971, Information Regarding Beneficiaries Acquiring 
Property from a Decedent.
    OMB Number: 1545-2264.
    Form Number: 8971.
    Abstract: The Surface Transportation and Veterans Health Care 
Choice Improvement Act of 2015 requires executors of an estate and 
other persons who are required to file a Form 706, Form 706-NA, or Form 
706-A, to report to the Internal Revenue Service (IRS) and to each 
beneficiary receiving property from an estate the estate tax value of 
the property, if the return is filed after July 31, 2015. Form 8971 is 
used to report to the IRS and a Schedule A will be sent to each 
beneficiary and a copy of each Schedule A will be attached to the Form 
8971. Some property received by a beneficiary may have a consistency 
requirement, meaning that the beneficiary must use the value reported 
on the Schedule A as the beneficiary's initial basis of the property.
    A beneficiary is an individual, trust, or other estate who has 
acquired (or is expected to acquire) property from the estate. If the 
executor is also a beneficiary who has acquired (or is expected to 
acquire) property from the estate, the executor is a beneficiary for 
purposes of the Form 8971 and Schedule A.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals, Business or other for-profit 
organization, and not-for-profit institutions.
    Estimated Number of Responses: 10,000.
    Estimated Time Per Response: 5.31 minutes.
    Estimated Total Annual Burden Hours: 53,100.
    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.

    Approved: March 11, 2016.
Elaine Christophe,
IRS Tax Analyst.
[FR Doc. 2016-06085 Filed 3-17-16; 8:45 am]
 BILLING CODE 4830-01-P