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)
Internal Revenue Service
Federal Register Volume 83, Issue 19 (January 29, 2018)
| Page Range | 4126-4126 | |
| FR Document | 2018-01664 |
[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] ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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
![4126 Federal Register / Vol. 83, No. 19 / Monday, January 29, 2018 / Notices
OMB Number: 1545–2195. Approved: January 16, 2018. providing guidance to enable taxpayers
Form Number: 8938. L. Brimmer, to comply with the mark-to-market
Senior Tax Analyst. requirements applicable to dealers in
Abstract: The collection of securities.
[FR Doc. 2018–01657 Filed 1–26–18; 8:45 am]
information in Form 8938 will be the
means by which taxpayers will comply BILLING CODE 4830–01–P Current Actions: There is no change to
with self-reporting obligations imposed these existing regulations.
under section 6038D with respect to Type of Review: Extension of
DEPARTMENT OF THE TREASURY
foreign financial assets. The IRS will use currently approved collection.
the information to determine whether to Internal Revenue Service Affected Public: Business or other for-
audit this taxpayer or transaction, profit organizations.
including whether to impose penalties. Proposed Collection; Comment
The information is also required to Estimated Number of Respondents:
Request for Regulation Project
begin the running of the statute of 15,708.
limitations under section 6501. AGENCY: Internal Revenue Service (IRS), Estimated Average Time per
Treasury. Respondent: 3 hours, 19 minutes.
Current Actions: There are no changes
ACTION: Notice and request for
being made to Form 8938 at this time. Estimated Total Annual Burden
comments.
Type of Review: Extension of a Hours: 52,182.
currently approved collection. SUMMARY: The Internal Revenue Service, The following paragraph applies to all
Affected Public: Individuals or as part of its continuing effort to reduce the collections of information covered
Households. paperwork and respondent burden, by this notice.
invites the general public and other
Estimated Number of Respondents: The following paragraph applies to all
Federal agencies to take this
350,000. of the collections of information covered
opportunity to comment on proposed
by this notice:
Estimated Time per Respondent: 4 and/or continuing information
hours 37 minutes. collections, as required by the An agency may not conduct or
Estimated Total Annual Burden Paperwork Reduction Act of 1995. sponsor, and a person is not required to
Hours: 1,627,500. Currently, the IRS is soliciting respond to, a collection of information
comments concerning safe harbor for unless the collection of information
The following paragraph applies to all valuation and Mark to Market displays a valid OMB control number.
of the collections of information covered Accounting Method for Dealers under
by this notice: Books or records relating to a
section 475. collection of information must be
An agency may not conduct or DATES: Written comments should be retained as long as their contents may
sponsor, and a person is not required to received on or before March 30, 2018 to become material in the administration
respond to, a collection of information be assured of consideration. of any internal revenue law. Generally,
unless the collection of information ADDRESSES: Direct all written comments tax returns and tax return information
displays a valid OMB control number. to Laurie Brimmer, Internal Revenue are confidential, as required by 26
Books or records relating to a collection Service, Room 6526, 1111 Constitution U.S.C. 6103.
of information must be retained as long Avenue NW, Washington, DC 20224.
as their contents may become material Request for Comments: Comments
FOR FURTHER INFORMATION CONTACT: submitted in response to this notice will
in the administration of any internal
Requests for additional information or be summarized and/or included in the
revenue law. Generally, tax returns and
copies of the regulations should be request for OMB approval. All
tax return information are confidential,
directed to LaNita Van Dyke, at Internal comments will become a matter of
as required by 26 U.S.C. 6103.
Revenue Service, Room 6526, 1111 public record. Comments are invited on:
Request for Comments: Comments Constitution Avenue NW, Washington, (a) Whether the collection of
submitted in response to this notice will DC 20224, or (202) 317–6009 or, through information is necessary for the proper
be summarized and/or included in the the internet at Lanita.VanDyke@irs.gov. performance of the functions of the
request for OMB approval. All SUPPLEMENTARY INFORMATION: agency, including whether the
comments will become a matter of Title: Safe Harbor for Valuation and information shall have practical utility;
public record. Comments are invited on: Mark to Market Accounting Method for (b) the accuracy of the agency’s estimate
(a) Whether the collection of Dealers under Section 475. of the burden of the collection of
information is necessary for the proper OMB Number: 1545–1945. information; (c) ways to enhance the
performance of the functions of the Regulation Project Number: TD 9328 quality, utility, and clarity of the
agency, including whether the and TD 8700. information to be collected; (d) ways to
information shall have practical utility; Abstract: These documents set forth minimize the burden of the collection of
(b) the accuracy of the agency’s estimate an elective safe harbor that permits information on respondents, including
of the burden of the collection of dealers in securities and dealers in through the use of automated collection
information; (c) ways to enhance the commodities to elect to use the values techniques or other forms of information
quality, utility, and clarity of the of positions reported on certain technology; and (e) estimates of capital
information to be collected; (d) ways to financial statements as the fair market or start-up costs and costs of operation,
minimize the burden of the collection of values of those positions for purposes of
sradovich on DSK3GMQ082PROD with NOTICES
maintenance, and purchase of services
information on respondents, including section 475 of the Internal Revenue to provide information.
through the use of automated collection Code (Code). This safe harbor is
techniques or other forms of information intended to reduce the compliance Approved: January 23, 2018.
technology; and (e) estimates of capital burden on taxpayers and to improve the Laurie Brimmer,
or start-up costs and costs of operation, administrability of the valuation Senior Tax Analyst.
maintenance, and purchase of services requirement of section 475 for the IRS. [FR Doc. 2018–01664 Filed 1–26–18; 8:45 am]
to provide information. TD 8700 contains final regulations BILLING CODE 4830–01–P
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Document Created: 2018-01-27 00:57:43
Document Modified: 2018-01-27 00:57:43
| 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 March 30, 2018 to be assured of consideration. | |
| 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] | |
| FR Citation | 83 FR 4126 |
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