82 FR 12277 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 39 (March 1, 2017)

Page Range		12277-12278
FR Document		2017-03915

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 TD 8556, Computation and Characterization of Income and Earnings and Profits Under the Dollar Approximate Separate Transactions Method of Accounting (DASTM).

Federal Register, Volume 82 Issue 39 (Wednesday, March 1, 2017)

[Federal Register Volume 82, Number 39 (Wednesday, March 1, 2017)]
[Notices]
[Pages 12277-12278]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03915]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

[[Page 12278]]


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 TD 8556, Computation and Characterization of Income 
and Earnings and Profits Under the Dollar Approximate Separate 
Transactions Method of Accounting (DASTM).

DATES: Written comments should be received on or before May 1, 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 this regulation should be directed to Martha R. Brinson, 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Computation and Characterization of Income and Earnings and 
Profits Under the Dollar Approximate Separate Transactions Method of 
Accounting (DASTM).
    OMB Number: 1545-1051.
    Regulation Project Number: TD 8556.
    Abstract: This regulation provides that taxpayers operating in 
hyperinflationary currencies must use the United States dollar as their 
functional currency and compute income using the dollar approximate 
separate transactions method (DASTM). Small taxpayers may elect an 
alternate method by which to compute income or loss. For prior taxable 
years in which income was computed using the profit and loss method, 
taxpayers may elect to recompute their income using DASTM.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 700.
    Estimated Time per Respondent: 1 hour, 26 minutes.
    Estimated Total Annual Burden Hours: 1,000.
    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: February 21, 2017.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2017-03915 Filed 2-28-17; 8:45 am]
BILLING CODE 4830-01-P

Federal Register / Vol. 82, No. 39 / Wednesday, March 1, 2017 / Notices 12277

FOR FURTHER INFORMATION CONTACT: minimize the burden of the collection of Type of Review: Extension of a
Requests for additional information or information on respondents, including currently approved collection.
copies of regulation should be directed through the use of automated collection Affected Public: Business or other for-
to Sara Covington at Internal Revenue techniques or other forms of information profit organizations, individuals, not-
Service, Room 6526, 1111 Constitution technology; and (e) estimates of capital for-profit institutions, farms, and
Avenue NW., Washington DC 20224, or or start-up costs and costs of operation, Federal, State, local or tribal
through the internet, at maintenance, and purchase of services governments.
Sara.L.Covington@irs.gov. to provide information. Estimated Number of Respondents:
SUPPLEMENTARY INFORMATION: Approved: February 21, 2017. 50,000.
Title: Escrow Funds and Other Tuawana Pinkston, Estimated Time per Respondents:
Similar Funds. IRS Supervisory Tax Analyst. Four (4) hours, 44 minutes.
OMB Number: 1545–1631. [FR Doc. 2017–03913 Filed 2–28–17; 8:45 am] Estimated Total Annual Burden
Regulation Project Number: TD 9249 BILLING CODE 4830–01–P
Hours: 237,000.
(REG–209619–93). The following paragraph applies to all
Abstract: These regulations would of the collections of information covered
amend the final regulations for qualified DEPARTMENT OF THE TREASURY by this notice:
settlement funds (QSFs) and would An agency may not conduct or
provide new rules for qualified escrows Internal Revenue Service sponsor, and a person is not required to
and qualified trusts used in deferred respond to, a collection of information
section 1031 exchanges; pre-closing Proposed Collection; Comment unless the collection of information
escrows; contingent at-closing escrows; Request for Form 8809 displays a valid OMB control number.
and disputed ownership funds. AGENCY: Internal Revenue Service (IRS), Books or records relating to a collection
Current Actions: There is no change to Treasury. of information must be retained as long
this existing regulation. ACTION: Notice and request for as their contents may become material
Type of Review: Extension of a comments. in the administration of any internal
currently approved collection. revenue law. Generally, tax returns and
Affected Public: Individuals or SUMMARY: The Department of the tax return information are confidential,
households, business or other for-profit Treasury, as part of its continuing effort as required by 26 U.S.C. 6103.
organizations, not-for-profit institutions to reduce paperwork and respondent Request for Comments: Comments
and Federal, state, local or tribal burden, invites the general public and submitted in response to this notice will
governments. other Federal agencies to take this be summarized and/or included in the
Estimated Number of Respondents: opportunity to comment on proposed request for OMB approval. All
9,300. and/or continuing information comments will become a matter of
Estimated Time per Respondent: 24 collections, as required by the public record. Comments are invited on:
minutes. Paperwork Reduction Act of 1995. (a) Whether the collection of formation
Estimated Total Annual Burden Currently, the IRS is soliciting is necessary for the proper performance
Hours: 3,720. comments concerning Form 8809, of the functions of the agency, including
The following paragraph applies to all Application for Extension of Time To whether the information shall have
of the collections of information covered File Information Returns. practical utility; (b) the accuracy of the
by this notice: DATES: Written comments should be agency’s estimate of the burden of the
An agency may not conduct or received on or before May 1, 2017 to be collection of information; (c) ways to
sponsor, and a person is not required to assured of consideration. enhance the quality, utility, and clarity
respond to, a collection of information ADDRESSES: Direct all written comments of the information to be collected; (d)
unless the collection of information to Tuawana Pinkston, Internal Revenue ways to minimize the burden of the
displays a valid OMB control number. Service, Room 6526, 1111 Constitution collection of information on
Books or records relating to a collection Avenue NW., Washington, DC 20224. respondents, including through the use
of information must be retained as long FOR FURTHER INFORMATION CONTACT: of automated collection techniques or
as their contents may become material Requests for additional information or other forms of information technology;
in the administration of any internal copies of the form and instructions and (e) estimates of capital or start-up
revenue law. Generally, tax returns and should be directed to Sara Covington, at costs and costs of operation,
tax return information are confidential, Internal Revenue Service, Room 6526, maintenance, and purchase of services
as required by 26 U.S.C. 6103. 1111 Constitution Avenue NW., to provide information.
Request for Comments: Comments Washington, DC 20224, or through the Approved: February 21, 2017.
submitted in response to this notice will Internet at Sara.L.Covington@irs.gov.
be summarized and/or included in the Laurie Brimmer,
SUPPLEMENTARY INFORMATION: IRS Senior Tax Analyst.
request for OMB approval. All Title: Application for Extension of
comments will become a matter of [FR Doc. 2017–03914 Filed 2–28–17; 8:45 am]
Time To File Information Returns.
public record. Comments are invited on: OMB Number: 1545–1081. BILLING CODE 4830–01–P
(a) Whether the collection of Form Number: Form 8809.
information is necessary for the proper Abstract: Form 8809 is used to request
asabaliauskas on DSK3SPTVN1PROD with NOTICES

performance of the functions of the an extension of time to file Forms DEPARTMENT OF THE TREASURY
agency, including whether the W–2, W–2G, 1042–S, 1094–C, 1095,
information shall have practical utility; Internal Revenue Service
1097, 1098, 1099, 3921, 3922, 5498, or
(b)the accuracy of the agency’s estimate 8027. The IRS reviews the information Proposed Collection; Comment
of the burden of the collection of contained on the form to determine Request for Regulation Project
information; (c) ways to enhance the whether an extension should be granted.
quality, utility, and clarity of the Current Actions: There are no changes AGENCY: Internal Revenue Service (IRS),
information to be collected; (d) ways to being made to the form at this time. Treasury.

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12278 Federal Register / Vol. 82, No. 39 / Wednesday, March 1, 2017 / Notices

Notice and request for
ACTION: The following paragraph applies to all Treatment of Gain From Disposition of
comments. of the collections of information covered Certain Natural Resource Recapture
by this notice: Property.
SUMMARY: The Department of the An agency may not conduct or
Treasury, as part of its continuing effort DATES: Written comments should be
sponsor, and a person is not required to received on or before May 1, 2017 to be
to reduce paperwork and respondent respond to, a collection of information
burden, invites the general public and assured of consideration.
unless the collection of information
other Federal agencies to take this ADDRESSES: Direct all written comments
displays a valid OMB control number.
opportunity to comment on proposed Books or records relating to a collection to Tuawana Pinkston, Internal Revenue
and/or continuing information of information must be retained as long Service, Room 6526, 1111 Constitution
collections, as required by the as their contents may become material Avenue NW., Washington, DC 20224.
Paperwork Reduction Act of 1995. in the administration of any internal FOR FURTHER INFORMATION CONTACT:
Currently, the IRS is soliciting revenue law. Generally, tax returns and Requests for additional information or
comments concerning TD 8556, tax return information are confidential, copies of the regulation should be
Computation and Characterization of as required by 26 U.S.C. 6103. directed to Martha R. Brinson, Internal
Income and Earnings and Profits Under Request for Comments: Comments Revenue Service, Room 6129, 1111
the Dollar Approximate Separate submitted in response to this notice will Constitution Avenue NW., Washington,
Transactions Method of Accounting be summarized and/or included in the DC 20224, or through the Internet at
(DASTM). request for OMB approval. All Martha.R.Brinson@irs.gov.
comments will become a matter of SUPPLEMENTARY INFORMATION:
DATES: Written comments should be
public record. Comments are invited on: Title: Treatment of Gain From
received on or before May 1, 2017 to be
(a) Whether the collection of Disposition of Certain Natural Resource
assured of consideration.
information is necessary for the proper Recapture Property.
ADDRESSES: Direct all written comments OMB Number: 1545–1352.
performance of the functions of the
to Tuawana Pinkston, Internal Revenue agency, including whether the Regulation Project Number: TD 8586.
Service, Room 6526, 1111 Constitution information shall have practical utility; Abstract: This regulation prescribes
Avenue NW., Washington, DC 20224. (b) the accuracy of the agency’s estimate rules for determining the tax treatment
FOR FURTHER INFORMATION CONTACT: of the burden of the collection of of gain from the disposition of natural
Requests for additional information or information; (c) ways to enhance the resource recapture property in
copies of this regulation should be quality, utility, and clarity of the accordance with Internal Revenue Code
directed to Martha R. Brinson, Internal information to be collected; (d) ways to section 1254. Gain is treated as ordinary
Revenue Service, Room 6129, 1111 minimize the burden of the collection of income in an amount equal to the
Constitution Avenue NW., Washington, information on respondents, including intangible drilling and development
DC 20224, or through the Internet at through the use of automated collection costs and depletion deductions taken
Martha.R.Brinson@irs.gov. techniques or other forms of information with respect to the property. The
SUPPLEMENTARY INFORMATION: technology; and (e) estimates of capital information that taxpayers are required
Title: Computation and or start-up costs and costs of operation, to retain will be used by the IRS to
Characterization of Income and Earnings maintenance, and purchase of services determine whether a taxpayer has
and Profits Under the Dollar to provide information. properly characterized gain on the
Approximate Separate Transactions disposition of section 1254 property.
Approved: February 21, 2017.
Method of Accounting (DASTM). Current Actions: There is no change
Tuawana Pinkston, in the paperwork burden previously
OMB Number: 1545–1051. IRS Reports Clearance Officer.
Regulation Project Number: TD 8556. approved by OMB.
[FR Doc. 2017–03915 Filed 2–28–17; 8:45 am] Type of Review: Extension of a
Abstract: This regulation provides
BILLING CODE 4830–01–P currently approved collection.
that taxpayers operating in Affected Public: Individuals and
hyperinflationary currencies must use business or other for-profit
the United States dollar as their DEPARTMENT OF THE TREASURY organizations.
functional currency and compute Estimated Number of Respondents:
income using the dollar approximate Internal Revenue Service 400.
separate transactions method (DASTM). Estimated Time per Respondent: 5
Small taxpayers may elect an alternate Proposed Collection; Comment hours.
method by which to compute income or Request for Regulation Project Estimated Total Annual Burden
loss. For prior taxable years in which AGENCY: Internal Revenue Service (IRS), Hours: 2,000.
income was computed using the profit Treasury. The following paragraph applies to all
and loss method, taxpayers may elect to of the collections of information covered
ACTION: Notice and request for
recompute their income using DASTM. by this notice:
comments.
Current Actions: There is no change An agency may not conduct or
in the paperwork burden previously SUMMARY: The Department of the sponsor, and a person is not required to
approved by OMB. Treasury, as part of its continuing effort respond to, a collection of information
Type of Review: Extension of a to reduce paperwork and respondent unless the collection of information
asabaliauskas on DSK3SPTVN1PROD with NOTICES

currently approved collection. burden, invites the general public and displays a valid OMB control number.
Affected Public: Business or other for- other Federal agencies to take this Books or records relating to a collection
profit organizations. opportunity to comment on proposed of information must be retained as long
Estimated Number of Responses: 700. and/or continuing information as their contents may become material
Estimated Time per Respondent: 1 collections, as required by the in the administration of any internal
hour, 26 minutes. Paperwork Reduction Act of 1995. revenue law. Generally, tax returns and
Estimated Total Annual Burden Currently, the IRS is soliciting tax return information are confidential,
Hours: 1,000. comments concerning TD 8586, as required by 26 U.S.C. 6103.

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Document Created: 2017-03-01 03:38:55
Document Modified: 2017-03-01 03:38:55

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 May 1, 2017 to be assured of consideration.
Contact		Requests for additional information or copies of this regulation should be directed to Martha R. Brinson, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at [email protected]
FR Citation		82 FR 12277

82 FR 12277 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 82, Issue 39 (March 1, 2017)

DEPARTMENT OF THE TREASURY
Internal Revenue Service