81_FR_95556 81 FR 95308 - Proposed Collection; Comment Request for Form 1120-C

81 FR 95308 - Proposed Collection; Comment Request for Form 1120-C

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 81, Issue 248 (December 27, 2016)

Page Range95308-95309
FR Document2016-31202

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. Currently, the IRS is soliciting comments concerning Form 1120-C, U.S. Income Tax Return for Cooperative Associations.

Federal Register, Volume 81 Issue 248 (Tuesday, December 27, 2016) 
[Federal Register Volume 81, Number 248 (Tuesday, December 27, 2016)]
[Notices]
[Pages 95308-95309]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-31202]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 1120-C

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. Currently, the IRS is soliciting 
comments concerning Form 1120-C, U.S. Income Tax Return for Cooperative 
Associations.

DATES: Written comments should be received on or before February 27, 
2017 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 form and instructions should be directed to Allan Hopkins 
at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: U.S. Income Tax Return for Cooperative Associations.
    OMB Number: 1545-2052.
    Form Number: 1120-C.
    Abstract: IRS Code section 1381 requires subchapter T cooperatives 
to file returns. Previously, farmers' cooperatives filed Form 990-C and 
other subchapter T cooperatives filed Form 1120. If the subchapter T 
cooperative does not meet certain requirements, the due date of their 
return is two and one-half months after the end of their tax year which 
is the same as the due date for all other corporations. The due date 
for income tax returns filed by subchapter T cooperatives who meet 
certain requirements is eight and one-half months after the end of 
their tax year. Cooperatives who filed their income tax returns on Form 
1120 were considered to be late and penalties were assessed since they 
had not filed by the normal due date for Form 1120. Due to the 
assessment of the penalties, burden was placed on the taxpayer and on 
the IRS employees to resolve the issue. Proposed regulations (Reg-
149436-04) published in the Federal Register (71 FR 43811), proposes 
that all subchapter T cooperatives will file Form 1120-C, U.S. Income 
Tax Return for Cooperative Associations.
    Current Actions: There are no changes being made to this collection 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 3,000.
    Estimated Time per Respondent: 111 hours, 54 minutes.
    Estimated Total Annual Burden Hours: 335,700.
    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

[[Page 95309]]

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: December 21, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-31202 Filed 12-23-16; 8:45 am]
 BILLING CODE 4830-01-P

95308 Federal Register / Vol. 81, No. 248 / Tuesday, December 27, 2016 / Notices Income Housing Credit Disaster Relief information to be collected; (d) ways to requirements, the due date of their for Oklahoma Severe Storms and minimize the burden of the collection of return is two and one-half months after Tornadoes Disaster Relief. information on respondents, including the end of their tax year which is the OMB Number: 1545–2244. through the use of automated collection same as the due date for all other Notice Numbers: Notices 2013–39 and techniques or other forms of information corporations. The due date for income 2013–40. technology; and (e) estimates of capital tax returns filed by subchapter T Abstract: The Internal Revenue or start-up costs and costs of operation, cooperatives who meet certain Service is suspending certain maintenance, and purchase of services requirements is eight and one-half requirements under § 42 of the Internal to provide information. months after the end of their tax year. Revenue Code for low-income housing Approved: December 19, 2016. Cooperatives who filed their income tax credit projects to provide emergency returns on Form 1120 were considered Tuawana Pinkston, housing relief needed as a result of the to be late and penalties were assessed devastation caused by severe storms and Supervisory Tax Analyst. since they had not filed by the normal tornadoes in the State of Oklahoma [FR Doc. 2016–31204 Filed 12–23–16; 8:45 am] due date for Form 1120. Due to the beginning May 18, 2013. This relief is BILLING CODE 4830–01–P assessment of the penalties, burden was being granted pursuant to the Service’s placed on the taxpayer and on the IRS authority under § 42(n) and § 1.42–13(a) employees to resolve the issue. of the Income Tax Regulations. DEPARTMENT OF THE TREASURY Proposed regulations (Reg–149436–04) Current Actions: There is no change published in the Federal Register (71 Internal Revenue Service in the paperwork burden previously FR 43811), proposes that all subchapter approved by OMB. Proposed Collection; Comment T cooperatives will file Form 1120–C, Type of Review: Extension of a Request for Form 1120–C U.S. Income Tax Return for Cooperative currently approved collection. Associations. Affected Public: Individuals and AGENCY: Internal Revenue Service (IRS), Current Actions: There are no changes Households. Treasury. being made to this collection at this Notice 2013–39: ACTION: Notice and request for time. comments. Type of Review: Extension of a Estimated Number of Respondents: currently approved collection. 50. SUMMARY: The Department of the Affected Public: Businesses and other Estimated Time per Response: 30 min. Treasury, as part of its continuing effort for-profit organizations. Estimated Total Annual Burden to reduce paperwork and respondent Estimated Number of Respondents: Hours: 25. burden, invites the general public and 3,000. other Federal agencies to take this Estimated Time per Respondent: 111 Notice 2013–40: opportunity to comment on proposed hours, 54 minutes. Estimated Number of Respondents: and/or continuing information Estimated Total Annual Burden 1200. collections, as required by the Hours: 335,700. Estimated Time per Response: 15 min. Paperwork Reduction Act of 1995. The following paragraph applies to all Estimated Total Annual Burden Currently, the IRS is soliciting of the collections of information covered Hours: 300. comments concerning Form 1120–C, by this notice: The following paragraph applies to all U.S. Income Tax Return for Cooperative An agency may not conduct or of the collections of information covered Associations. sponsor, and a person is not required to by this notice: respond to, a collection of information DATES: Written comments should be An agency may not conduct or unless the collection of information received on or before February 27, 2017 sponsor, and a person is not required to displays a valid OMB control number. to be assured of consideration. respond to, a collection of information Books or records relating to a collection unless the collection of information ADDRESSES: Direct all written comments of information must be retained as long displays a valid OMB control number. to Tuawana Pinkston, Internal Revenue as their contents may become material Books or records relating to a collection Service, Room 6526, 1111 Constitution in the administration of any internal of information must be retained as long Avenue NW., Washington, DC 20224. revenue law. Generally, tax returns and as their contents may become material FOR FURTHER INFORMATION CONTACT: tax return information are confidential, in the administration of any internal Requests for additional information or as required by 26 U.S.C. 6103. revenue law. Generally, tax returns and copies of the form and instructions Request for Comments: Comments tax return information are confidential, should be directed to Allan Hopkins at submitted in response to this notice will as required by 26 U.S.C. 6103. Internal Revenue Service, Room 6129, be summarized and/or included in the Request for Comments: Comments 1111 Constitution Avenue NW., request for OMB approval. All submitted in response to this notice will Washington, DC 20224, or through the comments will become a matter of be summarized and/or included in the internet at Allan.M.Hopkins@irs.gov. public record. Comments are invited on: request for OMB approval. All SUPPLEMENTARY INFORMATION: (a) Whether the collection of comments will become a matter of Title: U.S. Income Tax Return for information is necessary for the proper public record. Comments are invited on: Cooperative Associations. performance of the functions of the (a) Whether the collection of OMB Number: 1545–2052. agency, including whether the asabaliauskas on DSK3SPTVN1PROD with NOTICES information is necessary for the proper Form Number: 1120–C. information shall have practical utility; performance of the functions of the Abstract: IRS Code section 1381 (b) the accuracy of the agency’s estimate agency, including whether the requires subchapter T cooperatives to of the burden of the collection of information shall have practical utility; file returns. Previously, farmers’ information; (c) ways to enhance the (b) the accuracy of the agency’s estimate cooperatives filed Form 990–C and quality, utility, and clarity of the of the burden of the collection of other subchapter T cooperatives filed information to be collected; (d) ways to information; (c) ways to enhance the Form 1120. If the subchapter T minimize the burden of the collection of quality, utility, and clarity of the cooperative does not meet certain information on respondents, including VerDate Sep<11>2014 20:45 Dec 23, 2016 Jkt 241001 PO 00000 Frm 00211 Fmt 4703 Sfmt 4703 E:\FR\FM\27DEN1.SGM 27DEN1

