83 FR 24846 - Proposed Extension of Information Collection Request Submitted for Public Comment; Tax Treatment of Salvage and Reinsurance

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 104 (May 30, 2018)

Page Range		24846-24846
FR Document		2018-11521

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 the tax treatment of salvage and reinsurance.

Federal Register, Volume 83 Issue 104 (Wednesday, May 30, 2018)

[Federal Register Volume 83, Number 104 (Wednesday, May 30, 2018)]
[Notices]
[Page 24846]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-11521]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Tax Treatment of Salvage and Reinsurance

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 the tax treatment of salvage and reinsurance.

DATES: Written comments should be received on or before July 30, 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: Tax Treatment of Salvage and Reinsurance.
    OMB Number: 1545-1227.
    Regulation Project Number: TD 8857.
    Abstract: Section 1.832-4(d) of this regulation allows a nonlife 
insurance company to increase unpaid losses on a yearly basic by the 
amount of estimated salvage recoverable if the company discloses this 
to the state insurance regulatory authority.
    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: 2,500.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 5,000
    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: May 21, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018-11521 Filed 5-29-18; 8:45 am]
 BILLING CODE 4830-01-P

24846 Federal Register / Vol. 83, No. 104 / Wednesday, May 30, 2018 / Notices

U.S.C. 205(e), the TTB regulations in 27 formulas to TTB and electing to do so Current Actions: There is no change to
CFR parts 7 and 25 require beer and via TTB F 5100.51 or FONL. the burden previously approved.
malt beverage producers and importers Type of Review: Extension of a Type of Review: Extension of a
to file a formula when certain non- currently approved collection. currently approved collection.
exempted ingredients or processes are Affected Public: Businesses and other Affected Public: Business or other for-
used to produce such products. This for-profits. profit organizations.
information collection, which is Estimated Number of Respondents: Estimated Number of Respondents:
submitted to TTB as a written notice, is 3,000. 2,500.
necessary to (1) ensure that the Federal Estimated Total Annual Burden
Estimated Time per Respondent: 2
alcohol excise tax revenue due under Hours: 30,000.
hours.
the provisions of chapter 51 of the IRC Dated: May 23, 2018. Estimated Total Annual Burden
is not jeopardized for domestically Amy R. Greenberg, Hours: 5,000
made or imported beer, and (2) to
Director, Regulations and Rulings Division. The following paragraph applies to all
ensure that the alcohol beverage
labeling provisions of the FAA Act are [FR Doc. 2018–11494 Filed 5–29–18; 8:45 am] the collections of information covered
met for imported products that meet the BILLING CODE 4810–31–P by this notice:
FAA Act definition of malt beverage. An agency may not conduct or
Current Actions: TTB is submitting sponsor, and a person is not required to
DEPARTMENT OF THE TREASURY respond to, a collection of information
this information collection for extension
purposes; there is no change to the unless the collection of information
Internal Revenue Service
collection or its estimated burden. displays a valid OMB control number.
Type of Review: Extension of a Proposed Extension of Information Books or records relating to a
currently approved collection. Collection Request Submitted for collection of information must be
Affected Public: Businesses and other Public Comment; Tax Treatment of retained if their contents may become
for-profits. Salvage and Reinsurance material in the administration of any
Estimated Number of Respondents: internal revenue law. Generally, tax
505. AGENCY: Internal Revenue Service (IRS), returns and tax return information are
Estimated Total Annual Burden Treasury. confidential, as required by 26 U.S.C.
Hours: 1,326. ACTION: Notice and request for 6103.
Title: Formula and Process for comments. Desired Focus of Comments: The
Domestic and Imported Alcohol Internal Revenue Service (IRS) is
SUMMARY: The Internal Revenue Service, particularly interested in comments
Beverages. as part of its continuing effort to reduce
OMB Number: 1513–0122. that:
paperwork and respondent burden,
TTB Form Number: F 5100.51. • Evaluate whether the proposed
invites the public and other Federal
Abstract: Chapter 51 of the IRC collection of information is necessary
agencies to take this opportunity to
governs the production, classification, for the proper performance of the
comment on proposed and/or
and taxation of alcohol products; the functions of the agency, including
continuing information collections, as
FAA Act at 27 U.S.C. 205(e) requires whether the information will have
required by the Paperwork Reduction
alcohol beverage labels to provide practical utility;
Act of 1995. Currently, the IRS is
consumers with adequate information as soliciting comments concerning the tax • Evaluate the accuracy of the
to the identity and quality of alcohol treatment of salvage and reinsurance. agency’s estimate of the burden of the
beverages, and each statute authorizes proposed collection of information,
DATES: Written comments should be
the Secretary to issue regulations related including the validity of the
to such activities. The TTB regulations received on or before July 30, 2018 to be methodology and assumptions used;
assured of consideration.
issued under those authorities require • Enhance the quality, utility, and
alcohol beverage producers and ADDRESSES: Direct all written comments clarity of the information to be
importers to obtain formula approval to Roberto Mora-Figueroa, Internal collected; and
from TTB for certain non-standard Revenue Service, Room 6129, 1111 • Minimize the burden of the
products to ensure that the product is Constitution Avenue NW, Washington, collection of information on those who
properly classified for excise tax DC 20224. Requests for additional are to respond, including using
purposes under the IRC and that it is information or copies of the regulations appropriate automated, electronic,
properly labeled under the FAA Act. should be directed to R. Joseph Durbala, mechanical, or other technological
Currently, in lieu of the formula forms at Internal Revenue Service, Room 6129, collection techniques or other forms of
and letterhead notices specified in the 1111 Constitution Avenue NW, information technology, e.g., by
TTB regulations, respondents may Washington DC 20224, or through the permitting electronic submissions of
submit TTB F 5100.51 (or its electronic internet, at RJoseph.Durbala@irs.gov. responses.
equivalent, Formulas Online (FONL)) to SUPPLEMENTARY INFORMATION: Comments submitted in response to
TTB as an alternate method or Title: Tax Treatment of Salvage and this notice will be summarized and/or
procedure. Reinsurance. included in the ICR for OMB approval
Current Actions: This information OMB Number: 1545–1227. of the extension of the information
collection remains unchanged, and TTB Regulation Project Number: TD 8857.
sradovich on DSK3GMQ082PROD with NOTICES

collection; they will also become a
is submitting it only for extension Abstract: Section 1.832–4(d) of this matter of public record.
purposes. However, TTB is increasing regulation allows a nonlife insurance
the estimated number of respondents, company to increase unpaid losses on a Approved: May 21, 2018.
responses, and annual burden hours yearly basic by the amount of estimated R. Joseph Durbala,
associated with this information salvage recoverable if the company IRS Tax Analyst.
collection due to an increase in the discloses this to the state insurance [FR Doc. 2018–11521 Filed 5–29–18; 8:45 am]
number of respondents submitting regulatory authority. BILLING CODE 4830–01–P

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Document Created: 2018-05-30 01:01:41
Document Modified: 2018-05-30 01:01:41

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 July 30, 2018 to be assured of consideration.
FR Citation		83 FR 24846

83 FR 24846 - Proposed Extension of Information Collection Request Submitted for Public Comment; Tax Treatment of Salvage and Reinsurance

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 83, Issue 104 (May 30, 2018)

DEPARTMENT OF THE TREASURY
Internal Revenue Service