83_FR_20231 83 FR 20143 - Proposed Collection; Comment Request for Rev. Proc. 99-17

83 FR 20143 - Proposed Collection; Comment Request for Rev. Proc. 99-17

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 88 (May 7, 2018)

Page Range20143-20143
FR Document2018-09592

The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Mark to Market Election for Commodities Dealers and Securities and Commodities Traders.

Federal Register, Volume 83 Issue 88 (Monday, May 7, 2018) 
[Federal Register Volume 83, Number 88 (Monday, May 7, 2018)]
[Notices]
[Page 20143]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-09592]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Rev. Proc. 99-17

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning Mark to Market 
Election for Commodities Dealers and Securities and Commodities 
Traders.

DATES: Written comments should be received on or before July 6, 2018 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this revenue procedure should be directed to Martha R. 
Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Mark to Market Election for Commodities Dealers and 
Securities and Commodities Traders.
    OMB Number: 1545-1641.
    Revenue Procedure Number: Rev. Proc. 99-17 (Revenue Procedure 99-17 
is modified by Revenue Procedure 99-49).
    Abstract: The revenue procedure prescribes the time and manner for 
dealers in commodities and traders in securities or commodities to 
elect to use the mark-to-market method of accounting under Sec. 475(e) 
or (f) of the Internal Revenue Code. The collections of information of 
this revenue procedure are required by the IRS in order to facilitate 
monitoring taxpayers changing accounting methods resulting from making 
the elections under Sec. 475(e) or (f).
    Current Actions: There are no changes being made to this Rev. Proc. 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 30 mins.
    Estimated Total Annual Burden Hours: 500.
    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. 
Comments will be 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 has 
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 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: April 26, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-09592 Filed 5-4-18; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 83, No. 88 / Monday, May 7, 2018 / Notices 20143 ADDRESSES: Direct all written comments automated collection techniques or the Internal Revenue Code. The to Laurie Brimmer, Internal Revenue other forms of information technology; collections of information of this Service, Room 6526, 1111 Constitution and (e) estimates of capital or start-up revenue procedure are required by the Avenue NW, Washington, DC 20224. costs and costs of operation, IRS in order to facilitate monitoring FOR FURTHER INFORMATION CONTACT: maintenance, and purchase of services taxpayers changing accounting methods Requests for additional information or to provide information. resulting from making the elections copies of the regulation should be Approved: April 30, 2018. under Sec. 475(e) or (f). directed to Martha R. Brinson, at (202) Laurie Brimmer, Current Actions: There are no changes 317–5753, or at Internal Revenue Senior Tax Analyst. being made to this Rev. Proc. at this Service, Room 6526, 1111 Constitution [FR Doc. 2018–09594 Filed 5–4–18; 8:45 am] time. Avenue NW, Washington, DC 20224, or through the internet at BILLING CODE 4830–01–P Type of Review: Extension of a Martha.R.Brinson@irs.gov. currently approved collection. SUPPLEMENTARY INFORMATION: DEPARTMENT OF THE TREASURY Affected Public: Business or other for- Title: Guidance on Passive Foreign profit organizations. Investment Company (PFIC) Purging Internal Revenue Service Estimated Number of Respondents: Elections. 1,000. OMB Number: 1545–1965. Proposed Collection; Comment Regulation Project Number: TD 9360. Request for Rev. Proc. 99–17 Estimated Time Per Respondent: 30 Abstract: The IRS needs the mins. AGENCY: Internal Revenue Service (IRS), information to substantiate the Treasury. Estimated Total Annual Burden taxpayer’s computation of the taxpayer’s Hours: 500. ACTION: Notice and request for share of the PFIC’s post-1986 earning The following paragraph applies to all and profits. comments. of the collections of information covered Current Actions: There is no change to SUMMARY: The Internal Revenue Service by this notice: this existing regulation. (IRS), as part of its continuing effort to Type of Review: Extension of a An agency may not conduct or reduce paperwork and respondent currently approved collection. sponsor, and a person is not required to burden, invites the general public and Affected Public: Business or other for- respond to, a collection of information other Federal agencies to take this profit organizations and individuals. unless the collection of information opportunity to comment on information Estimated Number of Respondents: collections, as required by the displays a valid OMB control number. 