83_FR_49645 83 FR 49455 - Proposed Collection; Comment Request for Regulation Project

83 FR 49455 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 190 (October 1, 2018)

Page Range49455-49456
FR Document2018-21288

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 return of U.S. persons with respect to certain foreign partnerships and consent to extend the time to assess tax pursuant to the gain deferral method.

Federal Register, Volume 83 Issue 190 (Monday, October 1, 2018)
[Federal Register Volume 83, Number 190 (Monday, October 1, 2018)]
[Notices]
[Pages 49455-49456]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-21288]


-----------------------------------------------------------------------

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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning return 
of U.S. persons with respect to certain foreign partnerships and 
consent to extend the time to assess tax pursuant to the gain deferral 
method.

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 
Kerry.Dennis@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Return of U.S. Persons With Respect to Certain Foreign 
Partnerships (and associated schedules) and Consent To Extend the Time 
To Assess Tax Pursuant to the Gain Deferral Method.
    OMB Number: 1545-1668.
    Form Number: Form 8865, Schedules A, A-1, A-2, B, G, H, N, K, K-1, 
K-1 (15a), L, M, M-1, M-2, O, P, and Form 8838 P.
    Abstract: The Taxpayer Relief Act of 1997 significantly modified 
the information reporting requirements with respect to foreign 
partnerships. The Act made the following three changes: (1) Expanded 
Code section 6038B to require U.S. persons transferring property to 
foreign partnerships in certain transactions to report those transfers; 
(2)

[[Page 49456]]

expanded Code section 6038 to require certain U.S. partners of 
controlled foreign partnerships to report information about the 
partnerships, and (3) modified the reporting required under Code 
section 6046A with respect to acquisitions and dispositions of foreign 
partnership interests. Form 8865 is used by U.S. persons to fulfill 
their reporting obligations under Code sections 6038B, 6038, and 6046A. 
Form 8838 P is used to apply the gain deferral method.
    Current Actions: There are changes being made to the burden 
associated with the collection tool. Two new (Schedule G (Form 8865) 
and Schedule H (Form 8865) have been added. Under Treasury Regulation 
1.721(c)-6T, Schedule G (Form 8865) will be filed by all impacted U.S. 
transferors for the year of the contribution and subsequent years. 
Schedule H (Form 8865) supplements Schedule G (Form 8865). It will be 
for filers who answer yes to questions on Schedule G (Form 8865), Part 
IV.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and not-for-profit institutions.
    Estimated Number of Respondents: 34,450.
    Estimated Time per Respondent: 8.40 hours.
    Estimated Total Annual Burden Hours: 289,354.
    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. 2018-21288 Filed 9-28-18; 8:45 am]
 BILLING CODE 4830-01-P



                                                                          Federal Register / Vol. 83, No. 190 / Monday, October 1, 2018 / Notices                                                  49455

                                             be summarized and/or included in the                       OMB Number: 1545–1982.                               Approved: September 20, 2018.
                                             request for OMB approval. All                              Form Number: Form 8906.                            Laurie Brimmer,
                                             comments will become a matter of                                                                              Senior Tax Analyst.
                                             public record. Comments are invited on:                    Abstract: Form 8906, Distilled Spirits
                                                                                                                                                           [FR Doc. 2018–21284 Filed 9–28–18; 8:45 am]
                                             (a) Whether the collection of                           Credit, was developed to carry out the
                                                                                                                                                           BILLING CODE 4830–01–P
                                             information is necessary for the proper                 provisions of IRC section 5011(a). This
                                             performance of the functions of the                     section allows eligible wholesalers and
                                             agency, including whether the                           persons subject to IRC section 5055 an                DEPARTMENT OF THE TREASURY
                                             information shall have practical utility;               income tax credit for the average cost of
                                             (b) the accuracy of the agency’s estimate               carrying excise tax on bottled distilled              Internal Revenue Service
                                             of the burden of the collection of                      spirits. The form provides a means for
                                             information; (c) ways to enhance the                    the eligible taxpayer to compute the                  Proposed Collection; Comment
                                             quality, utility, and clarity of the                    amount of credit.                                     Request for Regulation Project
                                             information to be collected; (d) ways to                   Current Actions: There are no changes              AGENCY: Internal Revenue Service (IRS),
                                             minimize the burden of the collection of                being made to the burden associated                   Treasury.
                                             information on respondents, including                   with the collection tool at this time.                ACTION: Notice and request for
                                             through the use of automated collection
                                                                                                        Type of Review: Extension of a                     comments.
                                             techniques or other forms of information
                                                                                                     currently approved collection.
                                             technology; and (e) estimates of capital                                                                      SUMMARY:    The Internal Revenue Service,
                                             or start-up costs and costs of operation,                  Affected Public: Businesses and other              as part of its continuing effort to reduce
                                             maintenance, and purchase of services                   for-profit, organizations, and farms.                 paperwork and respondent burden,
                                             to provide information.                                    Estimated Number of Respondents:                   invites the general public and other
                                               Approved: September 20, 2018.                         300.                                                  Federal agencies to take this
                                             Laurie Brimmer,                                            Estimated Time per Respondent: 1                   opportunity to comment on continuing
                                             Senior Tax Analyst.                                     hour, 52 minutes.                                     information collections, as required by
                                             [FR Doc. 2018–21283 Filed 9–28–18; 8:45 am]
                                                                                                                                                           the Paperwork Reduction Act of 1995.
                                                                                                        Estimated Total Annual Burden                      The IRS is soliciting comments
                                             BILLING CODE 4830–01–P                                  Hours: 558.                                           concerning return of U.S. persons with
                                                                                                        The following paragraph applies to all             respect to certain foreign partnerships
                                             DEPARTMENT OF THE TREASURY                              of the collections of information covered             and consent to extend the time to assess
                                                                                                     by this notice.                                       tax pursuant to the gain deferral
                                             Internal Revenue Service                                   An agency may not conduct or                       method.
                                                                                                     sponsor, and a person is not required to              DATES:   Written comments should be
                                             Proposed Collection; Comment                            respond to, a collection of information               received on or before November 30,
                                             Request for Regulation Project                          unless the collection of information                  2018 to be assured of consideration.
                                             AGENCY: Internal Revenue Service (IRS),                 displays a valid OMB control number.                  ADDRESSES: Direct all written comments
                                             Treasury.                                               Books or records relating to a collection             to Laurie Brimmer, Internal Revenue
                                             ACTION: Notice and request for                          of information must be retained as long               Service, Room 6529, 1111 Constitution
                                             comments.                                               as their contents may become material                 Avenue NW, Washington, DC 20224.
                                                                                                     in the administration of any internal                 FOR FURTHER INFORMATION CONTACT:
                                             SUMMARY:    The Internal Revenue Service,               revenue law. Generally, tax returns and               Requests for additional information or
                                             as part of its continuing effort to reduce              tax return information are confidential,              copies of the form should be directed to
                                             paperwork and respondent burden,                        as required by 26 U.S.C. 6103.                        Kerry Dennis, at (202) 317–5751 or
                                             invites the general public and other                       Request for Comments: Comments                     Internal Revenue Service, Room 6529,
                                             Federal agencies to take this                           submitted in response to this notice will             1111 Constitution Avenue NW,
                                             opportunity to comment on continuing                    be summarized and/or included in the                  Washington, DC 20224, or through the
                                             information collections, as required by                 request for OMB approval. All                         internet, at Kerry.Dennis@irs.gov.
                                             the Paperwork Reduction Act of 1995.
                                                                                                     comments will become a matter of                      SUPPLEMENTARY INFORMATION:
                                             The IRS is soliciting comments
                                                                                                     public record. Comments are invited on:                  Title: Return of U.S. Persons With
                                             concerning distilled spirits credit.
                                                                                                     (a) Whether the collection of                         Respect to Certain Foreign Partnerships
                                             DATES: Written comments should be                       information is necessary for the proper               (and associated schedules) and Consent
                                             received on or before November 30,                      performance of the functions of the                   To Extend the Time To Assess Tax
                                             2018 to be assured of consideration.                    agency, including whether the                         Pursuant to the Gain Deferral Method.
                                             ADDRESSES: Direct all written comments                  information shall have practical utility;                OMB Number: 1545–1668.
                                             to Laurie Brimmer, Internal Revenue                     (b) the accuracy of the agency’s estimate                Form Number: Form 8865, Schedules
                                             Service, Room 6529, 1111 Constitution                   of the burden of the collection of                    A, A–1, A–2, B, G, H, N, K, K–1, K–1
                                             Avenue NW, Washington, DC 20224.                        information; (c) ways to enhance the                  (15a), L, M, M–1, M–2, O, P, and Form
                                             FOR FURTHER INFORMATION CONTACT:                        quality, utility, and clarity of the                  8838 P.
                                             Requests for additional information or                  information to be collected; (d) ways to                 Abstract: The Taxpayer Relief Act of
                                             copies of the form should be directed to                minimize the burden of the collection of              1997 significantly modified the
amozie on DSK3GDR082PROD with NOTICES




