82_FR_12317 82 FR 12278 - Proposed Collection; Comment Request for Regulation Project

82 FR 12278 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

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

Page Range12278-12279
FR Document2017-03916

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 8586, Treatment of Gain From Disposition of Certain Natural Resource Recapture Property.

Federal Register, Volume 82 Issue 39 (Wednesday, March 1, 2017) 
[Federal Register Volume 82, Number 39 (Wednesday, March 1, 2017)]
[Notices]
[Pages 12278-12279]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-03916]


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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.

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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 8586, Treatment of Gain From Disposition of 
Certain Natural Resource Recapture Property.

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 the 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: Treatment of Gain From Disposition of Certain Natural 
Resource Recapture Property.
    OMB Number: 1545-1352.
    Regulation Project Number: TD 8586.
    Abstract: This regulation prescribes rules for determining the tax 
treatment of gain from the disposition of natural resource recapture 
property in accordance with Internal Revenue Code section 1254. Gain is 
treated as ordinary income in an amount equal to the intangible 
drilling and development costs and depletion deductions taken with 
respect to the property. The information that taxpayers are required to 
retain will be used by the IRS to determine whether a taxpayer has 
properly characterized gain on the disposition of section 1254 
property.
    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: Individuals and business or other for-profit 
organizations.
    Estimated Number of Respondents: 400.
    Estimated Time per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 2,000.
    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.

[[Page 12279]]

    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. 2017-03916 Filed 2-28-17; 8:45 am]
BILLING CODE 4830-01-P

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. VerDate Sep<11>2014 18:09 Feb 28, 2017 Jkt 241001 PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 E:\FR\FM\01MRN1.SGM 01MRN1

Federal Register / Vol. 82, No. 39 / Wednesday, March 1, 2017 / Notices 12279 Request for Comments: Comments Washington, DC 20224, or through the quality, utility, and clarity of the submitted in response to this notice will Internet at Martha.R.Brinson@irs.gov. information to be collected; (d) ways to be summarized and/or included in the SUPPLEMENTARY INFORMATION: minimize the burden of the collection of request for OMB approval. All Title: Treatment of Disregarded information on respondents, including comments will become a matter of Entities Under Section 752. through the use of automated collection public record. Comments are invited on: OMB Number: 1545–1905. techniques or other forms of information (a) Whether the collection of Regulation Project Number: TD 9289. technology; and (e) estimates of capital information is necessary for the proper Abstract: Generally, the regulation or start-up costs and costs of operation, performance of the functions of the recognizes that only the assets of a maintenance, and purchase of services agency, including whether the disregarded entity that limits its to provide information. information shall have practical utility; member’s liability are available to Approved: February 21, 2017. (b) the accuracy of the agency’s estimate satisfy creditors’ claims under local law. Tuawana Pinkston, of the burden of the collection of The regulation provides rules under IRS Reports Clearance Officer. information; (c) ways to enhance the section 752 for taking into account the [FR Doc. 2017–03919 Filed 2–28–17; 8:45 am] quality, utility, and clarity of the net value of a disregarded entity owned information to be collected; (d) ways to BILLING CODE 4830–01–P by a partner or related person for minimize the burden of the collection of purposes of allocating partnership information on respondents, including liabilities. Specifically, it provides that DEPARTMENT OF THE TREASURY through the use of automated collection in determining the extent to which a techniques or other forms of information partner bears the economic risk of loss Internal Revenue Service technology; and (e) estimates of capital for a partnership liability, payment or start-up costs and costs of operation, obligations of a disregarded entity are Proposed Collection: Comment maintenance, and purchase of services taken into account only to the extent of Request for Form 2032 to provide information. the net value of the disregarded entity. AGENCY: Internal Revenue Service (IRS), Approved: February 21, 2017. Current Actions: There is no change Treasury. Tuawana Pinkston, in the paperwork burden previously approved by OMB. ACTION: Notice and request for IRS Reports Clearance Officer. comments. [FR Doc. 2017–03916 Filed 2–28–17; 8:45 am] Type of Review: Extension of a currently approved collection. SUMMARY: The Department of the BILLING CODE 4830–01–P Affected Public: Business or other for- Treasury, as part of its continuing effort profit organizations, individuals or to reduce paperwork and respondent DEPARTMENT OF THE TREASURY households and not-for-profit burden, invites the general public and institutions. other Federal agencies to take this Internal Revenue Service Estimated Number of Respondents: opportunity to comment on proposed 1,500. and/or continuing information Proposed Collection; Comment Estimated Time per Respondent: 2 collections, as required by the Request for Regulation Project hours. Paperwork Reduction Act of 1995. Estimated Total Annual Burden Currently, the IRS is soliciting AGENCY: Internal Revenue Service (IRS), Hours: 3,000. comments concerning Form 2032, Treasury. The following paragraph applies to all Contract Coverage Under Title II of the ACTION: Notice and request for of the collections of information covered comments. Social Security Act. by this notice: DATES: Written comments should be SUMMARY: The Department of the An agency may not conduct or received on or before May 1, 2017 to be Treasury, as part of its continuing effort sponsor, and a person is not required to assured of consideration. to reduce paperwork and respondent respond to, a collection of information unless the collection of information ADDRESSES: Direct all written comments burden, invites the general public and to Tuawana Pinkston, Internal Revenue other Federal agencies to take this displays a valid OMB control number. Books or records relating to a collection Service, Room 6526, 1111 Constitution opportunity to comment on proposed Avenue NW., Washington, DC 20224. and/or continuing information of information must be retained as long as their contents may become material FOR FURTHER INFORMATION CONTACT: collections, as required by the in the administration of any internal Requests for additional information or Paperwork Reduction Act of 1995. revenue law. Generally, tax returns and copies of the form and instructions Currently, the IRS is soliciting tax return information are confidential, should be directed to Martha R. Brinson, comments concerning TD 9289, as required by 26 U.S.C. 6103. Internal Revenue Service, Room 6129, Treatment of Disregarded Entities Under Request for Comments: Comments 1111 Constitution Avenue NW., Section 752. submitted in response to this notice will Washington, DC 20224, or through the DATES: Written comments should be Internet at Martha.R.Brinson@irs.gov. be summarized and/or included in the received on or before May 1, 2017 to be request for OMB approval. All SUPPLEMENTARY INFORMATION: assured of consideration. comments will become a matter of Title: Contract Coverage Under Title II ADDRESSES: Direct all written comments public record. Comments are invited on: of the Social Security Act. asabaliauskas on DSK3SPTVN1PROD with NOTICES to Tuawana Pinkston, Internal Revenue (a) Whether the collection of OMB Number: 1545–0137. Service, Room 6526, 1111 Constitution information is necessary for the proper Form Number: 2032. Avenue NW., Washington, DC 20224. performance of the functions of the Abstract: U.S. citizens and resident FOR FURTHER INFORMATION CONTACT: agency, including whether the aliens employed abroad by foreign Requests for copies of the regulation information shall have practical utility; affiliates of American employers are should be directed to Martha R. Brinson, (b) the accuracy of the agency’s estimate exempt from social security taxes. Internal Revenue Service, Room 6129, of the burden of the collection of Under Internal Revenue Code section 1111 Constitution Avenue NW., information; (c) ways to enhance the 3121(l), American employers may file VerDate Sep<11>2014 18:09 Feb 28, 2017 Jkt 241001 PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 E:\FR\FM\01MRN1.SGM 01MRN1


Document Created: 2017-03-01 03:39:13
Document Modified: 2017-03-01 03:39:13
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 May 1, 2017 to be assured of consideration.
ContactRequests for additional information or copies of the 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 Citation82 FR 12278 
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