250. Paperwork Reduction Act of 1995. The Books or records relating to a collection Estimated Time Per Respondent: 1 IRS is soliciting comments concerning of information must be retained as long hour. Mark to Market Election for as their contents may become material Estimated Total Annual Burden Commodities Dealers and Securities and in the administration of any internal Hours: 250. Commodities Traders. revenue law. Generally, tax returns and The following paragraph applies to all tax return information are confidential, DATES: Written comments should be of the collections of information covered as required by 26 U.S.C. 6103. received on or before July 6, 2018 to be by this notice: Request for Comments: Comments assured of consideration. An agency may not conduct or ADDRESSES: Direct all written comments submitted in response to this notice will sponsor, and a person is not required to to Laurie Brimmer, Internal Revenue be summarized and/or included in the respond to, a collection of information Service, Room 6526, 1111 Constitution request for OMB approval. Comments unless the collection of information displays a valid OMB control number. Avenue NW, Washington, DC 20224. will be of public record. Comments are Books or records relating to a collection FOR FURTHER INFORMATION CONTACT: invited on: (a) Whether the collection of of information must be retained as long Requests for additional information or information is necessary for the proper as their contents may become material copies of this revenue procedure should performance of the functions of the in the administration of any internal be directed to Martha R. Brinson, at agency, including whether the revenue law. Generally, tax returns and (202) 317–5753, or at Internal Revenue information has practical utility; (b) the tax return information are confidential, Service, Room 6526, 1111 Constitution accuracy of the agency’s estimate of the as required by 26 U.S.C. 6103. Avenue NW, Washington, DC 20224, or burden of the collection of information; Request for Comments: Comments through the internet at (c) ways to enhance the quality, utility, submitted in response to this notice will Martha.R.Brinson@irs.gov. and clarity of the information to be be summarized and/or included in the SUPPLEMENTARY INFORMATION: collected; (d) ways to minimize the request for OMB approval. Comments Title: Mark to Market Election for burden of the collection of information will be of public record. Comments are Commodities Dealers and Securities and on respondents, including the use of invited on: (a) Whether the collection of Commodities Traders. automated collection techniques or information is necessary for the proper OMB Number: 1545–1641. other forms of information technology; performance of the functions of the Revenue Procedure Number: Rev. and (e) estimates of capital or start-up agency, including whether the Proc. 99–17 (Revenue Procedure 99–17 costs and costs of operation, information has practical utility; (b) the is modified by Revenue Procedure 99– maintenance, and purchase of services daltland on DSKBBV9HB2PROD with NOTICES accuracy of the agency’s estimate of the 49). to provide information. burden of the collection of information; Abstract: The revenue procedure Approved: April 26, 2018. (c) ways to enhance the quality, utility, prescribes the time and manner for Laurie Brimmer, and clarity of the information to be dealers in commodities and traders in collected; (d) ways to minimize the securities or commodities to elect to use Senior Tax Analyst. burden of the collection of information the mark-to-market method of [FR Doc. 2018–09592 Filed 5–4–18; 8:45 am] on respondents, including the use of accounting under Sec. 475(e) or (f) of BILLING CODE 4830–01–P VerDate Sep<11>2014 17:38 May 04, 2018 Jkt 244001 PO 00000 Frm 00112 Fmt 4703 Sfmt 9990 E:\FR\FM\07MYN1.SGM 07MYN1


Document Created: 2018-05-05 02:48:51
Document Modified: 2018-05-05 02:48:51
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comments.
DatesWritten comments should be received on or before July 6, 2018 to be assured of consideration.
ContactRequests for additional information or copies of this revenue procedure should be directed to Martha R. Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at [email protected]
FR Citation83 FR 20143 
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