83 FR 17473 - Proposed Extension of Information Collection Request Submitted for Public Comment; Qualified Severance of a Trust for Generation-Skipping Transfer (GST) Tax Purposes

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 76 (April 19, 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 the guidance regarding the qualified severance of a trust for generation-skipping transfer (GST) tax purposes.

[Federal Register Volume 83, Number 76 (Thursday, April 19, 2018)]
[Notices]
[Pages 17473-17474]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-08146]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Qualified Severance of a Trust for Generation-
Skipping Transfer (GST) Tax Purposes

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 the guidance 
regarding the qualified severance of a trust for generation-skipping 
transfer (GST) tax purposes.

DATES: Written comments should be received on or before June 18, 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].

SUPPLEMENTARY INFORMATION: 
    Title: Qualified Severance of a Trust for Generation-Skipping 
Transfer (GST) Tax Purposes.
    OMB Number: 1545-1902.
    Agency Number: TD 9348; TD 9421.
    Abstract: In general, if a trust is divided in a qualified 
severance into two or more trusts, the separate trusts resulting from 
the severance will be treated as separate trusts for generation-
skipping transfer (GST) tax purposes and the inclusion ratio of each 
new resulting trust may differ from the inclusion ratio of the original 
trust. The regulations provide guidance regarding the qualified 
severance of a trust for generation skipping transfer (GST) tax 
purposes under section 2642(a)(3) of the Internal Revenue Code.
    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: 650.
    Estimated Time per Respondent: 2 Hours 8 minutes.
    Estimated Total Annual Burden Hours: 1,352.
    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

[[Page 17474]]

included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: April 10, 2018.
R. Joseph Durbala,
IRS, Tax Analyst.
[FR Doc. 2018-08146 Filed 4-18-18; 8:45 am]
 BILLING CODE 4830-01-P