81_FR_44220 81 FR 44091 - Publication of Nonconventional Source Production Credit Reference Price for Calendar Year 2015

81 FR 44091 - Publication of Nonconventional Source Production Credit Reference Price for Calendar Year 2015

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 129 (July 6, 2016)

Page Range44091-44091
FR Document2016-15936

Publication of the reference price for the nonconventional source production credit for calendar year 2015. The credit period for nonconventional source production credit ended on December 31, 2013 for facilities producing coke or coke gas (other than from petroleum based products). However, the reference price continues to apply in determining the amount of the enhanced oil recovery credit under section 43, the marginal well production credit under section 45I, and the percentage depletion in case of oil and natural gas produced from marginal properties under section 613A.

Federal Register, Volume 81 Issue 129 (Wednesday, July 6, 2016) 
[Federal Register Volume 81, Number 129 (Wednesday, July 6, 2016)]
[Notices]
[Page 44091]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-15936]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Publication of Nonconventional Source Production Credit Reference 
Price for Calendar Year 2015

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice.

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SUMMARY: Publication of the reference price for the nonconventional 
source production credit for calendar year 2015. The credit period for 
nonconventional source production credit ended on December 31, 2013 for 
facilities producing coke or coke gas (other than from petroleum based 
products). However, the reference price continues to apply in 
determining the amount of the enhanced oil recovery credit under 
section 43, the marginal well production credit under section 45I, and 
the percentage depletion in case of oil and natural gas produced from 
marginal properties under section 613A.

DATES: The reference price under section 45K(d)(2)(C) for calendar year 
2015 applies for purposes of sections 43, 45I, and 613A for taxable 
year 2016.
    Reference Price: The reference price under section 45K(d)(2)(C) for 
calendar year 2015 is $44.39.

FOR FURTHER INFORMATION CONTACT: Martha Garcia, CC:PSI:6, Internal 
Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224, 
Telephone Number (202) 317-6853 (not a toll-free number).

