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 Range		49455-49456
FR Document		2018-21288

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]


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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.

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

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)

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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

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Document Created: 2018-09-29 04:26:45
Document Modified: 2018-09-29 04:26:45

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 November 30, 2018 to be assured of consideration.
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]
FR Citation		83 FR 49455

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

DEPARTMENT OF THE TREASURYInternal Revenue Service

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

DEPARTMENT OF THE TREASURY
Internal Revenue Service