Federal Register / Vol. 81, No. 248 / Tuesday, December 27, 2016 / Notices 95309 through the use of automated collection guzzler auto for personal use. The IRS Affected Public: Not-for-profit techniques or other forms of information uses the information to verify institutions. technology; and (e) estimates of capital computation of the tax and compliance Estimated Total Annual Burden or start-up costs and costs of operation, with the law. Hours: 1,048,290. maintenance, and purchase of services Affected Public: Businesses or other OMB Control Number: 1545–1729. to provide information. for-profits. Type of Review: Extension without Approved: December 21, 2016. Estimated Total Annual Burden change of a currently approved Hours: 4659. collection. Allan Hopkins, OMB Control Number: 1545–1013. Title: TD 9114 (Final) Electronic Tax Analyst. Type of Review: Extension without Payee Statements. [FR Doc. 2016–31202 Filed 12–23–16; 8:45 am] change of a currently approved Abstract: In general, under these BILLING CODE 4830–01–P collection. regulations, a person required to furnish Title: Return of Excise Tax on a statement on Form W–2 under Code Undistributed Income of Real Estate sections 6041(d) or 6051, or Forms DEPARTMENT OF THE TREASURY Investment Trusts. 1098–T or 1098–E under Code section Abstract: Form 8612 is used by real 6050S, may furnish these statements Submission for OMB Review; estate investment trusts to compute and Comment Request electronically if the recipient consents pay the excise tax on undistributed to receive them electronically, and if the December 21, 2016. income imposed under section 4981. person furnishing the statement (1) The Department of the Treasury will IRS uses the information to verify that makes certain disclosures to the submit the following information the correct amount of tax has been recipient, (2) annually notifies the collection requests to the Office of reported. recipient that the statement is available Management and Budget (OMB) for Form: 8612. on a Web site, and (3) provides access review and clearance in accordance Affected Public: Businesses or other to the statement on that Web site for a with the Paperwork Reduction Act of for-profits. prescribed period of time. 1995, Public Law 104–13, on or after the Estimated Total Annual Burden Affected Public: Businesses or other date of publication of this notice. Hours: 196. for-profits. OMB Control Number: 1545–1068. Estimated Total Annual Burden DATES: Comments should be received on Type of Review: Extension without Hours: 2,844,950. or before January 26, 2017 to be assured change of a currently approved of consideration. OMB Control Number: 1545–1733. collection. ADDRESSES: Send comments regarding Title: T.D. 8618—Definition of a Type of Review: Revision of a the burden estimates, or any other Controlled Foreign Corporation, Foreign currently approved collection. aspect of the information collections, Base Company Income, and Foreign Title: Form 720–CS, Carrier Summary including suggestions for reducing the Personal Holding Company Income of a Report, Form 720–TO, Terminal burden, to (1) Office of Information and Controlled Foreign Corporation (INTL– Operator Report, and Form 8809–EX, Regulatory Affairs, Office of 362–88). Request for Extension of Time to File an Management and Budget, Attention: Abstract: The election and ExSTARS Information Return. Desk Officer for Treasury, New recordkeeping requirements are Form: 720–CS, 720–TO, 8809–EX Executive Office Building, Room 10235, necessary to exclude certain high-taxed Abstract: Representatives of the motor Washington, DC 20503, or email at or active business income from subpart fuel industry, state governments, and OIRA_Submission@OMB.EOP.gov and F income or to include certain income the Federal government are working to (2) Treasury PRA Clearance Officer, in the appropriate category of subpart F ensure compliance with excise taxes on 1750 Pennsylvania Ave. NW., Suite income. The recordkeeping and election motor fuels. This joint effort has 8142, Washington, DC 20220, or email procedures allow the U.S. shareholders resulted in a system to track the at PRA@treasury.gov. and the IRS to know the amount of the movement of all products to and from FOR FURTHER INFORMATION CONTACT: controlled foreign corporation’s subpart terminals. Form 720–CS is an Copies of the submissions may be F income. information return that will be used by obtained by emailing PRA@treasury.gov, Affected Public: Businesses or other carriers to report their monthly calling (202) 622–0934, or viewing the for-profits. deliveries and receipts of products to entire information collection request at Estimated Total Annual Burden and from terminals. Form 720–TO is www.reginfo.gov. Hours: 50,417. completed by bulk transport carriers OMB Control Number: 1545–1709. (barges, vessels, and pipeline) who Internal Revenue Service (IRS) Type of Review: Revision of a deliver fuel product to the terminals. OMB Control Number: 1545–0242. currently approved collection. Form 8809–EX is used to request a 30- Type of Review: Extension without Title: Application for Automatic day extension of time to file an Excise change of a currently approved Extension of Time to File an Exempt Summary terminal Activity Reporting collection. Organization Return (Form-8868). System (ExSTARS) information report Title: Gas Guzzler Tax. Form: 8868. (Form 720CS, Carrier Summary Report Forms: 6197. Abstract: 26 U.S.C. 6081 of the or Form 720TO, Terminal operator Abstract: Form 6197 is used to Internal Revenue Code grants a Report). asabaliauskas on DSK3SPTVN1PROD with NOTICES compute the gas guzzler tax on reasonable extension of time for filing Affected Public: Businesses or other automobiles whose fuel economy does any return. This form is used by for-profits. not meet certain standard for fuel fiduciaries and certain exempt Estimated Total Annual Burden economy. The tax is reported quarterly organizations, to request an extension of Hours: 2,530,383. on Form 720. Form 6197 is filed each time to file their returns. The OMB Control Number: 1545–1908. quarter with Form 720 for information is used to determine Type of Review: Extension without manufacturers. Individuals can make a whether the extension should be change of a currently approved one-time filing if they import a gas granted. collection. VerDate Sep<11>2014 20:45 Dec 23, 2016 Jkt 241001 PO 00000 Frm 00212 Fmt 4703 Sfmt 4703 E:\FR\FM\27DEN1.SGM 27DEN1


Document Created: 2018-02-14 09:13:23
Document Modified: 2018-02-14 09:13:23
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 February 27, 2017 to be assured of consideration.
ContactRequests for additional information or copies of the form and instructions should be directed to Allan Hopkins at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at [email protected]
FR Citation81 FR 95308 
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