83 FR 11580 - Proposed Extension of Information Collection Request Submitted for Public Comment; Qualified Lessee Construction Allowances for Short-Term Leases

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 51 (March 15, 2018)

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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 information collection requirements related to qualified lessee construction allowances for short-term leases.

[Federal Register Volume 83, Number 51 (Thursday, March 15, 2018)]
[Notices]
[Pages 11580-11581]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-05305]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Qualified Lessee Construction Allowances for Short-
Term Leases

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 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 information collection requirements related to qualified 
lessee construction allowances for short-term leases.

DATES: Written comments should be received on or before May 14, 2018 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Roberto Mora-Figueroa, 
Internal Revenue Service, Room 6129, 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].

[[Page 11581]]


SUPPLEMENTARY INFORMATION: 
    Title: Qualified Lessee Construction Allowances for Short-Term 
Leases.
    OMB Number: 1545-1661.
    Regulation Project Number: TD 8901.
    Abstract: This document contains final regulations concerning an 
exclusion from gross income for qualified lessee construction 
allowances provided by a lessor to a lessee for the purpose of 
constructing long-lived property to be used by the lessee pursuant to a 
short-term lease. The final regulations affect a lessor and a lessee 
paying and receiving, respectively, qualified lessee construction 
allowances that are depreciated by a lessor as nonresidential real 
property and excluded from the lessee's gross income. The final 
regulations provide guidance on the exclusion, the information required 
to be furnished by the lessor and the lessee, and the time and manner 
for providing that information to the IRS.
    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: 10,000.
    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 10,000.
    The following paragraph applies to all 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 if 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 using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, 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: March 6, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018-05305 Filed 3-14-18; 8:45 am]
 BILLING CODE 4830-01-P