81_FR_27280 81 FR 27193 - Proposed Collection; Comment Request for Regulation Project

81 FR 27193 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 87 (May 5, 2016)

Page Range27193-27194
FR Document2016-10571

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 general rules for making and maintaining qualified electing fund elections.

Federal Register, Volume 81 Issue 87 (Thursday, May 5, 2016) 
[Federal Register Volume 81, Number 87 (Thursday, May 5, 2016)]
[Notices]
[Pages 27193-27194]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-10571]


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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 
general rules for making and maintaining qualified electing fund 
elections.

DATES: Written comments should be received on or before July 5, 2016 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to Sara Covington, at 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: General Rules for Making and Maintaining Qualified Electing 
Fund Elections.
    OMB Number: 1545-1555.
    Regulation Project Number: REG-115795-97.
    Abstract: This regulation provides guidance to a passive foreign 
investment company (PFIC) shareholder that makes the election under 
Code section 1295 to

[[Page 27194]]

treat the PFIC as a qualified electing fund (QEF), and for PFIC 
shareholders that wish to make a section 1295 election that will apply 
on a retroactive basis. Guidance is also provided on revoking such 
elections.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organization, and not-for-profit institutions.
    Estimated Number of Respondents: 1,290.
    Estimated Time per Respondent: 29 minutes.
    Estimated Total Annual Burden Hours: 623.
    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 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: April 28, 2016.
Sara Covington,
IRS Tax Analyst.
[FR Doc. 2016-10571 Filed 5-4-16; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 81, No. 87 / Thursday, May 5, 2016 / Notices 27193 Estimated Number of Respondents: Affected Public: Not-for-profit unless the collection of information 5,000. institutions. displays a valid OMB control number. Estimated Time per Respondent: 14 Estimated Number of Respondents: Books or records relating to a collection hours, 50 minutes. 55,000. of information must be retained as long Estimated Total Annual Burden Estimated Time per Respondent: 200 as their contents may become material Hours: 74,200. hrs., 58 min. in the administration of any internal 7. Title: Extended Carryback of Losses Estimated Total Annual Reporting revenue law. Generally, tax returns and to or From a Consolidated Group. Burden Hours: 11,052,594. tax return information are confidential, OMB Number: 1545–2171. 9. Title: Treatment of Shareholders of as required by 26 U.S.C. 6103. Regulations: TD 9490. Certain Passive Foreign Investment Approved: April 28, 2016. Abstract: This document contains Companies. final and temporary regulations under Tuawana Pinkston, OMB Number: 1545–1507. section 1502 that affect corporations Regulation Project Number: INTL– Supervisory Tax Analyst. filing consolidated returns. The 656–87 (TD 8701). [FR Doc. 2016–10587 Filed 5–4–16; 8:45 am] regulations contain rules regarding the Abstract: The reporting requirements BILLING CODE 4830–01–P implementation of section 172(b)(1)(H) affect United States persons that are within a consolidated group. These direct and indirect shareholders of regulations also permit certain acquiring passive foreign investment companies DEPARTMENT OF THE TREASURY consolidated groups to elect to waive all (PFICSs). The requirements enable the or a portion of the pre-acquisition Internal Revenue Service to identify Internal Revenue Service carryback period pursuant to section PFICs, United States shareholders, and Proposed Collection; Comment 172(b)(1)(H) for specific losses transactions subject to PFIC taxation Request for Regulation Project attributable to certain acquired and verify income inclusions, excess members. distributions, and deferred tax amounts. AGENCY: Internal Revenue Service (IRS), Current Actions: There is no change to Current Actions: There is no change to Treasury. this existing