81 FR 31304 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 96 (May 18, 2016)

Page Range		31304-31305
FR Document		2016-11656

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 on the information collection burden relating to basis and transfer statement reporting for covered securities, including debt instruments, options, and other securities.

Federal Register, Volume 81 Issue 96 (Wednesday, May 18, 2016)

[Federal Register Volume 81, Number 96 (Wednesday, May 18, 2016)]
[Notices]
[Pages 31304-31305]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-11656]


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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 on the 
information collection burden relating to basis and transfer statement 
reporting for covered securities, including debt instruments, options, 
and other securities.

DATES: Written comments should be received on or before July 18, 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 regulations should be directed to Sara Covington, at 
Internal Revenue Service, room 6526, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet, at 
Sara.L.Covington@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: T.D. 9504--Basis Reporting by Securities Brokers and Basis 
Determination for Stock;
    T.D. 9616--Basis Reporting by Securities Brokers and Basis

[[Page 31305]]

Determination for Debt Instruments and Options;
    T.D. 9713--Basis Reporting by Securities Brokers and Basis 
Determination for Debt Instruments and Options;
    T.D. 9750--Basis and Transfer Reporting by Securities Brokers for 
Debt Instruments and Options.
    OMB Number: 1545-2186.
    Regulation Project Number: REG-101896-09, REG-102988-11, REG-
154563-12, and REG-143040-14.
    Abstract: The final regulations under section 6045 provide rules on 
basis reporting by brokers for transactions involving covered 
securities, including debt instruments and options. The final 
regulations under section 6045A provide reporting rules that apply upon 
a transfer of a covered security from one broker to another broker. 
These final regulations under sections 6045 and 6045A reflect changes 
in the law made by the Energy Improvement and Extension Act of 2008, 
Division B of Public Law 110-343 (122 Stat. 3765, 3854 (2008)), that 
require brokers when reporting the sale of a covered security to the 
IRS to include the customer's adjusted basis in the sold securities and 
to classify any gain or loss as long-term or short-term. The 
information collected for covered securities under Sec.  1.6045-1, 
including Sec.  1.6045-1(c)(3)(xi)(C) (relating to short sales), and 
Sec.  1.6045A-1 allows a broker who effects a sale of a transferred 
covered security, including a debt instrument or option, to determine 
and report the adjusted basis of the security and whether any gain or 
loss with respect to the sale is ordinary (for certain debt 
instruments), long-term, or short-term in compliance with section 
6045(g) of the Internal Revenue Code. The information collected under 
Sec.  1.6045-1(n)(5) relates to information required to be reported by 
the holder of a debt instrument to a broker for certain holder 
elections that affect how the debt instrument's basis is computed, 
which will enable the broker to comply with its reporting obligations 
under section 6045(g).
    Current Actions: There are changes to these existing regulations.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses or other for-profit institutions and 
individuals or households.
    Estimated Number of Respondents: 79,000.
    Estimated Total Annual Responses: 11,211,500.
    Estimated Total Burden Hours: 694,750.
    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: May 3, 2016.
Tuawana Pinkston,
IRS Supervisory Tax Analyst.
[FR Doc. 2016-11656 Filed 5-17-16; 8:45 am]
 BILLING CODE 4830-01-P

31304 Federal Register / Vol. 81, No. 96 / Wednesday, May 18, 2016 / Notices

Sanctions Pursuant to the Hizballah Secretary may prescribe by regulation, (b) the accuracy of the agency’s estimate
Financial Sanctions Regulations [SDGT]. section 6103(c) of the Internal Revenue of the burden of the collection of
Dated: May 13, 2016. Code authorizes the Internal Revenue information; (c) ways to enhance the
John E. Smith, Service to disclose a taxpayer’s return or quality, utility, and clarity of the
Acting Director, Office of Foreign Assets return information to such person or information to be collected; (d) ways to
Control. persons as the taxpayer may designate minimize the burden of the collection of
[FR Doc. 2016–11684 Filed 5–17–16; 8:45 am] in a request for or consent to such information on respondents, including
disclosure, or to any other person at the through the use of automated collection
BILLING CODE 4810–AL–P
taxpayer’s request to the extent techniques or other forms of information
necessary to comply with the taxpayer’s technology; and (e) estimates of capital
DEPARTMENT OF THE TREASURY request to such other person for or start-up costs and costs of operation,
information or assistance. This maintenance, and purchase of services
Internal Revenue Service regulation (§ 301.6103(c)–1), contains to provide information.
the requirements that must be met Approved: May 9, 2016.
Proposed Collection; Comment before, and the conditions under which, R. Joseph Durbala,
Request for Form 4506T–EZ, 4506–T– the Internal Revenue Service may make IRS Tax Analyst.
EZ (SP) such disclosures. [FR Doc. 2016–11650 Filed 5–17–16; 8:45 am]
Individuals can use Form 4506T–EZ
AGENCY: Internal Revenue Service (IRS), BILLING CODE 4830–01–P
to request a tax return transcript that
Treasury.
includes most lines of the original tax
ACTION: Notice and request for return. The tax return transcript will not
comments. DEPARTMENT OF THE TREASURY
show payments, penalty assessments, or
SUMMARY: The Department of the adjustments made to the originally filed Internal Revenue Service
Treasury, as part of its continuing effort return. Form 4506T–EZ (SP) is the
to reduce paperwork and respondent Spanish translated version of the Form Proposed Collection; Comment
burden, invites the general public and 4507T–EZ. It is also used to request a Request for Regulation Project
other Federal agencies to take this tax return transcript that includes most
AGENCY: Internal Revenue Service (IRS),
opportunity to comment on proposed lines of the original tax return.
Treasury.
Current Actions: There is no change
and/or continuing information ACTION: Notice and request for
in the paperwork burden previously
collections, as required by the comments.
approved by OMB. This form is being
Paperwork Reduction Act of 1995,
submitted for renewal purposes only. SUMMARY: The Department of the
Public Law 104–13 (44 U.S.C.
Type of Review: Extension of a Treasury, as part of its continuing effort
3506(c)(2)(A)). Currently, the IRS is
currently approved collection. to reduce paperwork and respondent
soliciting comments concerning Form Affected Public: Individuals or
4506T–EZ, Short Form Request for burden, invites the general public and
Households, Farms, and Businesses and other Federal agencies to take this
Individual Tax Return Transcript, and other for-profit organizations.
4506T–EZ(SP), Formulario Abreviado opportunity to comment on proposed
Estimated Number of Respondents:
para la Solicitud de un Trasunto de la and/or continuing information
1,100,000. collections, as required by the
Declaracion de Impuestos Personales. Estimated Time per Respondent: 47
DATES: Written comments should be
Paperwork Reduction Act of 1995,
minutes.
Estimated Total Annual Burden Public Law 104–13 (44 U.S.C.
received on or before July 18, 2016 to be
Hours: 870,000. 3506(c)(2)(A)). Currently, the IRS is
assured of consideration.
The following paragraph applies to all soliciting comments on the information
ADDRESSES: Direct all written comments collection burden relating to basis and
to Tuawana Pinkston, Internal Revenue of the collections of information covered
by this notice: transfer statement reporting for covered
Service, room 6526, 1111 Constitution securities, including debt instruments,
Avenue NW., Washington, DC 20224. An agency may not conduct or
sponsor, and a person is not required to options, and other securities.
FOR FURTHER INFORMATION CONTACT: DATES: Written comments should be
respond to, a collection of information
Requests for additional information or unless the collection of information received on or before July 18, 2016 to be
copies of the form and instructions displays a valid OMB control number. assured of consideration.
should be directed to R. Joseph Durbala, Books or records relating to a collection ADDRESSES: Direct all written comments
(202) 317–5746, at Internal Revenue of information must be retained as long to Tuawana Pinkston, Internal Revenue
Service, Room 6129, 1111 Constitution as their contents may become material Service, room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224, or in the administration of any internal Avenue NW., Washington, DC 20224.
through the internet at revenue law. Generally, tax returns and FOR FURTHER INFORMATION CONTACT:
RJoseph.Durbala@irs.gov. tax return information are confidential, Requests for additional information or
SUPPLEMENTARY INFORMATION: as required by 26 U.S.C. 6103. copies of the regulations should be
Title: Short Form Request for Request for Comments: Comments directed to Sara Covington, at Internal
Individual Tax Return Transcript submitted in response to this notice will Revenue Service, room 6526, 1111
(4506T–EZ); Formulario Abreviado para be summarized and/or included in the Constitution Avenue NW., Washington,
la Solicitud de un Trasunto de la request for OMB approval. All DC 20224, or through the internet, at
sradovich on DSK3TPTVN1PROD with NOTICES

