83 FR 4126 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 19 (January 29, 2018)

The Internal Revenue Service, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning safe harbor for valuation and Mark to Market Accounting Method for Dealers under section 475.

[Federal Register Volume 83, Number 19 (Monday, January 29, 2018)]
[Notices]
[Page 4126]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-01664]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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 general 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 safe harbor for valuation and Mark to Market 
Accounting Method for Dealers under section 475.

DATES: Written comments should be received on or before March 30, 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 the regulations should be directed to LaNita Van Dyke, at 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or (202) 317-6009 or, through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Safe Harbor for Valuation and Mark to Market Accounting 
Method for Dealers under Section 475.
    OMB Number: 1545-1945.
    Regulation Project Number: TD 9328 and TD 8700.
    Abstract: These documents set forth an elective safe harbor that 
permits dealers in securities and dealers in commodities to elect to 
use the values of positions reported on certain financial statements as 
the fair market values of those positions for purposes of section 475 
of the Internal Revenue Code (Code). This safe harbor is intended to 
reduce the compliance burden on taxpayers and to improve the 
administrability of the valuation requirement of section 475 for the 
IRS. TD 8700 contains final regulations providing guidance to enable 
taxpayers to comply with the mark-to-market requirements applicable to 
dealers in securities.
    Current Actions: There is no change to these existing regulations.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 15,708.
    Estimated Average Time per Respondent: 3 hours, 19 minutes.
    Estimated Total Annual Burden Hours: 52,182.
    The following paragraph applies to all the collections of 
information covered by this notice.
    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. All 
comments will become a matter 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 shall have 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 through 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: January 23, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-01664 Filed 1-26-18; 8:45 am]
 BILLING CODE 4830-01-P