Christopher T. Kelley,
Special Counsel to the Associate Chief Counsel, (Passthroughs and 
Special Industries).
[FR Doc. 2016-15936 Filed 7-5-16; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 81, No. 129 / Wednesday, July 6, 2016 / Notices 44091 collections, as required by the revenue law. Generally, tax returns and Reference Price: The reference price Paperwork Reduction Act of 1995, tax return information are confidential, under section 45K(d)(2)(C) for calendar Public Law 104–13 (44 U.S.C. as required by 26 U.S.C. 6103. year 2015 is $44.39. 3506(c)(2)(A)). Currently, the IRS is Request for Comments: Comments FOR FURTHER INFORMATION CONTACT: soliciting comments concerning Form submitted in response to this notice will Martha Garcia, CC:PSI:6, Internal 8275, Disclosure Statement, and Form be summarized and/or included in the Revenue Service, 1111 Constitution 8275–R, Regulation Disclosure request for OMB approval. All Avenue NW., Washington, DC 20224, Statement. comments will become a matter of Telephone Number (202) 317–6853 (not DATES: Written comments should be public record. Comments are invited on: a toll-free number). received on or before September 6, 2016 (a) Whether the collection of Christopher T. Kelley, to be assured of consideration. information is necessary for the proper Special Counsel to the Associate Chief ADDRESSES: Direct all written comments performance of the functions of the Counsel, (Passthroughs and Special to Tuawana Pinkston, Internal Revenue agency, including whether the Industries). Service, Room 6526, 1111 Constitution information shall have practical utility; [FR Doc. 2016–15936 Filed 7–5–16; 8:45 am] Avenue NW., Washington, DC 20224. (b) the accuracy of the agency’s estimate BILLING CODE 4830–01–P FOR FURTHER INFORMATION CONTACT: of the burden of the collection of Requests for additional information or information; (c) ways to enhance the copies of the form and instructions quality, utility, and clarity of the DEPARTMENT OF THE TREASURY should be directed to Allan Hopkins at information to be collected; (d) ways to Internal Revenue Service, Room 6129, minimize the burden of the collection of Internal Revenue Service 1111 Constitution Avenue NW., information on respondents, including Washington, DC 20224, or through the through the use of automated collection Proposed Collection; Comment internet at Allan.M.Hopkins@irs.gov. techniques or other forms of information Request for Regulation Project technology; and (e) estimates of capital SUPPLEMENTARY INFORMATION: AGENCY: Internal Revenue Service (IRS), or start-up costs and costs of operation, Title: Disclosure Statement (Form Treasury. maintenance, and purchase of services 8275) and Regulation Disclosure ACTION: Notice and request for to provide information. Statement (Form 8275–R). comments. OMB Number: 1545–0889. Approved: June 29, 2016. Form Number: Forms 8275 and 8275– Allan Hopkins, SUMMARY: The Department of the R. Tax Analyst. Treasury, as part of its continuing effort Abstract: Internal Revenue Code [FR Doc. 2016–15905 Filed 7–5–16; 8:45 am] to reduce paperwork and respondent section 6662 imposes accuracy-related BILLING CODE 4830–01–P burden, invites the general public and penalties on taxpayers for substantial other Federal agencies to take this understatement of tax liability or opportunity to comment on proposed negligence or disregard of rules and DEPARTMENT OF THE TREASURY and/or continuing information regulations. Code section 6694 imposes collections, as required by the similar penalties on return preparers. Internal Revenue Service Paperwork Reduction Act of 1995, Regulations sections 1.662–4(e) and (f) Public Law 104–13 (44 U.S.C. provide for reduction of these penalties Publication of Nonconventional Source 3506(c)(2)(A)). Currently, the IRS is if adequate disclosure of the tax Production Credit Reference Price for soliciting comments concerning TD treatment is made on Form 8275 or, if Calendar Year 2015 9107, Guidance Regarding Deduction the position is contrary to regulation on and Capitalization of Expenditures. Form 8275–R. AGENCY: Internal Revenue Service (IRS), DATES: Written comments should be Current Actions: There are no changes Treasury. received on or before September 6, 2016 to the forms at this time. ACTION: Notice. to be assured of consideration. Type of Review: Extension of a ADDRESSES: Direct all written comments currently approved collection. SUMMARY: Publication of the reference to Tuawana Pinkston, Internal Revenue Affected Public: Business or other for- price for the nonconventional source Service, Room 6526, 1111 Constitution profit organizations and individuals, production credit for calendar year Avenue NW., Washington, DC 20224. not-for-profit institutions, and farms. 2015. The credit period for Estimated Number of Responses: FOR FURTHER INFORMATION CONTACT: nonconventional source production Requests for additional information or 666,666. credit ended on December 31, 2013 for Estimated Time per Response: 5 copies of this regulation should be facilities producing coke or coke gas directed to Martha R. Brinson, Internal hours, 34 minutes. (other than from petroleum based Estimated Total Annual Burden Revenue Service, Room 6526, 1111 products). However, the reference price Constitution Avenue NW., Washington, Hours: 3,716,664. continues to apply in determining the The following paragraph applies to all DC 20224, or through the Internet at amount of the enhanced oil recovery Martha.R.Brinson@irs.gov. of the collections of information covered credit under section 43, the marginal by this notice: SUPPLEMENTARY INFORMATION: well production credit under section An agency may not conduct or Title: Guidance Regarding Deduction 45I, and the percentage depletion in sponsor, and a person is not required to and Capitalization of Expenditures. case of oil and natural gas produced ehiers on DSK5VPTVN1PROD with NOTICES respond to, a collection of information OMB Number: 1545–1870. from marginal properties under section unless the collection of information Regulation Project Number: TD 9107. 613A. displays a valid OMB control number. Abstract: The information required to Books or records relating to a collection DATES: The reference price under be retained by taxpayers will constitute of information must be retained as long section 45K(d)(2)(C) for calendar year sufficient documentation for purposes as their contents may become material 2015 applies for purposes of sections 43, of substantiating a deduction. The in the administration of any internal 45I, and 613A for taxable year 2016. information will be used by the agency VerDate Sep<11>2014 15:04 Jul 05, 2016 Jkt 238001 PO 00000 Frm 00106 Fmt 4703 Sfmt 4703 E:\FR\FM\06JYN1.SGM 06JYN1


Document Created: 2016-07-06 07:56:10
Document Modified: 2016-07-06 07:56:10
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.
DatesThe reference price under section 45K(d)(2)(C) for calendar year 2015 applies for purposes of sections 43, 45I, and 613A for taxable year 2016.
ContactMartha Garcia, CC:PSI:6, Internal Revenue Service, 1111 Constitution Avenue NW., Washington, DC 20224, Telephone Number (202) 317-6853 (not a toll-free number).
FR Citation81 FR 44091 
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