regulation. this existing regulation. ACTION: Notice and request for Type of Review: Extension of a Type of Review: Extension of a comments. currently approved collection. currently approved collection. Affected Public: Business or other for- Affected Public: Individuals, business SUMMARY: The Department of the profit organizations. or other for-profit organizations, and Treasury, as part of its continuing effort Estimated Number of Respondents: not-for-profit institutions. to reduce paperwork and respondent 4,000 Estimated Number of Respondents: burden, invites the general public and Estimated Time per Respondent: 0.25 131,250. other Federal agencies to take this hours Estimated Time per Respondent: 46 opportunity to comment on proposed Estimated Total Annual Burden minutes. and/or continuing information Hours: 1,000 Estimated Total Annual Burden collections, as required by the 8. Title: Form 990–PF, Return of Hours: 100,000. Paperwork Reduction Act of 1995, Private Foundation or Section 4947(a)(1) 10. Title: Credit for New Qualified Public Law 104–13 (44 U.S.C. Nonexempt charitable Trust Treated as Alternative Motor Vehicles (Qualified 3506(c)(2)(A)). Currently, the IRS is a Private Foundation, and Form 4720, Fuel Cell Motor Vehicles). soliciting comments concerning general return of Certain Excise Taxes on OMB Number: 1545–2028. rules for making and maintaining Charities and Other Persons Under Form Number: Notice 2008–33. qualified electing fund elections. Chapters 41 and 42 of the Internal Abstract: This Notice will be used to DATES: Written comments should be revenue Code. determine whether the vehicle for received on or before July 5, 2016 to be OMB Number: 1545–0052. which the credit is claimed under § 30B assured of consideration. Form Number: 990–PF and 4720. by a taxpayer is property that qualifies Abstract: Internal Revenue Code ADDRESSES: Direct all written comments for the credit. The collection of section 6033 requires all private to Tuawana Pinkston, Internal Revenue information is required to obtain a foundations, including section Service, Room 6526, 1111 Constitution benefit. The likely respondents are 4947(a)(1) trusts treated as private Avenue NW., Washington, DC 20224. corporations and partnerships. foundations, to file an annual Current Actions: There is no change FOR FURTHER INFORMATION CONTACT: information return. Section 53.4940– in the paperwork burden previously Requests for additional information or 1(a) of the Income Tax Regulations approved by OMB. copies of the regulation should be requires that the tax on net investment Type of Review: Extension of a directed to Sara Covington, at Internal income be reported on the return filed currently approved collection. Revenue Service, Room 6526, 1111 under section 6033. Form 990–PF is Affected Public: Individuals and Constitution Avenue NW., Washington, used for this purpose. Section 6011 Households, Businesses and other for- DC 20224, or through the internet at requires a report of taxes under Chapter profit organizations. Sara.L.Covington@irs.gov. 42 of the Code for prohibited acts by Estimated Number of Respondents: 5. SUPPLEMENTARY INFORMATION: private foundations and certain related Estimated Time per Respondent: 40 Title: General Rules for Making and parties. Form 4720 is used by hours. Maintaining Qualified Electing Fund foundations and/or related persons to Estimated Total Annual Burden Elections. mstockstill on DSK3G9T082PROD with NOTICES report prohibited activities in detail and Hours: 200. OMB Number: 1545–1555. pay the tax on them. The following paragraph applies to all Regulation Project Number: REG– Current Actions: There are no changes of the collections of information covered 115795–97. being made to the revenue procedure at by this notice: Abstract: This regulation provides this time. An agency may not conduct or guidance to a passive foreign investment Type of Review: Extension of a sponsor, and a person is not required to company (PFIC) shareholder that makes currently approved collection. respond to, a collection of information the election under Code section 1295 to VerDate Sep<11>2014 18:06 May 04, 2016 Jkt 238001 PO 00000 Frm 00111 Fmt 4703 Sfmt 4703 E:\FR\FM\05MYN1.SGM 05MYN1

