82 FR 55715 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 82, Issue 224 (November 22, 2017)

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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning sales of business property.

[Federal Register Volume 82, Number 224 (Wednesday, November 22, 2017)]
[Notices]
[Page 55715]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-25221]


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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, 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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning sales 
of business property.

DATES: Written comments should be received on or before January 22, 
2018 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.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the revenue procedure should be directed to Kerry Dennis, at 
(202) 317-5751 or Internal Revenue Service, Room 6529, 1111 
Constitution Avenue NW., Washington DC 20224, or through the internet, 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Sales of Business Property.
    OMB Number: 1545-0184.
    Form Number: Form 4797.
    Abstract: Form 4797 is used by taxpayers to report sales, 
exchanges, or involuntary conversions of assets used in a trade or 
business. It is also used to compute ordinary income from recapture and 
the recapture of prior year losses under section 1231 of the Internal 
Revenue Code.
    Current Actions: There have been no changes to the form that would 
affect burden. However, the agency has updated the estimated number of 
responses, based on its most recent data and creation of OMB Control 
Number's 1545-0074 and 1545-0123. All business filer estimates 
(including the worksheet burden) are being reported under 1545-0123, 
individual filing estimates under 1545-0074, and all other filers are 
being reported under this control number, 1545-0184.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households, and farms.
    Estimated Number of Respondents: 325,000.
    Estimated Time per Respondent: 50 hours, 38 minutes.
    Estimated Total Annual Burden Hours: 16,454,750.
    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: November 15, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-25221 Filed 11-21-17; 8:45 am]
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