82 FR 37986 - Proposed Extension of Information Collection Request Submitted for Public Comment; Election To Expense Certain Refineries

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 155 (August 14, 2017)

Page Range		37986-37987
FR Document		2017-17139

The Internal Revenue Service, 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 the election to expense certain refineries.

Federal Register, Volume 82 Issue 155 (Monday, August 14, 2017)

[Federal Register Volume 82, Number 155 (Monday, August 14, 2017)]
[Notices]
[Pages 37986-37987]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-17139]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Election To Expense Certain Refineries

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, 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 the election to expense certain refineries.

DATES: Written comments should be received on or before October 13, 
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. Requests for additional information or copies of the 
regulations 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: Election To Expense Certain Refineries.
    OMB Number: 1545-2103.
    Regulation Project Number: TD 9547.
    Abstract: This document contains regulations relating to the 
election to expense qualified refinery property under section 179C of 
the Internal Revenue Code, and affects taxpayers who own refineries 
located in the United States. These regulations reflect the Energy 
Policy Act of 2005.
    Section 179C of the Internal Revenue Code provides that a taxpayer 
can elect to treat 50% of the cost of ``qualified refinery property'' 
as a deductible expense not chargeable to capital account. The taxpayer 
makes an election under section 179C by entering the amount of the 
deduction at the appropriate place on the taxpayer's timely filed 
original federal income tax return for the taxable year in which the 
qualified refinery property is placed in service and by attaching a 
report specifying (a) the name and address of the refinery and (b) the 
production capacity requirement under which the refinery qualifies.
    If the taxpayer making the expensing election described above is a 
cooperative described in section 1381, and one or more persons directly 
holding an ownership interest in the taxpayer are organizations 
described in section 1381, the taxpayer can elect to allocate all or a 
portion of the deduction allowable under section 179C to those persons. 
The allocation must be equal to the person's ratable share of the total 
amount allocated, determined on the basis of the person's ownership 
interest in the taxpayer/cooperative.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 12.
    Estimated Time per Respondent: 10 Hours.
    Estimated Total Annual Burden Hours: 120.
    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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology,

[[Page 37987]]

e.g., by permitting electronic submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: August 8, 2017.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2017-17139 Filed 8-11-17; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 82, No. 155 / Monday, August 14, 2017 / Notices 37987

e.g., by permitting electronic Constitution Avenue NW., Washington Estimated Time per Respondent: 2
submissions of responses. DC 20224, or through the internet, at hours.
Comments submitted in response to Kerry.Dennis@irs.gov. Estimated Total Annual Burden
this notice will be summarized and/or SUPPLEMENTARY INFORMATION: Hours: 10,000.
included in the ICR for OMB approval Title: Suspension or Reduction of Safe The following paragraph applies to all
of the extension of the information Harbor Nonelective Contributions. of the collections of information covered
collection; they will also become a OMB Number: 1545–2191. by this notice.
matter of public record. An agency may not conduct or
Regulation Project Number: T.D. 9641.
Approved: August 8, 2017. sponsor, and a person is not required to
Abstract: The final regulation allows
R. Joseph Durbala, respond to, a collection of information
a 401(k) plan using the safe harbor
unless the collection of information
IRS Tax Analyst. provisions of section 401(k)(12) to
displays a valid OMB control number.
[FR Doc. 2017–17139 Filed 8–11–17; 8:45 am] suspend or reduce nonelective safe
Books or records relating to a collection
BILLING CODE 4830–01–P harbor contributions if the employer is
of information must be retained as long
operating at an economic loss described
as their contents may become material
in section 412(2)(A). The final
in the administration of any internal
DEPARTMENT OF THE TREASURY regulations permit an employer to
revenue law. Generally, tax returns and
reduce or suspend safe harbor
Internal Revenue Service tax return information are confidential,
nonelective contributions without
as required by 26 U.S.C. 6103.
regard to the financial condition of the
Proposed Collection; Comment Request for Comments: Comments
employer if notice is provided to
Request for Regulation Project submitted in response to this notice will
participants before the beginning of the
be summarized and/or included in the
AGENCY: Internal Revenue Service (IRS), plan year which discloses the
request for OMB approval. All
Treasury. possibility that the contributions might
comments will become a matter of
ACTION: Notice and request for be reduced or suspended midyear. The
public record. Comments are invited on:
comments. final regulations also permit matching
(a) Whether the collection of
contributions to be reduced or
SUMMARY: The Internal Revenue Service, information is necessary for the proper
suspended under a mid-year
as part of its continuing effort to reduce performance of the functions of the
amendment if the notice provided to
paperwork and respondent burden, agency, including whether the
participants before the beginning of the
invites the general public and other information shall have practical utility;
plan year discloses that the
Federal agencies to take this (b) the accuracy of the agency’s estimate
contributions might be reduced or
opportunity to comment on continuing of the burden of the collection of
suspended mid-year. These notices
information collections, as required by information; (c) ways to enhance the
must also provide that a supplemental
the Paperwork Reduction Act of 1995. quality, utility, and clarity of the
notice will be provided to plan
The IRS is soliciting comments information to be collected; (d) ways to
participants if a reduction or suspension
concerning suspension or reduction of minimize the burden of the collection of
does occur and that the reduction or
safe harbor nonelective contributions. information on respondents, including
suspension will not apply until at least
through the use of automated collection
DATES: Written comments should be 30 days after the supplemental notice is
techniques or other forms of information
received on or before October 13, 2017 provided.
technology; and (e) estimates of capital
to be assured of consideration. Current Actions: There is no change to or start-up costs and costs of operation,
ADDRESSES: Direct all written comments this existing regulation. maintenance, and purchase of services
to L. Brimmer, Internal Revenue Type of Review: Extension of a to provide information.
Service, room 6529, 1111 Constitution currently approved collection.
Avenue NW., Washington, DC 20224. Affected Public: Individuals and Approved: August 7, 2017.
Requests for additional information or Households, Businesses and other for- L. Brimmer,
copies of the regulations should be profit organizations. Senior Tax Analyst.
directed to Kerry Dennis, Internal Estimated Number of Respondents: [FR Doc. 2017–17136 Filed 8–11–17; 8:45 am]
Revenue Service, Room 6529, 1111 5,000. BILLING CODE P
sradovich on DSK3GMQ082PROD with NOTICES

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Document Created: 2018-10-24 11:50:30
Document Modified: 2018-10-24 11:50:30

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 13, 2017 to be assured of consideration.
FR Citation		82 FR 37986

82 FR 37986 - Proposed Extension of Information Collection Request Submitted for Public Comment; Election To Expense Certain Refineries

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 82, Issue 155 (August 14, 2017)

DEPARTMENT OF THE TREASURY
Internal Revenue Service