27194 Federal Register / Vol. 81, No. 87 / Thursday, May 5, 2016 / Notices treat the PFIC as a qualified electing DEPARTMENT OF THE TREASURY suggestions on improving customer fund (QEF), and for PFIC shareholders service at the Internal Revenue Service. that wish to make a section 1295 Internal Revenue Service DATES: The meeting will be held election that will apply on a retroactive Wednesday, June 8, 2016. basis. Guidance is also provided on Open Meeting of the Taxpayer FOR FURTHER INFORMATION CONTACT: Otis revoking such elections. Advocacy Panel Joint Committee Simpson at 1–888–912–1227 or 202– Current Actions: There is no change to AGENCY: Internal Revenue Service (IRS), 317–3332. this existing regulation. Treasury. SUPPLEMENTARY INFORMATION: Notice is Type of Review: Extension of a ACTION: Notice of meeting. hereby given pursuant to Section currently approved collection. 10(a)(2) of the Federal Advisory SUMMARY: An open meeting of the Committee Act, 5 U.S.C. App. (1988) Affected Public: Individuals or Taxpayer Advocacy Panel Joint that a meeting of the Taxpayer households, business or other for-profit Committee will be conducted. The Advocacy Panel Taxpayer Assistance organization, and not-for-profit Taxpayer Advocacy Panel is soliciting Center Improvements Project Committee institutions. public comments, ideas, and will be held Wednesday, June 8, 2016, Estimated Number of Respondents: suggestions on improving customer at 2:00 p.m. Eastern Time. The public is 1,290. service at the Internal Revenue Service. invited to make oral comments or Estimated Time per Respondent: 29 DATES: The meeting will be held submit written statements for minutes. Wednesday, June 29, 2016. consideration. Due to limited conference lines, notification of intent Estimated Total Annual Burden FOR FURTHER INFORMATION CONTACT: Kim to participate must be made with Otis Hours: 623. Vinci at 1–888–912–1227 or 916–974– Simpson. For more information please 5086. The following paragraph applies to all contact: Otis Simpson at 1–888–912– of the collections of information covered SUPPLEMENTARY INFORMATION: Notice is 1227 or 202–317–3332, TAP Office, by this notice: hereby given pursuant to Section 1111 Constitution Avenue NW., Room An agency may not conduct or 10(a)(2) of the Federal Advisory 1509—National Office, Washington, DC sponsor, and a person is not required to Committee Act, 5 U.S.C. App. (1988) 20224, or contact us at the Web site: respond to, a collection of information that an open meeting of the Taxpayer http://www.improveirs.org. Advocacy Panel Joint Committee will be The committee will be discussing unless the collection of information held Wednesday, June 29, 2016, at 1:00 various issues related to the Taxpayer displays a valid OMB control number. p.m. Eastern Time via teleconference. Assistance Centers and public input is Books or records relating to a collection The public is invited to make oral welcomed. of information must be retained as long as their contents may become material comments or submit written statements Dated: May 2, 2016. in the administration of any internal for consideration. For more information Otis Simpson, please contact: Kim Vinci at 1–888– revenue law. Generally, tax returns and Acting Director, Taxpayer Advocacy Panel. 912–1227 or 916–974–5086, TAP Office, tax return information are confidential, [FR Doc. 2016–10616 Filed 5–4–16; 8:45 am] 4330 Watt Ave, Sacramento, CA 95821, as required by 26 U.S.C. 6103. BILLING CODE 4830–01–P or contact us at the Web site: http:// Request For Comments: Comments www.improveirs.org. submitted in response to this notice will The agenda will include various be summarized and/or included in the DEPARTMENT OF THE TREASURY committee issues for submission to the request for OMB approval. All IRS and other TAP related topics. Public Internal Revenue Service comments will become a matter of input is welcomed. public record. Comments are invited on: Open Meeting of the Taxpayer Dated: May 2, 2016. (a) Whether the collection of Advocacy Panel Special Projects information is necessary for the proper Otis Simpson, Committee performance of the functions of the Acting Director, Taxpayer Advocacy Panel. agency, including whether the [FR Doc. 2016–10615 Filed 5–4–16; 8:45 am] AGENCY: Internal Revenue Service (IRS), information shall have practical utility; BILLING CODE 4830–01–P Treasury. (b) the accuracy of the agency’s estimate ACTION: Notice of meeting. of the burden of the collection of DEPARTMENT OF THE TREASURY SUMMARY: An open meeting of the information; (c) ways to enhance the Taxpayer Advocacy Panel Special quality, utility, and clarity of the Internal Revenue Service Projects Committee will be conducted. information to be collected; (d) ways to The Taxpayer Advocacy Panel is minimize the burden of the collection of Open Meeting of the Taxpayer soliciting public comments, ideas, and information on respondents, including Advocacy Panel Taxpayer Assistance suggestions on improving customer through the use of automated collection Center Improvements Project service at the Internal Revenue Service. techniques or other forms of information Committee DATES: The meeting will be held technology; and (e) estimates of capital or start-up costs and costs of operation, AGENCY: Internal Revenue Service (IRS), Tuesday, June 7, 2016. maintenance, and purchase of services Treasury. FOR FURTHER INFORMATION CONTACT: Kim mstockstill on DSK3G9T082PROD with NOTICES to provide information. Vinci at 1–888–912–1227 or 916–974– ACTION: Notice of meeting. 5086. Approved: April 28, 2016. SUMMARY: The Taxpayer Advocacy SUPPLEMENTARY INFORMATION: Notice is Sara Covington, Panel Taxpayer Assistance Center hereby given pursuant to Section IRS Tax Analyst. Improvements Project Committee will 10(a)(2) of the Federal Advisory [FR Doc. 2016–10571 Filed 5–4–16; 8:45 am] conduct an open meeting and will Committee Act, 5 U.S.C. App. (1988) BILLING CODE 4830–01–P solicit public comments, ideas, and that a meeting of the Taxpayer VerDate Sep<11>2014 18:06 May 04, 2016 Jkt 238001 PO 00000 Frm 00112 Fmt 4703 Sfmt 4703 E:\FR\FM\05MYN1.SGM 05MYN1


Document Created: 2016-05-05 01:15:32
Document Modified: 2016-05-05 01:15:32
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 July 5, 2016 to be assured of consideration.
ContactRequests for additional information or copies of the regulation should be directed to Sara Covington, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at [email protected]
FR Citation81 FR 27193 
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