83 FR 56917 - Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 5213

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 220 (November 14, 2018)

Page Range		56917-56917
FR Document		2018-24735

The Internal Revenue Service, as part of its continuing effort to reduce paperwork and respondent burden, invites the 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 5213, Election to Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit.

Federal Register, Volume 83 Issue 220 (Wednesday, November 14, 2018)

[Federal Register Volume 83, Number 220 (Wednesday, November 14, 2018)]
[Notices]
[Page 56917]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-24735]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request for Form 5213

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 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 5213, Election to Postpone Determination as To Whether 
the Presumption Applies That an Activity Is Engaged in for Profit.

DATES: Written comments should be received on or before January 14, 
2019 to be assured of consideration.

ADDRESSES: Direct all written comments to Carolyn Brown, Internal 
Revenue Service, Room 6236, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to R. Joseph Durbala, at Internal Revenue Service, 
Room 6129, 1111 Constitution Avenue NW, Washington DC 20224, or through 
the internet, at RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Election to Postpone Determination as To Whether the 
Presumption Applies That an Activity Is Engaged in for Profit.
    OMB Number: 1545-0195.
    Form Number: 5213.
    Abstract: Section 183 of the Internal Revenue Code allows taxpayers 
to elect to postpone a determination as to whether an activity is 
entered into for profit or is in the nature of a nondeductible hobby. 
The election is made on Form 5213 and allows taxpayers 5 years (7 years 
for breeding, training, showing, or racing horses) to show a profit 
from an activity.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 3,541.
    Estimated Time per Respondent: 47 min.
    Estimated Total Annual Burden Hours: 2,762.
    The following paragraph applies to all 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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: November 6, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018-24735 Filed 11-13-18; 8:45 am]
 BILLING CODE 4830-01-P

Federal Register / Vol. 83, No. 220 / Wednesday, November 14, 2018 / Notices 56917

Current Actions: There are no changes DEPARTMENT OF THE TREASURY Estimated Total Annual Burden
to these existing regulations. Hours: 2,762.
Internal Revenue Service
Type of Review: Extension of The following paragraph applies to all
currently approved collection. Proposed Extension of Information the collections of information covered
Affected Public: Business or other for- Collection Request Submitted for by this notice:
profit institutions, and state, local, or Public Comment; Comment Request An agency may not conduct or
tribal governments. for Form 5213 sponsor, and a person is not required to
Estimated Number of Respondents: AGENCY: Internal Revenue Service (IRS), respond to, a collection of information
42,000. Treasury. unless the collection of information
displays a valid OMB control number.
Estimated Time per Respondent: 12 ACTION: Notice and request for
minutes. comments. Books or records relating to a
collection of information must be
Estimated Total Annual Burden SUMMARY: The Internal Revenue Service, retained if their contents may become
Hours: 8,400. as part of its continuing effort to reduce material in the administration of any
The following paragraph applies to all paperwork and respondent burden, internal revenue law. Generally, tax
of the collections of information covered invites the public and other Federal returns and tax return information are
by this notice: agencies to take this opportunity to confidential, as required by 26 U.S.C.
comment on proposed and/or 6103.
An agency may not conduct or
continuing information collections, as
sponsor, and a person is not required to required by the Paperwork Reduction Desired Focus of Comments: The
respond to, a collection of information Act of 1995. Currently, the IRS is Internal Revenue Service (IRS) is
unless the collection of information soliciting comments concerning Form particularly interested in comments
displays a valid OMB control number. 5213, Election to Postpone that:
Books or records relating to a Determination as To Whether the • Evaluate whether the proposed
collection of information must be Presumption Applies That an Activity Is collection of information is necessary
retained as long as their contents may Engaged in for Profit. for the proper performance of the
become material in the administration DATES: Written comments should be functions of the agency, including
of any internal revenue law. Generally, received on or before January 14, 2019 whether the information will have
tax returns and tax return information to be assured of consideration. practical utility;
are confidential, as required by 26 ADDRESSES: Direct all written comments
• Evaluate the accuracy of the
U.S.C. 6103. to Carolyn Brown, Internal Revenue agency’s estimate of the burden of the
Request for Comments: Comments Service, Room 6236, 1111 Constitution
proposed collection of information,
submitted in response to this notice will Avenue NW, Washington, DC 20224.
including the validity of the
be summarized and/or included in the Requests for additional information or
copies of the regulations should be methodology and assumptions used;
request for OMB approval. All
directed to R. Joseph Durbala, at Internal • Enhance the quality, utility, and
comments will become a matter of
Revenue Service, Room 6129, 1111 clarity of the information to be
public record. Comments are invited on:
Constitution Avenue NW, Washington collected; and
(a) Whether the collection of
DC 20224, or through the internet, at • Minimize the burden of the
information is necessary for the proper RJoseph.Durbala@irs.gov.
performance of the functions of the collection of information on those who
SUPPLEMENTARY INFORMATION: are to respond, including using
agency, including whether the
Title: Election to Postpone appropriate automated, electronic,
information shall have practical utility; Determination as To Whether the
(b) the accuracy of the agency’s estimate mechanical, or other technological
Presumption Applies That an Activity Is collection techniques or other forms of
of the burden of the collection of Engaged in for Profit.
information; (c) ways to enhance the information technology, e.g., by
OMB Number: 1545–0195.
quality, utility, and clarity of the permitting electronic submissions of
Form Number: 5213.
information to be collected; (d) ways to Abstract: Section 183 of the Internal responses.
minimize the burden of the collection of Revenue Code allows taxpayers to elect Comments submitted in response to
information on respondents, including to postpone a determination as to this notice will be summarized and/or
through the use of automated collection whether an activity is entered into for included in the ICR for OMB approval
techniques or other forms of information profit or is in the nature of a of the extension of the information
technology; and (e) estimates of capital nondeductible hobby. The election is collection; they will also become a
or start-up costs and costs of operation, made on Form 5213 and allows matter of public record.
maintenance, and purchase of services taxpayers 5 years (7 years for breeding,
Approved: November 6, 2018.
to provide information. training, showing, or racing horses) to
show a profit from an activity. R. Joseph Durbala,
Approved: November 6, 2018. Current Actions: There is no change to IRS Tax Analyst.
Laurie Brimmer, the burden previously approved. [FR Doc. 2018–24735 Filed 11–13–18; 8:45 am]
Senior Tax Analyst. Type of Review: Extension of a BILLING CODE 4830–01–P
[FR Doc. 2018–24731 Filed 11–13–18; 8:45 am] currently approved collection.
BILLING CODE 4830–01–P
Affected Public: Business or other for-
profit organizations.
Estimated Number of Respondents:
3,541.
Estimated Time per Respondent: 47
min.

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Document Created: 2018-11-14 03:32:40
Document Modified: 2018-11-14 03:32:40

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 January 14, 2019 to be assured of consideration.
FR Citation		83 FR 56917

83 FR 56917 - Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request for Form 5213

DEPARTMENT OF THE TREASURYInternal Revenue Service

Federal Register Volume 83, Issue 220 (November 14, 2018)

DEPARTMENT OF THE TREASURY
Internal Revenue Service