82 FR 12908 - Proposed Collection; Comment Request for Form 8838

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 43 (March 7, 2017)

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 8838, Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement.

[Federal Register Volume 82, Number 43 (Tuesday, March 7, 2017)]
[Notices]
[Pages 12908-12909]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-04340]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8838

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 8838, Consent To Extend the Time To Assess Tax 
Under Section 367-Gain Recognition Agreement.

DATES: Written comments should be received on or before May 8, 2017 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6141, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for copies of the form and 
instructions should be directed to R. Joseph Durbala, at Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224, or through the internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement.
    OMB Number: 1545-1395.
    Form Number: 8838.
    Abstract: Form 8838 is used to extend the statute of limitations 
for U.S. persons who transfer stock or securities to a foreign 
corporation. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer. The IRS uses Form 8838 so that it 
may assess tax against the transferor after the expiration of the 
original statute of limitations.
    Current Actions: There are no changes being made to the Form 8838 
at this time.
    Type of Review: Extension of a current approval.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 666.
    Estimated Time per Respondent: 8 hrs., 14 min.
    Estimated Total Annual Burden Hours: 5,482.
    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

[[Page 12909]]

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 28, 2017.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2017-04340 Filed 3-6-17; 8:45 am]
 BILLING CODE 4830-01-P