83_FR_49646 83 FR 49456 - Proposed Collection; Comment Request for Form 461

83 FR 49456 - Proposed Collection; Comment Request for Form 461

DEPARTMENT OF THE TREASURY
Internal Revenue Service

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

Page Range49456-49456
FR Document2018-21292

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 Form 461, Limitation on Business Losses.

Federal Register, Volume 83 Issue 190 (Monday, October 1, 2018) 
[Federal Register Volume 83, Number 190 (Monday, October 1, 2018)]
[Notices]
[Page 49456]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-21292]


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

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 461

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 Form 461, Limitation on Business Losses.

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. Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in you comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Charles G. 
Daniel at (202) 317 5754, at Internal Revenue Service, Room 6529, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet, 
at Charles.G.Daniel@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Limitation on Business Losses.
    OMB Number: 1545-XXXX.
    Form Number: 461.
    Abstract: Form 461 and its separate instructions calculates the 
limitation on business losses, and the excess business losses that will 
be treated as net operating loss (NOL) carried forward to subsequent 
taxable years. In the case of a partnership or S corporation, the 
provision applies at the partner or shareholder level. This form will 
used by noncorporate taxpayers and will be attached to a tax return 
(F1040, 1040NR, 1041, 1041-QFT, 1041-N, or 990-T).
    Current Actions: This is a new form.
    Type of Review: Approval of a new collection.
    Affected Public: Individuals or households, Business or other for-
profit organization, & Not-for-Profit institutions.
    Estimated Number of Responses: 2,909,026.
    Estimated Time per Response: 22 minutes.
    Estimated Total Annual Burden Hours: 1,105,430 hours.
    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. 2018-21292 Filed 9-28-18; 8:45 am]
 BILLING CODE 4830-01-P

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 04:26:07
Document Modified: 2018-09-29 04:26:07
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 and instructions should be directed to Charles G. Daniel at (202) 317 5754, at Internal Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at [email protected]
FR Citation83 FR 49456 
2024 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR