82 FR 36212 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 148 (August 3, 2017)

Page Range		36212-36212
FR Document		2017-16306

The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning certain transfers of property to Regulated Investment Companies (RICs) and Real Estate Investment Trusts (REITs).

Federal Register, Volume 82 Issue 148 (Thursday, August 3, 2017)

[Federal Register Volume 82, Number 148 (Thursday, August 3, 2017)]
[Notices]
[Page 36212]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-16306]


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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 Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning certain transfers of 
property to Regulated Investment Companies (RICs) and Real Estate 
Investment Trusts (REITs).

DATES: Written comments should be received on or before October 2, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6529, 1111 Constitution Avenue NW., Washington, DC 20224. 
Requests for additional information or copies of the regulations should 
be directed to Martha R. Brinson, Internal Revenue Service, Room 6529, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
Internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Certain Transfers of Property to Regulated Investment 
Companies (RICs) and Real Estate Investment Trusts (REITs).
    OMB Number: 1545-1672.
    Regulation Project Number: T.D. 9047.
    Abstract: The regulation applies with respect to the net built-in 
gain of C corporation property that becomes property of a Regulated 
Investment Company (RIC) or Real Estate Investment Trust (REIT) by the 
qualification of a C corporation as a RIC or REIT or by the transfer of 
property of a C corporation to a RIC or REIT in certain tax-free 
transactions. Depending on the date of the transfer of property or 
qualification as a RIC or REIT, the regulation provides that either (1) 
the C corporation will recognize gain as if it had sold the property at 
fair market value unless the RIC or REIT elects section 1374 treatment 
or (2) the RIC or REIT will be subject to section 1374 treatment with 
respect to the net recognized built-in-gain, unless the C corporation 
elects deemed sale treatment. The regulation provides that a section 
1374 election is made by filing a statement, signed by an official 
authorized to sign the income tax return of the RIC or REIT and 
attached to the RIC's or REIT's Federal income tax return for the 
taxable year in which the property of the C corporation becomes the 
property of the RIC or REIT. The regulation provides that a deemed sale 
election is made by filing a statement, signed by an official 
authorized to sign the income tax return of the C corporation and 
attached to the C corporation's Federal income tax return for the 
taxable year in which the deemed sale occurs.
    Current Actions: There are no changes being made 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: 140.
    Estimated Time per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 70.
    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: July 26, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-16306 Filed 8-2-17; 8:45 am]
BILLING CODE P

36212 Federal Register / Vol. 82, No. 148 / Thursday, August 3, 2017 / Notices

Last name First name Middle name/initials

zhang .................................................................. yuhong.
ZHANG ............................................................... ZISHU.
ZHU .................................................................... XUPING.
ZIADEH .............................................................. NEDA ............................................................... BASSEM
ZIMMERLI-NING ................................................ MAY ................................................................. KERMAI
ZOBEL ................................................................ JILL .................................................................. ANNE
ZOBELL .............................................................. MICHELE ......................................................... THOMSON
ZUECKER .......................................................... NICHOLAS ....................................................... WERNER
ZUKER ............................................................... GENEVIEVE .................................................... LORRY
ZURBRIGGEN .................................................... LEA .................................................................. REBECCA
ZURBRUEGG ..................................................... MARK ............................................................... ANDRE
ZWEIFEL ............................................................ PATRICIA ......................................................... ERIKA

Date: July 24, 2017. and Real Estate Investment Trusts Estimated Time per Respondent: 30
Maureen Manieri, (REITs). minutes.
Manager Classification Team 82413, OMB Number: 1545–1672. Estimated Total Annual Burden
Examinations Operations—Philadelphia Regulation Project Number: T.D. 9047. Hours: 70.
Compliance Services. Abstract: The regulation applies with
[FR Doc. 2017–16318 Filed 8–2–17; 8:45 am] respect to the net built-in gain of C The following paragraph applies to all
BILLING CODE 4830–01–P corporation property that becomes of the collections of information covered
property of a Regulated Investment by this notice:
Company (RIC) or Real Estate An agency may not conduct or
DEPARTMENT OF THE TREASURY Investment Trust (REIT) by the sponsor, and a person is not required to
qualification of a C corporation as a RIC respond to, a collection of information
Internal Revenue Service or REIT or by the transfer of property of unless the collection of information
a C corporation to a RIC or REIT in displays a valid OMB control number.
Proposed Collection; Comment
certain tax-free transactions. Depending Books or records relating to a collection
Request for Regulation Project
on the date of the transfer of property of information must be retained as long
AGENCY: Internal Revenue Service (IRS), or qualification as a RIC or REIT, the as their contents may become material
Treasury. regulation provides that either (1) the C in the administration of any internal
ACTION: Notice and request for corporation will recognize gain as if it revenue law. Generally, tax returns and
comments. had sold the property at fair market tax return information are confidential,
value unless the RIC or REIT elects as required by 26 U.S.C. 6103.
SUMMARY: The Internal Revenue Service section 1374 treatment or (2) the RIC or
(IRS), as part of its continuing effort to Request for Comments: Comments
REIT will be subject to section 1374 submitted in response to this notice will
reduce paperwork and respondent treatment with respect to the net
burden, invites the general public and be summarized and/or included in the
recognized built-in-gain, unless the C request for OMB approval. All
other Federal agencies to take this corporation elects deemed sale
opportunity to comment on information comments will become a matter of
treatment. The regulation provides that public record. Comments are invited on:
collections, as required by the a section 1374 election is made by filing
Paperwork Reduction Act of 1995. The (a) Whether the collection of
a statement, signed by an official information is necessary for the proper
IRS is soliciting comments concerning authorized to sign the income tax return
certain transfers of property to performance of the functions of the
of the RIC or REIT and attached to the agency, including whether the
Regulated Investment Companies (RICs) RIC’s or REIT’s Federal income tax
and Real Estate Investment Trusts information shall have practical utility;
return for the taxable year in which the (b) the accuracy of the agency’s estimate
(REITs). property of the C corporation becomes of the burden of the collection of
DATES: Written comments should be the property of the RIC or REIT. The information; (c) ways to enhance the
received on or before October 2, 2017 to regulation provides that a deemed sale quality, utility, and clarity of the
be assured of consideration. election is made by filing a statement, information to be collected; (d) ways to
ADDRESSES: Direct all written comments signed by an official authorized to sign minimize the burden of the collection of
to L. Brimmer, Internal Revenue the income tax return of the C information on respondents, including
Service, Room 6529, 1111 Constitution corporation and attached to the C through the use of automated collection
Avenue NW., Washington, DC 20224. corporation’s Federal income tax return techniques or other forms of information
Requests for additional information or for the taxable year in which the technology; and (e) estimates of capital
copies of the regulations should be deemed sale occurs. or start-up costs and costs of operation,
directed to Martha R. Brinson, Internal Current Actions: There are no changes maintenance, and purchase of services
Revenue Service, Room 6529, 1111 being made to this existing regulation. to provide information.
Constitution Avenue NW., Washington, Type of Review: Extension of a
DC 20224, or through the Internet at Approved: July 26, 2017.
currently approved collection.
mstockstill on DSK30JT082PROD with NOTICES

Martha.R.Brinson@irs.gov. Affected Public: Business or other for- L. Brimmer,
SUPPLEMENTARY INFORMATION: profit organizations. Senior Tax Analyst.
Title: Certain Transfers of Property to Estimated Number of Respondents: [FR Doc. 2017–16306 Filed 8–2–17; 8:45 am]
Regulated Investment Companies (RICs) 140. BILLING CODE P

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Document Created: 2017-08-03 07:24:31
Document Modified: 2017-08-03 07:24:31

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 October 2, 2017 to be assured of consideration.
FR Citation		82 FR 36212

82 FR 36212 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 82, Issue 148 (August 3, 2017)

DEPARTMENT OF THE TREASURY
Internal Revenue Service