82 FR 15102 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 56 (March 24, 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 treatment of dual consolidated losses.

[Federal Register Volume 82, Number 56 (Friday, March 24, 2017)]
[Notices]
[Pages 15102-15103]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-05832]


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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

[[Page 15103]]

comments concerning treatment of dual consolidated losses.

DATES: Written comments should be received on or before May 23, 2017 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Kerry Dennis at 
Internal Revenue Service, 1111 Constitution Avenue NW., Room 6526, 
Washington, DC 20224, or through the internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Treatment of Dual Consolidated Losses.
    OMB Number: 1545-1083.
    Regulation Project Number: TD 8434.
    Abstract: Internal Revenue Code section 1503(d) denies use of the 
losses of one domestic corporation by another affiliated domestic 
corporation where the loss corporation is also subject to the income 
tax of another country. This regulation allows an affiliate to make use 
of the loss if the loss has not been used in the foreign country and if 
an agreement is attached to the income tax return of the dual resident 
corporation or group, to take the loss into income upon future use of 
the loss in the foreign country. The regulation also requires separate 
accounting for a dual consolidated loss where the dual resident 
corporation files a consolidated return.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 500.
    Estimated Number of Responses: 896.
    Estimated Time per Response: 1 hr., 49 minutes.
    Estimated Total Annual Burden Hours: 1,620.
    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: March 16, 2017.
Laurie Brimmer,
IRS Tax Analyst.
[FR Doc. 2017-05832 Filed 3-23-17; 8:45 am]
 BILLING CODE 4830-01-P