Declaracion de Impuestos Personales comments will become a matter of Sara.L.Covington@irs.gov.
(4506T–EZ(SP)). public record. Comments are invited on: SUPPLEMENTARY INFORMATION:
OMB Number: 1545–2154. (a) Whether the collection of Title: T.D. 9504—Basis Reporting by
Form Number: Form 4506T–EZ, Form information is necessary for the proper Securities Brokers and Basis
4506T–EZ (SP). performance of the functions of the Determination for Stock;
Abstract: Subject to such agency, including whether the T.D. 9616—Basis Reporting by
requirements and conditions as the information shall have practical utility; Securities Brokers and Basis

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Federal Register / Vol. 81, No. 96 / Wednesday, May 18, 2016 / Notices 31305

Determination for Debt Instruments and The following paragraph applies to all soliciting comments concerning source
Options; of the collections of information covered of income from certain space and ocean
T.D. 9713—Basis Reporting by by this notice: activities; source of communications
Securities Brokers and Basis An agency may not conduct or income.
Determination for Debt Instruments and sponsor, and a person is not required to DATES: Written comments should be
Options; respond to, a collection of information received on or before July 18, 2016 to be
T.D. 9750—Basis and Transfer unless the collection of information assured of consideration.
Reporting by Securities Brokers for Debt displays a valid OMB control number.
ADDRESSES: Direct all written comments
Instruments and Options. Books or records relating to a collection
to Tuawana Pinkston, Internal Revenue
OMB Number: 1545–2186. of information must be retained as long
Service, room 6528, 1111 Constitution
as their contents may become material
Regulation Project Number: REG– Avenue NW., Washington, DC 20224.
in the administration of any internal
101896–09, REG–102988–11, REG– FOR FURTHER INFORMATION CONTACT:
revenue law. Generally, tax returns and
154563–12, and REG–143040–14. Requests for additional information or
tax return information are confidential,
Abstract: The final regulations under as required by 26 U.S.C. 6103. copies of the regulation should be
section 6045 provide rules on basis Request for Comments: Comments directed to R. Joseph Durbala at Internal
reporting by brokers for transactions submitted in response to this notice will Revenue Service, room 6129, 1111
involving covered securities, including be summarized and/or included in the Constitution Avenue NW., Washington,
debt instruments and options. The final request for OMB approval. All DC 20224, or at (202) 317–5746, or
regulations under section 6045A comments will become a matter of through the internet at
provide reporting rules that apply upon public record. Comments are invited on: RJoseph.Durbala@irs.gov.
a transfer of a covered security from one (a) Whether the collection of SUPPLEMENTARY INFORMATION:
broker to another broker. These final information is necessary for the proper Title: Source of Income from Certain
regulations under sections 6045 and performance of the functions of the Space and Ocean Activities; Source of
6045A reflect changes in the law made agency, including whether the Communications Income.
by the Energy Improvement and OMB Number: 1545–1718.
information shall have practical utility; Regulation Project Number: TD 9305.
Extension Act of 2008, Division B of (b) the accuracy of the agency’s estimate
Public Law 110–343 (122 Stat. 3765, Abstract: TD 9305 contains final
of the burden of the collection of regulations under section 863(d)
3854 (2008)), that require brokers when information; (c) ways to enhance the
reporting the sale of a covered security governing the source of income from
quality, utility, and clarity of the certain space and ocean activities. The
to the IRS to include the customer’s information to be collected; (d) ways to
adjusted basis in the sold securities and final regulations primarily affect
minimize the burden of the collection of persons who derive income from
to classify any gain or loss as long-term information on respondents, including
or short-term. The information collected activities conducted in space, or on or
through the use of automated collection under water not within the jurisdiction
for covered securities under § 1.6045–1, techniques or other forms of information
including § 1.6045–1(c)(3)(xi)(C) of a foreign country, possession of the
technology; and (e) estimates of capital United States, or the United States (in
(relating to short sales), and § 1.6045A– or start-up costs and costs of operation, international water). The final
1 allows a broker who effects a sale of maintenance, and purchase of services regulations also affect persons who
a transferred covered security, including to provide information. derive income from transmission of
a debt instrument or option, to
Approved: May 3, 2016. communications.
determine and report the adjusted basis Current Actions: There is no change to
of the security and whether any gain or Tuawana Pinkston,
IRS Supervisory Tax Analyst. these existing regulations.
loss with respect to the sale is ordinary Type of Review: Extension of a
(for certain debt instruments), long- [FR Doc. 2016–11656 Filed 5–17–16; 8:45 am]
currently approved collection.
term, or short-term in compliance with BILLING CODE 4830–01–P Affected Public: Business or other for-
section 6045(g) of the Internal Revenue profit organizations.
Code. The information collected under Estimated Number of Respondents/
§ 1.6045–1(n)(5) relates to information DEPARTMENT OF THE TREASURY Recordkeepers: 250.
required to be reported by the holder of Estimated Average Time Per
a debt instrument to a broker for certain Internal Revenue Service
Respondent/Recordkeeper: 5 hours.
holder elections that affect how the debt Proposed Collection; Comment Estimated Total Annual Reporting/
instrument’s basis is computed, which Request for Regulation Project Recordkeeping Hours: 1,250.
will enable the broker to comply with The following paragraph applies to all
its reporting obligations under section AGENCY: Internal Revenue Service (IRS), of the collections of information covered
6045(g). Treasury. by this notice:
Current Actions: There are changes to ACTION: Notice and request for An agency may not conduct or
these existing regulations. comments. sponsor, and a person is not required to
respond to, a collection of information
Type of Review: Revision of a SUMMARY: The Department of the unless the collection of information
currently approved collection. Treasury, as part of its continuing effort displays a valid OMB control number.
Affected Public: Businesses or other to reduce paperwork and respondent Books or records relating to a collection
for-profit institutions and individuals or burden, invites the general public and of information must be retained as long
sradovich on DSK3TPTVN1PROD with NOTICES

households. 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
79,000. and/or continuing information revenue law. Generally, tax returns and
Estimated Total Annual Responses: collections, as required by the tax return information are confidential,
11,211,500. Paperwork Reduction Act of 1995, as required by 26 U.S.C. 6103.
Estimated Total Burden Hours: Public Law 104–13 (44 U.S.C. Request for Comments: Comments
694,750. 3506(c)(2)(A)). Currently, the IRS is submitted in response to this notice will

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Document Created: 2016-05-18 00:06:43
Document Modified: 2016-05-18 00:06:43

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 July 18, 2016 to be assured of consideration.
Contact		Requests for additional information or copies of the regulations 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 Citation		81 FR 31304

81 FR 31304 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 81, Issue 96 (May 18, 2016)

DEPARTMENT OF THE TREASURY
Internal Revenue Service