81_FR_84154 81 FR 83929 - Submission for OMB Review; Comment Request

81 FR 83929 - Submission for OMB Review; Comment Request

DEPARTMENT OF THE TREASURY

Federal Register Volume 81, Issue 225 (November 22, 2016)

Page Range83929-83930
FR Document2016-28092

Federal Register, Volume 81 Issue 225 (Tuesday, November 22, 2016) 
[Federal Register Volume 81, Number 225 (Tuesday, November 22, 2016)]
[Notices]
[Pages 83929-83930]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-28092]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

November 17, 2016.
    The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, Public Law 104-13, on or after the date of 
publication of this notice.

DATES: Comments should be received on or before December 22, 2016 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimates, or any other 
aspect of the information collections, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
Treasury, New Executive Office Building, Room 10235, Washington, DC 
20503, or email at [email protected] and (2) Treasury PRA 
Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8142, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained by emailing [email protected], calling (202) 622-0934, or 
viewing the entire information collection request at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Control Number: 1545-0731.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Definition of an S Corporation.
    Abstract: The regulations provide the procedures and the statements 
to be filed by certain individuals for making the election under 
section 1361(d)(2). The statements required to be filed would be used 
to verify that taxpayers are complying with requirements imposed by 
Congress under subchapter S.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 1,005.
    OMB Control Number: 1545-0763.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Qualified Conservation Contributions.
    Abstract: The information is necessary to comply with various 
substantive requirements of section 170(h), which describes situations 
in which a taxpayer is entitled to an income tax deduction for a 
charitable contribution for conservation purposes of a partial interest 
in real property.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 1,250.
    OMB Control Number: 1545-0782.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Limitation on reduction in income tax liability incurred to 
the Virgin Islands.
    Abstract: The Tax Reform Act of 1986 repealed the mandatory 
reporting and recordkeeping requirements of section 934(d)(1954 Code). 
The prior exception to the general rule of section 934 (1954 Code) to 
prevent the Government of the

[[Page 83930]]

U.S. Virgin Islands from granting tax rebates with regard to taxes 
attributable to income derived from sources within the U.S. was 
contingent upon the taxpayer's compliance with the reporting 
requirements of section 934(d).
    Affected Public: Individuals or Households.
    Estimated Total Annual Burden Hours: 185.
    OMB Control Number: 1545-0959.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Qualified Disclaimers of Property.
    Abstract: 26 U.S.C. Section 2518 allows a person to disclaim an 
interest in property received by gift or inheritance. The interest is 
treated as if the dis-claimant never received or transferred such 
interest for Federal gift tax purposes. A qualified disclaimer must be 
in writing and delivered to the transferor or trustee.
    Affected Public: Individuals or Households.
    Estimated Total Annual Burden Hours: 1,000.
    OMB Control Number: 1545-0990.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Form 8610, Annual Low-Income Housing Credit Agencies Report, 
and Schedule A (Form 8610), Carryover Allocation of Low-Income Housing 
Credit.
    Form: 8610, SCH A (Form 8610).
    Abstract: State housing credit agencies (Agencies) are required by 
Code section 42(l)(3) to report annually the amount of low-income 
housing credits that they allocated to qualified buildings during the 
year. Agencies report the amount allocated to the building owners and 
to the IRS in Part I of Form 8609. Carryover allocations are reported 
to the Agencies in carryover allocation documents. The Agencies report 
the carryover allocations to the IRS on Schedule A (Form 8610). Form 
8610 is a transmittal and reconciliation document for Forms 8609, 
Schedule A (Form 8610), binding agreements, and election statements.
    Affected Public: State, Local, and Tribal Governments.
    Estimated Total Annual Burden Hours: 6,738.
    OMB Control Number: 1545-1219.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Arbitrage Rebate, Yield Restrictions and Penalty in Lieu of 
Arbitrage Rebate.
    Abstract: Form 8038-T is used by issuers of tax exempt bonds to 
report and pay the arbitrage rebate and to elect and/or pay various 
penalties associated with arbitrage bonds. These issuers include state 
and local governments.
    Forms: 8038-T.
    Affected Public: State, Local, and Tribal Governments.
    Estimated Total Annual Burden Hours: 57,900.
    OMB Control Number: 1545-1361.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: 26 CFR part 52, Environmental Taxes.
    Abstract: Section 4681 imposes a tax on ozone-depleting chemicals 
sold or used by a manufacturer or importer thereof. Section 4681 also 
imposes a tax on ozone-depleting chemicals sold or used by a 
manufacturer or importer thereof and imported taxable products sold or 
used by an importer thereof. A floor stocks tax is also imposed. 
Section 4682 provides exemptions and reduced rates of tax for certain 
uses of ozone-depleting chemicals. These regulations provide reporting 
and recordkeeping rules and have been codified under 26 CFR part 52.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 75,265.
    OMB Control Number: 1545-2036.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Taxation and Reporting of REIT Excess Inclusion Income by 
REITs, RICs, and Other Pass-Through Entities (Notice 2006-97).
    Abstract: The notice requires certain REITs, RICs, partnerships and 
other Pass-Through Entities that have excess inclusion income to 
disclose the amount and character of such income allocable to their 
record interest owners. The record interest owners need the information 
to properly report and pay taxes on such income.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 100.
    OMB Control Number: 1545-2047.
    Type of Review: Revision of a currently approved collection.
    Title: Rescission of penalty for failure to include reportable 
transaction information with return.
    Abstract: This revenue procedure provides guidance to persons who 
are assessed a penalty under section 6707A or 6707 of the Internal 
Revenue Code, and who may request rescission of those penalties from 
the Commissioner if the penalty is with respect to a reportable 
transaction other than a listed transaction.
    Affected Public: Individuals or Households.
    Estimated Total Annual Burden Hours: 3,866.
    OMB Control Number: 1545-2161.
    Type of Review: Extension without change of a currently approved 
collection.
    Title: Form 8038-B--Information Return for Build America Bonds and 
Recovery Zone Economic Development Bonds.
    Forms: 8038-B.
    Abstract: Form 8038-B has been developed to assist issuers of the 
new types of Build America and Recovery Zone Economic Development Bonds 
enacted under the American Recovery and Reinvestment Act of 2009 to 
capture information required by IRC section 149(e).
    Affected Public: State, Local, and Tribal Governments.
    Estimated Total Annual Burden Hours: 113,661.

Bob Faber,
Acting Treasury PRA Clearance Officer.
[FR Doc. 2016-28092 Filed 11-21-16; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 81, No. 225 / Tuesday, November 22, 2016 / Notices 83929 can be made in the docket (FTA–2016– savings associations and other issues of including suggestions for reducing the 0044). FTA will respond to comments concern to existing mutual savings burden, to (1) Office of Information and received on the draft Programmatic associations. The agenda includes a Regulatory Affairs, Office of Assessment and Estimator Tool in a discussion of current topics of interest Management and Budget, Attention: second Federal Register notice to be to the industry. Desk Officer for Treasury, New published after the comment period Members of the public may submit Executive Office Building, Room 10235, closes. That second notice will also written statements to the MSAAC. The Washington, DC 20503, or email at announce the availability of a final OCC must receive written statements no OIRA_Submission@OMB.EOP.gov and Programmatic Assessment and the later than 5:00 p.m. EST on Thursday, (2) Treasury PRA Clearance Officer, Estimator Tool that reflects any changes December 1, 2016. Members of the 1750 Pennsylvania Ave. NW., Suite implemented as a result of comments public may submit written statements to 8142, Washington, DC 20220, or email received. MSAAC@occ.treas.gov or by mailing at PRA@treasury.gov. Authority: 42 U.S.C. 4321 et seq.; 40 CFR them to Michael R. Brickman, FOR FURTHER INFORMATION CONTACT: 1507.3; 49 CFR 1.81(a)(5). Designated Federal Officer, Mutual Copies of the submissions may be Savings Association Advisory obtained by emailing PRA@treasury.gov, Lucy Garliauskas, Committee, Office of the Comptroller of calling (202) 622–0934, or viewing the Associate Administrator, Office of Planning the Currency, 400 7th Street SW., entire information collection request at and Environment, Federal Transit Washington, DC 20219. www.reginfo.gov. Administration. Members of the public who plan to [FR Doc. 2016–28104 Filed 11–21–16; 8:45 am] attend the meeting should contact the Internal Revenue Service (IRS) BILLING CODE 4910–57–P OCC by 5:00 p.m. EST on Thursday, OMB Control Number: 1545–0731. December 1, 2016, to inform the OCC of Type of Review: Extension without their desire to attend the meeting and to change of a currently approved DEPARTMENT OF THE TREASURY provide information that will be collection. required to facilitate entry into the Title: Definition of an S Corporation. Office of the Comptroller of the meeting. Members of the public may Abstract: The regulations provide the Currency contact the OCC via email at MSAAC@ procedures and the statements to be [Docket ID OCC–2016–0032] OCC.treas.gov or by telephone at (202) filed by certain individuals for making 649–5420. Members of the public who the election under section 1361(d)(2). Mutual Savings Association Advisory are deaf or hard of hearing should call The statements required to be filed Committee (202) 649–5597 (TTY) by 5:00 p.m. EST would be used to verify that taxpayers Thursday, December 1, 2016, to arrange are complying with requirements AGENCY: Office of the Comptroller of the auxiliary aids such as sign language imposed by Congress under subchapter Currency (OCC), Department of the interpretation for this meeting. S. Treasury. Attendees should provide their full Affected Public: Businesses or other ACTION: Notice of Federal Advisory name, email address, and organization, for-profits. Committee meeting. if any. For security reasons, attendees Estimated Total Annual Burden will be subject to security screening Hours: 1,005. SUMMARY: The OCC announces a OMB Control Number: 1545–0763. procedures and must present a valid meeting of the Mutual Savings Type of Review: Extension without government-issued identification to Association Advisory Committee change of a currently approved enter the building. (MSAAC). collection. Dated: November 16, 2016. Title: Qualified Conservation DATES: A public meeting of the MSAAC Thomas J. Curry, Contributions. will be held on Thursday, December 8, 2016, beginning at 8:30 a.m. Eastern Comptroller of the Currency. Abstract: The information is Standard Time (EST). [FR Doc. 2016–28021 Filed 11–21–16; 8:45 am] necessary to comply with various ADDRESSES: The OCC will hold the BILLING CODE 4810–33–P substantive requirements of section December 8, 2016 meeting of the 170(h), which describes situations in MSAAC at the OCC’s offices at 400 7th which a taxpayer is entitled to an Street SW., Washington, DC 20219. DEPARTMENT OF THE TREASURY income tax deduction for a charitable contribution for conservation purposes FOR FURTHER INFORMATION CONTACT: Submission for OMB Review; of a partial interest in real property. Michael R. Brickman, Deputy Comment Request Affected Public: Businesses or other Comptroller for Thrift Supervision, for-profits. (202) 649–5420, Office of the November 17, 2016. Estimated Total Annual Burden Comptroller of the Currency, The Department of the Treasury will Hours: 1,250. Washington, DC 20219. submit the following information OMB Control Number: 1545–0782. SUPPLEMENTARY INFORMATION: By this collection requests to the Office of Type of Review: Extension without notice, the OCC is announcing that the Management and Budget (OMB) for change of a currently approved MSAAC will convene a meeting on review and clearance in accordance collection. Thursday, December 8, 2016, at the with the Paperwork Reduction Act of Title: Limitation on reduction in OCC’s offices at 400 7th Street SW., 1995, Public Law 104–13, on or after the sradovich on DSK3GMQ082PROD with NOTICES income tax liability incurred to the Washington, DC 20219. The meeting is date of publication of this notice. Virgin Islands. open to the public and will begin at 8:30 DATES: Comments should be received on Abstract: The Tax Reform Act of 1986 a.m. EST. The purpose of the meeting is or before December 22, 2016 to be repealed the mandatory reporting and for the MSAAC to advise the OCC on assured of consideration. recordkeeping requirements of section regulatory changes or other steps the ADDRESSES: Send comments regarding 934(d)(1954 Code). The prior exception OCC may be able to take to ensure the the burden estimates, or any other to the general rule of section 934 (1954 continued health and viability of mutual aspect of the information collections, Code) to prevent the Government of the VerDate Sep<11>2014 16:52 Nov 21, 2016 Jkt 241001 PO 00000 Frm 00133 Fmt 4703 Sfmt 4703 E:\FR\FM\22NON1.SGM 22NON1

83930 Federal Register / Vol. 81, No. 225 / Tuesday, November 22, 2016 / Notices U.S. Virgin Islands from granting tax and pay the arbitrage rebate and to elect Affected Public: Individuals or rebates with regard to taxes attributable and/or pay various penalties associated Households. to income derived from sources within with arbitrage bonds. These issuers Estimated Total Annual Burden the U.S. was contingent upon the include state and local governments. Hours: 3,866. taxpayer’s compliance with the Forms: 8038–T. OMB Control Number: 1545–2161. reporting requirements of section Affected Public: State, Local, and Type of Review: Extension without 934(d). Tribal Governments. change of a currently approved Affected Public: Individuals or Estimated Total Annual Burden collection. Households. Hours: 57,900. Title: Form 8038–B—Information Estimated Total Annual Burden OMB Control Number: 1545–1361. Return for Build America Bonds and Hours: 185. Type of Review: Extension without Recovery Zone Economic Development OMB Control Number: 1545–0959. change of a currently approved Bonds. Type of Review: Extension without collection. Forms: 8038–B. change of a currently approved Title: 26 CFR part 52, Environmental Abstract: Form 8038–B has been collection. Taxes. developed to assist issuers of the new Title: Qualified Disclaimers of Abstract: Section 4681 imposes a tax types of Build America and Recovery Property. on ozone-depleting chemicals sold or Zone Economic Development Bonds Abstract: 26 U.S.C. Section 2518 used by a manufacturer or importer enacted under the American Recovery allows a person to disclaim an interest thereof. Section 4681 also imposes a tax and Reinvestment Act of 2009 to in property received by gift or on ozone-depleting chemicals sold or capture information required by IRC inheritance. The interest is treated as if used by a manufacturer or importer section 149(e). the dis-claimant never received or thereof and imported taxable products Affected Public: State, Local, and transferred such interest for Federal gift sold or used by an importer thereof. A Tribal Governments. tax purposes. A qualified disclaimer floor stocks tax is also imposed. Section Estimated Total Annual Burden must be in writing and delivered to the 4682 provides exemptions and reduced Hours: 113,661. transferor or trustee. rates of tax for certain uses of ozone- Bob Faber, Affected Public: Individuals or depleting chemicals. These regulations Acting Treasury PRA Clearance Officer. Households. provide reporting and recordkeeping Estimated Total Annual Burden [FR Doc. 2016–28092 Filed 11–21–16; 8:45 am] rules and have been codified under 26 Hours: 1,000. CFR part 52. BILLING CODE 4830–01–P OMB Control Number: 1545–0990. Affected Public: Businesses or other Type of Review: Extension without for-profits. change of a currently approved Estimated Total Annual Burden DEPARTMENT OF THE TREASURY collection. Hours: 75,265. Title: Form 8610, Annual Low-Income OMB Control Number: 1545–2036. Submission for OMB Review; Housing Credit Agencies Report, and Type of Review: Extension without Comment Request Schedule A (Form 8610), Carryover change of a currently approved November 17, 2016. Allocation of Low-Income Housing collection. The Department of the Treasury will Credit. Title: Taxation and Reporting of REIT submit the following information Form: 8610, SCH A (Form 8610). Excess Inclusion Income by REITs, RICs, collection request to the Office of Abstract: State housing credit and Other Pass-Through Entities (Notice Management and Budget (OMB) for agencies (Agencies) are required by 2006–97). review and clearance in accordance Code section 42(l)(3) to report annually Abstract: The notice requires certain with the Paperwork Reduction Act of the amount of low-income housing REITs, RICs, partnerships and other 1995, Public Law 104–13, on or after the credits that they allocated to qualified Pass-Through Entities that have excess date of publication of this notice. buildings during the year. Agencies inclusion income to disclose the amount DATES: Comments should be received on report the amount allocated to the and character of such income allocable or before December 22, 2016 to be building owners and to the IRS in Part to their record interest owners. The assured of consideration. I of Form 8609. Carryover allocations record interest owners need the ADDRESSES: Send comments regarding are reported to the Agencies in information to properly report and pay carryover allocation documents. The taxes on such income. the burden estimates, or any other Agencies report the carryover Affected Public: Businesses or other aspect of the information collection, allocations to the IRS on Schedule A for-profits. including suggestions for reducing the (Form 8610). Form 8610 is a transmittal Estimated Total Annual Burden burden, to (1) Office of Information and Hours: 100. Regulatory Affairs, Office of and reconciliation document for Forms OMB Control Number: 1545–2047. Management and Budget, Attention: 8609, Schedule A (Form 8610), binding Type of Review: Revision of a Desk Officer for Treasury, New agreements, and election statements. Affected Public: State, Local, and currently approved collection. Executive Office Building, Room 10235, Tribal Governments. Title: Rescission of penalty for failure Washington, DC 20503, or email at Estimated Total Annual Burden to include reportable transaction OIRA_Submission@OMB.EOP.gov and Hours: 6,738. information with return. (2) Treasury PRA Clearance Officer, OMB Control Number: 1545–1219. Abstract: This revenue procedure 1750 Pennsylvania Ave. NW., Suite provides guidance to persons who are 8142, Washington, DC 20220, or email sradovich on DSK3GMQ082PROD with NOTICES Type of Review: Extension without change of a currently approved assessed a penalty under section 6707A at PRA@treasury.gov. collection. or 6707 of the Internal Revenue Code, FOR FURTHER INFORMATION CONTACT: Title: Arbitrage Rebate, Yield and who may request rescission of those Copies of the submission may be Restrictions and Penalty in Lieu of penalties from the Commissioner if the obtained by emailing PRA@treasury.gov, Arbitrage Rebate. penalty is with respect to a reportable calling (202) 622–0934, or viewing the Abstract: Form 8038–T is used by transaction other than a listed entire information collection request at issuers of tax exempt bonds to report transaction. www.reginfo.gov. VerDate Sep<11>2014 16:52 Nov 21, 2016 Jkt 241001 PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 E:\FR\FM\22NON1.SGM 22NON1


Document Created: 2018-02-14 08:29:05
Document Modified: 2018-02-14 08:29:05
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
DatesComments should be received on or before December 22, 2016 to be assured of consideration.
ContactCopies of the submissions may be obtained by emailing [email protected], calling (202) 622-0934, or viewing the entire information collection request at www.reginfo.gov.
FR Citation81 FR 83929 
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