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)
Internal Revenue Service
Federal Register Volume 83, Issue 76 (April 19, 2018)
| Page Range | 17473-17474 | |
| FR Document | 2018-08146 |
[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] ======================================================================= ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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
![Federal Register / Vol. 83, No. 76 / Thursday, April 19, 2018 / Notices 17473
I. Background fulfill its purpose once its two or more trusts, the separate trusts
The VIS Working Group is an recommendations are published online. resulting from the severance will be
advisory committee established in PHMSA will publish the agenda on treated as separate trusts for generation-
accordance with Section 10 of the the PHMSA meeting page https:// skipping transfer (GST) tax purposes
Protecting our Infrastructure of primis.phmsa.dot.gov/meetings/ and the inclusion ratio of each new
Pipelines and Enhancing Safety Act of MtgHome.mtg?mtg=134, once it is resulting trust may differ from the
2016 (Pub. L. 114–183), the Federal finalized. inclusion ratio of the original trust. The
Advisory Committee Act of 1972 (5 Issued in Washington, DC, on April 9, regulations provide guidance regarding
U.S.C., App. 2, as amended), and 41 2018, under authority delegated in 49 CFR the qualified severance of a trust for
CFR 102–3.50(a). 1.97. generation skipping transfer (GST) tax
Alan K. Mayberry, purposes under section 2642(a)(3) of the
II. Meeting Details and Agenda Associate Administrator for Pipeline Safety. Internal Revenue Code.
The VIS Working Group agenda will [FR Doc. 2018–08215 Filed 4–18–18; 8:45 am]
Current Actions: There is no change to
include briefings on topics such as the burden previously approved.
BILLING CODE 4910–60–P
mandate requirements, integrity Type of Review: Extension of a
management, data types and tools, in- currently approved collection.
Affected Public: Business or other for-
line inspection repair and other direct DEPARTMENT OF THE TREASURY profit organizations.
assessment methods, geographic
Estimated Number of Respondents:
information system implementation, Internal Revenue Service 650.
subcommittee considerations, lessons Estimated Time per Respondent: 2
learned, examples of existing Proposed Extension of Information
Hours 8 minutes.
information-sharing systems, safety Collection Request Submitted for
Estimated Total Annual Burden
management systems, and more. As part Public Comment; Qualified Severance
Hours: 1,352.
of its work, the committee will of a Trust for Generation-Skipping The following paragraph applies to all
ultimately provide recommendations to Transfer (GST) Tax Purposes the collections of information covered
the Secretary, as required and by this notice:
AGENCY: Internal Revenue Service (IRS),
specifically outlined in Section 10 of An agency may not conduct or
Treasury.
Public Law 114–183, addressing: sponsor, and a person is not required to
(a) The need for, and the ACTION: Notice and request for
comments. respond to, a collection of information
identification of, a system to ensure that unless the collection of information
dig verification data are shared with in- SUMMARY: The Internal Revenue Service, displays a valid OMB control number.
line inspection operators to the extent as part of its continuing effort to reduce Books or records relating to a
consistent with the need to maintain paperwork and respondent burden, collection of information must be
proprietary and security-sensitive data invites the public and other Federal retained if their contents may become
in a confidential manner to improve agencies to take this opportunity to material in the administration of any
pipeline safety and inspection comment on proposed and/or internal revenue law. Generally, tax
technology; continuing information collections, as returns and tax return information are
(b) Ways to encourage the exchange of required by the Paperwork Reduction confidential, as required by 26 U.S.C.
pipeline inspection information and the Act of 1995. Currently, the IRS is 6103.
development of advanced pipeline soliciting comments concerning Desired Focus of Comments: The
inspection technologies and enhanced information collection requirements Internal Revenue Service (IRS) is
risk analysis; related to the guidance regarding the particularly interested in comments
(c) Opportunities to share data, qualified severance of a trust for that:
including dig verification data between generation-skipping transfer (GST) tax • Evaluate whether the proposed
operators of pipeline facilities and in- purposes. collection of information is necessary
line inspector vendors to expand for the proper performance of the
knowledge of the advantages and DATES: Written comments should be functions of the agency, including
disadvantages of the different types of received on or before June 18, 2018 to whether the information will have
in-line inspection technology and be assured of consideration. practical utility;
methodologies; ADDRESSES: Direct all written comments • Evaluate the accuracy of the
(d) Options to create a secure system to Roberto Mora-Figueroa, Internal agency’s estimate of the burden of the
that protects proprietary data while Revenue Service, Room 6129, 1111 proposed collection of information,
encouraging the exchange of pipeline Constitution Avenue NW, Washington, including the validity of the
inspection information and the DC 20224. Requests for additional methodology and assumptions used;
development of advanced pipeline information or copies of the regulations • Enhance the quality, utility, and
inspection technologies and enhanced should be directed to R. Joseph Durbala, clarity of the information to be
risk analysis; at Internal Revenue Service, Room 6129, collected; and
(e) Means and best practices for the 1111 Constitution Avenue NW, • Minimize the burden of the
protection of safety and security- Washington DC 20224, or through the collection of information on those who
sensitive information and proprietary internet, at RJoseph.Durbala@irs.gov. are to respond, including using
information; and SUPPLEMENTARY INFORMATION: appropriate automated, electronic,
daltland on DSKBBV9HB2PROD with NOTICES
(f) Regulatory, funding, and legal Title: Qualified Severance of a Trust mechanical, or other technological
barriers to sharing the information for Generation-Skipping Transfer (GST) collection techniques or other forms of
described in paragraphs (a) through (d). Tax Purposes. information technology, e.g., by
The Secretary will publish the VIS OMB Number: 1545–1902. permitting electronic submissions of
Working Group’s recommendations on a Agency Number: TD 9348; TD 9421. responses.
publicly available DOT website and in Abstract: In general, if a trust is Comments submitted in response to
the docket. The VIS Working Group will divided in a qualified severance into this notice will be summarized and/or
VerDate Sep<11>2014 17:49 Apr 18, 2018 Jkt 244001 PO 00000 Frm 00115 Fmt 4703 Sfmt 4703 E:\FR\FM\19APN1.SGM 19APN1](https://thefederalregister.org/doc/83_FR_17549/page/1.svg)
![17474 Federal Register / Vol. 83, No. 76 / Thursday, April 19, 2018 / Notices
included in the ICR for OMB approval producing electricity from closed-loop facilities, landfill gas facilities, trash
of the extension of the information biomass, open-loop biomass, geothermal facilities, qualified hydropower
collection; they will also become a energy, small irrigation power, facilities, and marine and hydrokinetic
matter of public record. municipal solid waste, qualified renewable energy facilities. Under the
Approved: April 10, 2018. hydropower production, and marine calculation required by section 45(b)(2),
and hydrokinetic renewable energy have the credit for refined coal production for
R. Joseph Durbala,
not been determined for calendar year calendar year 2018 under section
IRS, Tax Analyst.
2018. 45(e)(8)(A) is $7.03 per ton on the sale
[FR Doc. 2018–08146 Filed 4–18–18; 8:45 am] Phaseout Calculation: Because the of qualified refined coal.
BILLING CODE 4830–01–P 2018 reference price for electricity
produced from wind (4.85 cents per Christopher T. Kelley,
kilowatt hour) does not exceed 8 cents Special Counsel, Passthroughs and Special
DEPARTMENT OF THE TREASURY multiplied by the inflation adjustment Industries.
factor (1.6072), the phaseout of the [FR Doc. 2018–08201 Filed 4–18–18; 8:45 am]
Internal Revenue Service
credit provided in section 45(b)(1) does BILLING CODE 4830–01–P
Credit for Renewable Electricity not apply to such electricity sold during
Production and Refined Coal calendar year 2018. Because the 2018
Production, and Publication of Inflation reference price of fuel used as feedstock
for refined coal ($49.69) does not exceed DEPARTMENT OF VETERANS
Adjustment Factor and Reference
$87.16 (which is the $31.90 reference AFFAIRS
Prices for Calendar Year 2018
price of such fuel in 2002 multiplied by
AGENCY: Internal Revenue Service (IRS), the inflation adjustment factor (1.6072) Advisory Committee on Disability
Treasury. and 1.7), the phaseout of the credit Compensation, Notice of Meeting
ACTION: Publication of inflation provided in section 45(e)(8)(B) does not The Department of Veterans Affairs
adjustment factor and reference prices apply to refined coal sold during (VA) gives notice under the Federal
for calendar year 2018. calendar year 2018. Further, for Advisory Committee Act that the
electricity produced from closed-loop Advisory Committee on Disability
SUMMARY: The 2018 inflation adjustment biomass, open-loop biomass, geothermal
factor and reference prices are used in Compensation (Committee) will meet on
energy, small irrigation power, May 22–23, 2018. The Committee will
determining the availability of the credit municipal solid waste, qualified
for renewable electricity production and meet at 1800 G Street NW, Washington,
hydropower production, and marine DC 20006. The meeting will be held on
refined coal production under section and hydrokinetic renewable energy, the
45. the Fourth Floor in Conference Room
phaseout of the credit provided in
420–H. The meetings are open to the
DATES: The 2018 inflation adjustment section 45(b)(1) does not apply to such
public.
factor and reference prices apply to electricity sold during calendar year
2018. The purpose of the Committee is to
calendar year 2018 sales of kilowatt advise the Secretary of Veterans Affairs
hours of electricity produced in the Credit Amount by Qualified Energy
Resource and Facility and Refined Coal: on the maintenance and periodic
United States or a possession thereof readjustment of the VA Schedule for
from qualified energy resources and to As required by section 45(b)(2), the 1.5
cent amount in section 45(a)(1), and the Rating Disabilities. The Committee is to
2018 sales of refined coal produced in assemble and review relevant
the United States or a possession $4.375 amount in section 45(e)(8)(A) are
each adjusted by multiplying such information relating to the nature and
thereof. character of disabilities arising during
amount by the inflation adjustment
FOR FURTHER INFORMATION CONTACT: factor for the calendar year in which the service in the Armed Forces, provide an
Martha M. Garcia, CC:PSI:6, Internal sale occurs. If any amount as increased ongoing assessment of the effectiveness
Revenue Service, 1111 Constitution under the preceding sentence is not a of the rating schedule, and give advice
Avenue NW, Washington, DC 20224, multiple of 0.1 cent, such amount is on the most appropriate means of
(202) 317–6853 (not a toll-free number). rounded to the nearest multiple of 0.1 responding to the needs of Veterans
SUPPLEMENTARY INFORMATION: cent. In the case of electricity produced relating to disability compensation.
Publication of the inflation adjustment in open-loop biomass facilities, small On May 22, 2018, the sessions will
factor and reference prices is required irrigation power facilities, landfill gas begin at 7:30 a.m. and end at 3:00 p.m.
by sections 45(e)(2)(A) (26 U.S.C. facilities, trash facilities, qualified EST. On May 23, 2018 the sessions will
45(e)(2)(A)) and 45(e)(8)(C) (26 U.S.C. hydropower facilities, and marine and begin at 7:30 a.m. and end at 4:30 p.m.
45(e)(8)(C)) of the Internal Revenue hydrokinetic renewable energy EST. On both days, the Committee will
Code. facilities, section 45(b)(4)(A) requires receive briefings on issues related to
Inflation Adjustment Factor: The the amount in effect under section compensation for Veterans with service-
inflation adjustment factor for calendar 45(a)(1) (before rounding to the nearest connected disabilities and on other VA
year 2018 for qualified energy resources 0.1 cent) to be reduced by one-half. benefits programs. Time will be
and refined coal is 1.6072. Under the calculation required by allocated for receiving public
Reference Prices: The reference price section 45(b)(2), the credit for renewable comments. Public comments will be
for calendar year 2018 for facilities electricity production for calendar year limited to three minutes each.
producing electricity from wind is 4.85 2018 under section 45(a) is 2.4 cents per Individuals wishing to make oral
daltland on DSKBBV9HB2PROD with NOTICES
cents per kilowatt hour. The reference kilowatt hour on the sale of electricity statements before the Committee will be
prices for fuel used as feedstock within produced from the qualified energy accommodated on a first-come, first-
the meaning of section 45(c)(7)(A) resources of wind, closed-loop biomass, served basis. Individuals who speak are
(relating to refined coal production) are geothermal energy, and 1.2 cents per invited to submit 1–2 page summaries of
$31.90 per ton for calendar year 2002 kilowatt hour on the sale of electricity their comments at the time of the
and $49.69 per ton for calendar year produced in open-loop biomass meeting for inclusion in the official
2018. The reference prices for facilities facilities, small irrigation power meeting record.
VerDate Sep<11>2014 17:49 Apr 18, 2018 Jkt 244001 PO 00000 Frm 00116 Fmt 4703 Sfmt 4703 E:\FR\FM\19APN1.SGM 19APN1](https://thefederalregister.org/doc/83_FR_17549/page/2.svg)
Document Created: 2018-04-19 00:41:30
Document Modified: 2018-04-19 00:41:30
| 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 June 18, 2018 to be assured of consideration. | |
| FR Citation | 83 FR 17473 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR