83 FR 28490 - Proposed Extension of Information Collection Request Submitted for Public Comment; Form 712, Life Insurance Statement

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 118 (June 19, 2018)

Page Range		28490-28490
FR Document		2018-13079

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 Form 712, Life Insurance Statement.

Federal Register, Volume 83 Issue 118 (Tuesday, June 19, 2018)

[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)]
[Notices]
[Page 28490]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-13079]



[[Page 28490]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Form 712, Life Insurance Statement

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 Form 712, Life Insurance Statement.

DATES: Written comments should be received on or before August 20, 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: Life Insurance Statement.
    OMB Number: 1545-0022.
    Regulation Project Number: Form 712.
    Abstract: Form 712 provides taxpayers and the IRS with information 
to determine if insurance on the decedent's life is includible in the 
gross estate and to determine the value of the policy for estate and 
gift tax purposes. The tax is based on the value of the life insurance 
policy.
    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: 60,000.
    Estimated Time per Respondent: 18 hrs., 40 min.
    Estimated Total Annual Burden Hours: 1,120,200.
    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: June 13, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018-13079 Filed 6-18-18; 8:45 am]
 BILLING CODE 4830-01-P

28490 Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices

DEPARTMENT OF THE TREASURY unless the collection of information comment on proposed and/or
displays a valid OMB control number. continuing information collections, as
Internal Revenue Service Books or records relating to a required by the Paperwork Reduction
collection of information must be Act of 1995. Currently, the IRS is
Proposed Extension of Information retained if their contents may become soliciting comments concerning the
Collection Request Submitted for material in the administration of any guidance for taxpayers regarding when
Public Comment; Form 712, Life internal revenue law. Generally, tax gain or loss from common business
Insurance Statement returns and tax return information are hedging transactions is considered for
AGENCY: Internal Revenue Service (IRS), confidential, as required by 26 U.S.C. tax purposes.
Treasury. 6103. DATES: Written comments should be
Desired Focus of Comments: The received on or before August 20, 2018
ACTION: Notice and request for
Internal Revenue Service (IRS) is to be assured of consideration.
comments.
particularly interested in comments ADDRESSES: Direct all written comments
SUMMARY: The Internal Revenue Service, that: to Roberto Mora-Figueroa, Internal
as part of its continuing effort to reduce • Evaluate whether the proposed
Revenue Service, Room 6129, 1111
paperwork and respondent burden, collection of information is necessary
Constitution Avenue NW, Washington,
invites the public and other Federal for the proper performance of the
DC 20224. Requests for additional
agencies to take this opportunity to functions of the agency, including
information or copies of the regulations
comment on proposed and/or whether the information will have
should be directed to R. Joseph Durbala,
continuing information collections, as practical utility;
at Internal Revenue Service, Room 6129,
required by the Paperwork Reduction • Evaluate the accuracy of the
1111 Constitution Avenue NW,
Act of 1995. Currently, the IRS is agency’s estimate of the burden of the
Washington, DC 20224, or through the
soliciting comments concerning Form proposed collection of information,
internet, at RJoseph.Durbala@irs.gov.
712, Life Insurance Statement. including the validity of the
methodology and assumptions used; SUPPLEMENTARY INFORMATION:
DATES: Written comments should be Title: Clear Reflection of Income in
• Enhance the quality, utility, and
received on or before August 20, 2018 the Case of Hedging Transactions.
clarity of the information to be
to be assured of consideration. OMB Number: 1545–1412.
collected; and
ADDRESSES: Direct all written comments • Minimize the burden of the Regulation Project Number: TD 8554.
to Roberto Mora-Figueroa, Internal collection of information on those who Abstract: These final regulations
Revenue Service, Room 6129, 1111 are to respond, including using provide guidance to taxpayers regarding
Constitution Avenue NW, Washington, appropriate automated, electronic, when gain or loss from common
DC 20224. Requests for additional mechanical, or other technological business hedging transactions is
information or copies of the regulations collection techniques or other forms of recognized for tax purposes. Paragraph
should be directed to R. Joseph Durbala, information technology, e.g., by (d) of § 1.446–4 requires that the books
at Internal Revenue Service, Room 6129, permitting electronic submissions of and records maintained by a taxpayer
1111 Constitution Avenue NW, responses. disclose the method or methods used to
Washington DC 20224, or through the Comments submitted in response to account for different types of hedging
internet, at RJoseph.Durbala@irs.gov. this notice will be summarized and/or transactions. The purpose of this rule is
SUPPLEMENTARY INFORMATION: included in the ICR for OMB approval to ensure that the taxpayer has such
Title: Life Insurance Statement. of the extension of the information records as are necessary to allow a
OMB Number: 1545–0022. collection; they will also become a Service examiner to determine whether
Regulation Project Number: Form 712. matter of public record. the method of accounting used by the
Abstract: Form 712 provides taxpayer for a transaction clearly reflects
Approved: June 13, 2018.
taxpayers and the IRS with information income.
to determine if insurance on the R. Joseph Durbala, Current Actions: There is no change to
decedent’s life is includible in the gross IRS Tax Analyst. the burden previously approved.
estate and to determine the value of the [FR Doc. 2018–13079 Filed 6–18–18; 8:45 am] Type of Review: Extension of a
policy for estate and gift tax purposes. BILLING CODE 4830–01–P currently approved collection.
The tax is based on the value of the life Affected Public: Business or other for-
insurance policy. profit organizations.
Current Actions: There is no change to DEPARTMENT OF THE TREASURY Estimated Number of Respondents:
the burden previously approved. 100,000.
Type of Review: Extension of a Internal Revenue Service Estimated Time per Respondent: 12
currently approved collection. min.
Proposed Extension of Information
Affected Public: Business or other for- Estimated Total Annual Burden
Collection Request Submitted for
profit organizations. Hours: 20,000.
Public Comment; Hedging The following paragraph applies to all
Estimated Number of Respondents:
Transactions the collections of information covered
60,000.
Estimated Time per Respondent: 18 AGENCY: Internal Revenue Service (IRS), by this notice:
hrs., 40 min. Treasury. An agency may not conduct or
Estimated Total Annual Burden ACTION: Notice and request for sponsor, and a person is not required to
daltland on DSKBBV9HB2PROD with NOTICES

Hours: 1,120,200. comments. respond to, a collection of information
The following paragraph applies to all unless the collection of information
the collections of information covered SUMMARY: The Internal Revenue Service, displays a valid OMB control number.
by this notice: as part of its continuing effort to reduce Books or records relating to a
An agency may not conduct or paperwork and respondent burden, collection of information must be
sponsor, and a person is not required to invites the public and other Federal retained if their contents may become
respond to, a collection of information agencies to take this opportunity to material in the administration of any

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Document Created: 2018-07-02 11:21:36
Document Modified: 2018-07-02 11:21:36

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 August 20, 2018 to be assured of consideration.
FR Citation		83 FR 28490

83 FR 28490 - Proposed Extension of Information Collection Request Submitted for Public Comment; Form 712, Life Insurance Statement

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 83, Issue 118 (June 19, 2018)

DEPARTMENT OF THE TREASURY
Internal Revenue Service