                                             Kerry Dennis, at (202) 317–5751 or                      information on respondents, including                 information reporting requirements with
                                             Internal Revenue Service, Room 6529,                    through the use of automated collection               respect to foreign partnerships. The Act
                                             1111 Constitution Avenue NW,                            techniques or other forms of information              made the following three changes: (1)
                                             Washington DC 20224, or through the                     technology; and (e) estimates of capital              Expanded Code section 6038B to require
                                             internet, at Kerry.Dennis@irs.gov.                      or start-up costs and costs of operation,             U.S. persons transferring property to
                                             SUPPLEMENTARY INFORMATION:                              maintenance, and purchase of services                 foreign partnerships in certain
                                               Title: Distilled Spirits Credit.                      to provide information.                               transactions to report those transfers; (2)


                                        VerDate Sep<11>2014   17:50 Sep 28, 2018   Jkt 247001   PO 00000   Frm 00103   Fmt 4703   Sfmt 4703   E:\FR\FM\01OCN1.SGM   01OCN1


                                             49456                        Federal Register / Vol. 83, No. 190 / Monday, October 1, 2018 / Notices

                                             expanded Code section 6038 to require                   minimize the burden of the collection of              business losses, and the excess business
                                             certain U.S. partners of controlled                     information on respondents, including                 losses that will be treated as net
                                             foreign partnerships to report                          through the use of automated collection               operating loss (NOL) carried forward to
                                             information about the partnerships, and                 techniques or other forms of information              subsequent taxable years. In the case of
                                             (3) modified the reporting required                     technology; and (e) estimates of capital              a partnership or S corporation, the
                                             under Code section 6046A with respect                   or start-up costs and costs of operation,             provision applies at the partner or
                                             to acquisitions and dispositions of                     maintenance, and purchase of services                 shareholder level. This form will used
                                             foreign partnership interests. Form 8865                to provide information.                               by noncorporate taxpayers and will be
                                             is used by U.S. persons to fulfill their                  Approved: September 24, 2018.                       attached to a tax return (F1040, 1040NR,
                                             reporting obligations under Code                                                                              1041, 1041–QFT, 1041–N, or 990–T).
                                                                                                     Laurie Brimmer,
                                             sections 6038B, 6038, and 6046A. Form                                                                            Current Actions: This is a new form.
                                                                                                     Senior Tax Analyst.
                                             8838 P is used to apply the gain deferral                                                                        Type of Review: Approval of a new
                                             method.                                                 [FR Doc. 2018–21288 Filed 9–28–18; 8:45 am]
                                                                                                                                                           collection.
                                                Current Actions: There are changes                   BILLING CODE 4830–01–P
                                                                                                                                                              Affected Public: Individuals or
                                             being made to the burden associated                                                                           households, Business or other for-profit
                                             with the collection tool. Two new                                                                             organization, & Not-for-Profit
                                             (Schedule G (Form 8865) and Schedule                    DEPARTMENT OF THE TREASURY
                                                                                                                                                           institutions.
                                             H (Form 8865) have been added. Under                                                                             Estimated Number of Responses:
                                                                                                     Internal Revenue Service
                                             Treasury Regulation 1.721(c)–6T,                                                                              2,909,026.
                                             Schedule G (Form 8865) will be filed by                 Proposed Collection; Comment                             Estimated Time per Response: 22
                                             all impacted U.S. transferors for the year              Request for Form 461                                  minutes.
                                             of the contribution and subsequent
                                                                                                     AGENCY: Internal Revenue Service (IRS),                  Estimated Total Annual Burden
                                             years. Schedule H (Form 8865)
                                                                                                     Treasury.                                             Hours: 1,105,430 hours.
                                             supplements Schedule G (Form 8865). It
                                             will be for filers who answer yes to                                                                             The following paragraph applies to all
                                                                                                     ACTION: Notice and request for
                                             questions on Schedule G (Form 8865),                                                                          of the collections of information covered
                                                                                                     comments.
                                             Part IV.                                                                                                      by this notice:
                                                Type of Review: Revision of a                        SUMMARY:    The Internal Revenue Service,                An agency may not conduct or
                                             currently approved collection.                          as part of its continuing effort to reduce            sponsor, and a person is not required to
                                                Affected Public: Business or other for-              paperwork and respondent burden,                      respond to, a collection of information
                                             profit organizations, individuals, and                  invites the general public and other                  unless the collection of information
                                             not-for-profit institutions.                            Federal agencies to take this                         displays a valid OMB control number.
                                                Estimated Number of Respondents:                     opportunity to comment on proposed                    Books or records relating to a collection
                                             34,450.                                                 and/or continuing information                         of information must be retained as long
                                                Estimated Time per Respondent: 8.40                  collections, as required by the                       as their contents may become material
                                             hours.                                                  Paperwork Reduction Act of 1995.                      in the administration of any internal
                                                Estimated Total Annual Burden                        Currently, the IRS is soliciting                      revenue law. Generally, tax returns and
                                             Hours: 289,354.                                         comments concerning Form 461,                         tax return information are confidential,
                                                The following paragraph applies to all               Limitation on Business Losses.                        as required by 26 U.S.C. 6103.
                                             of the collections of information covered               DATES: Written comments should be                        Request for Comments: Comments
                                             by this notice.                                         received on or before November 30,                    submitted in response to this notice will
                                                An agency may not conduct or                                                                               be summarized and/or included in the
                                                                                                     2018 to be assured of consideration.
                                             sponsor, and a person is not required to                                                                      request for OMB approval. All
                                             respond to, a collection of information                 ADDRESSES: Direct all written comments
                                                                                                     to Laurie Brimmer, Internal Revenue                   comments will become a matter of
                                             unless the collection of information                                                                          public record. Comments are invited on:
                                             displays a valid OMB control number.                    Service, Room 6529, 1111 Constitution
                                                                                                     Avenue NW, Washington, DC 20224.                      (a) Whether the collection of
                                             Books or records relating to a collection                                                                     information is necessary for the proper
                                             of information must be retained as long                 Please send separate comments for each
                                                                                                     specific information collection listed                performance of the functions of the
                                             as their contents may become material                                                                         agency, including whether the
                                             in the administration of any internal                   below. You must reference the
                                                                                                     information collection’s title, form                  information shall have practical utility;
                                             revenue law. Generally, tax returns and                                                                       (b) the accuracy of the agency’s estimate
                                             tax return information are confidential,                number, reporting or record-keeping
                                                                                                     requirement number, and OMB number                    of the burden of the collection of
                                             as required by 26 U.S.C. 6103.                                                                                information; (c) ways to enhance the
                                                Request for Comments: Comments                       (if any) in you comment.
                                                                                                                                                           quality, utility, and clarity of the
                                             submitted in response to this notice will               FOR FURTHER INFORMATION CONTACT:
                                                                                                                                                           information to be collected; (d) ways to
                                             be summarized and/or included in the                    Requests for additional information or                minimize the burden of the collection of
                                             request for OMB approval. All                           copies of the form and instructions                   information on respondents, including
                                             comments will become a matter of                        should be directed to Charles G. Daniel               through the use of automated collection
                                             public record. Comments are invited on:                 at (202) 317 5754, at Internal Revenue                techniques or other forms of information
                                             (a) Whether the collection of                           Service, Room 6529, 1111 Constitution                 technology; and (e) estimates of capital
                                             information is necessary for the proper                 Avenue NW, Washington, DC 20224, or                   or start-up costs and costs of operation,
                                             performance of the functions of the                     through the internet, at                              maintenance, and purchase of services
amozie on DSK3GDR082PROD with NOTICES




                                             agency, including whether the                           Charles.G.Daniel@irs.gov.                             to provide information.
                                             information shall have practical utility;               SUPPLEMENTARY INFORMATION:
                                             (b) the accuracy of the agency’s estimate                                                                       Approved: September 24, 2018.
                                                                                                        Title: Limitation on Business Losses.
                                             of the burden of the collection of                         OMB Number: 1545–XXXX.                             Laurie Brimmer,
                                             information; (c) ways to enhance the                       Form Number: 461.                                  Senior Tax Analyst.
                                             quality, utility, and clarity of the                       Abstract: Form 461 and its separate                [FR Doc. 2018–21292 Filed 9–28–18; 8:45 am]
                                             information to be collected; (d) ways to                instructions calculates the limitation on             BILLING CODE 4830–01–P




                                        VerDate Sep<11>2014   17:50 Sep 28, 2018   Jkt 247001   PO 00000   Frm 00104   Fmt 4703   Sfmt 9990   E:\FR\FM\01OCN1.SGM   01OCN1



Document Created: 2018-09-29 04:26:45
Document Modified: 2018-09-29 04:26:45
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice and request for comments.
DatesWritten comments should be received on or before November 30, 2018 to be assured of consideration.
ContactRequests 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]
FR Citation83 FR 49455 

2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR