83 FR 49453 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 190 (October 1, 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning interest rates and appropriate foreign loss payment patterns for determining the qualified insurance income of certain controlled corporations.

[Federal Register Volume 83, Number 190 (Monday, October 1, 2018)]
[Notices]
[Page 49453]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-21290]


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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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
interest rates and appropriate foreign loss payment patterns for 
determining the qualified insurance income of certain controlled 
corporations.

DATES: Written comments should be received on or before November 30, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6529, 1111 Constitution Avenue 
NW, Washington DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Interest Rates and Appropriate Foreign Loss Payment Patterns 
for Determining the Qualified Insurance Income of Certain Controlled 
Corporations under Section 954(i).
    OMB Number: 1545-1799.
    Notice Number: Notice 2002-69.
    Abstract: Notice 2002-69 allows U.S. shareholders of a foreign 
insurance company to use the foreign insurance company's historical 
loss payment patterns in computing the company's insurance reserves 
provided the company has a certain number of years of data and makes an 
election to use that data. A domestic insurance company can elect to 
use its own historical data in computing its reserves provided certain 
requirements are satisfied and an election is made. This notice allows 
a foreign insurance company to elect to calculate its insurance 
reserves in a manner similar to a domestic insurance company. Also, 
this notice provides guidance on how to determine a foreign insurance 
company's foreign loss payment patterns.
    Current Actions: There are no changes being made to the burden 
associated with the collection at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 300.
    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 300.
    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: September 24, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-21290 Filed 9-28-18; 8:45 am]
 BILLING CODE 4830-01-P