83 FR 63558 - Proposed Collection; Comment Request for Regulation Project

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 236 (December 10, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the IRS is soliciting comments concerning taxation of gain or loss from certain nonfunctional currency transactions.

[Federal Register Volume 83, Number 236 (Monday, December 10, 2018)]
[Notices]
[Page 63558]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-26625]


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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 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995. Currently, the IRS is soliciting 
comments concerning taxation of gain or loss from certain nonfunctional 
currency transactions.

DATES: Written comments should be received on or before February 8, 
2019 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to LaNita Van Dyke, at 
(202) 317-6009, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements.
    Title: Taxation of Gain or Loss from Certain Nonfunctional Currency 
Transactions (Section 988 Transactions).
    OMB Number: 1545-1131.
    Regulation: TD 8400.
    Abstract: Internal Revenue Code sections 988(c)(1)(D) and (E) allow 
taxpayers to make elections concerning the taxation of exchange gain or 
loss on certain foreign currency denominated transactions. In addition, 
Code sections 988(a)(1)(B) and 988(d) require taxpayers to identify 
transactions which generate capital gain or loss or which are hedges of 
other transactions. This regulation provides guidance on making the 
elections and complying with the identification rules.
    Current Actions: There are no changes to the previously approved 
burden of this existing collection.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households and business or other 
for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 40 min.
    Estimated Total Annual Burden Hours: 3,333.
    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: November 26, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-26625 Filed 12-7-18; 8:45 am]
 BILLING CODE 4830-01-P