82 FR 17090 - Proposed Collection; Comment Request for Modified Endowment Contract Correction Program Extension.

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 66 (April 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 Modified Endowment Contract Correction Program Extension.

[Federal Register Volume 82, Number 66 (Friday, April 7, 2017)]
[Notices]
[Pages 17090-17091]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-06921]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Modified Endowment 
Contract Correction Program Extension.

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.

[[Page 17091]]

Currently, the IRS is soliciting comments concerning Modified Endowment 
Contract Correction Program Extension.

DATES: Written comments should be received on or before June 6, 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. Requests for additional information or copies of the revenue 
procedure should be directed to LaNita VanDyke, Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224 
or through the Internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Modified Endowment Contract Correction Program Contract 
Correction Program Extension.
    OMB Number: 1545-1752.
    Revenue Procedure Number: 2008-38, 2008-39, 2008-40, 2008-41 and 
2008-42.
    Abstract: Revenue Procedure 2001-42 allows issuers of life 
insurance contracts whose contracts have failed to meet the tests 
provided in section 7702A of the Internal Revenue Code to cure these 
contracts that have inadvertently become modified endowment contracts. 
The revenue procedure has been updated by various other revenue 
procedures, such as RP 2008-38, RP 2008-39, RP 2008-40, RP 2008-41, and 
RP 2008-42, which have since been published.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 70.
    Estimated Average Time per Respondent: 85 hours.
    Estimated Total Annual Reporting Hours: 5,950.
    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 27, 2017.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-06921 Filed 4-6-17; 8:45 am]
 BILLING CODE 4830-01-P