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)
Internal Revenue Service
Federal Register Volume 83, Issue 236 (December 10, 2018)
| Page Range | 63558-63558 | |
| FR Document | 2018-26625 |
[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] ======================================================================= ----------------------------------------------------------------------- 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 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
![63558 Federal Register / Vol. 83, No. 236 / Monday, December 10, 2018 / Notices
PERCE, RONJA CARRIER, SADIE JANE, By Order of the Maritime Administrator. generate capital gain or loss or which
and the MISS MILDRED 1 as follows: T. Mitchell Hudson, Jr., are hedges of other transactions. This
Secretary, Maritime Administration. regulation provides guidance on making
Intended Commercial Use of Vessel: ‘‘to
[FR Doc. 2018–26589 Filed 12–7–18; 8:45 am] the elections and complying with the
use highly-specialized foreign-flag
identification rules.
vessels referred to as a ‘‘wellboat’’ (or BILLING CODE 4910–81–P
‘‘live fish carrier’’) to treat Cooke’s Current Actions: There are no changes
swimming inventory of farmed to the previously approved burden of
Atlantic salmon in the company’s DEPARTMENT OF THE TREASURY this existing collection.
salt-water grow-out pens off Maine’s Type of Review: Extension of a
North Atlantic Coast. This treatment Internal Revenue Service currently approved collection.
prevents against parasitic infestation Affected Public: Individuals or
Proposed Collection; Comment households and business or other for-
by sea lice that is highly destructive
Request for Regulation Project profit organizations.
to the salmon’s health.’’
Geographic Region: ‘‘off Maine’s North AGENCY: Internal Revenue Service (IRS), Estimated Number of Respondents:
Atlantic Coast’’ Treasury. 5,000.
ACTION: Notice and request for Estimated Time per Respondent: 40
Requested Time Period: ‘‘2019 calendar min.
year, from January 1, 2019 to comments.
Estimated Total Annual Burden
December 31, 2019’’ SUMMARY: The Internal Revenue Service, Hours: 3,333.
Interested parties may submit as part of its continuing effort to reduce The following paragraph applies to all
comments providing detailed paperwork and respondent burden, of the collections of information covered
information relating to the availability invites the general public and other by this notice.
of U.S.-flag vessels to perform the Federal agencies to take this An agency may not conduct or
required aquaculture support services. If opportunity to comment on proposed sponsor, and a person is not required to
MARAD determines, in accordance with and/or continuing information respond to, a collection of information
46 U.S.C. 12102(d)(1) and MARAD’s collections, as required by the unless the collection of information
regulations at 46 CFR part 388, that Paperwork Reduction Act of 1995. displays a valid OMB control number.
suitable U.S.-flag vessels are available to Currently, the IRS is soliciting Books or records relating to a collection
perform the required services, a waiver comments concerning taxation of gain of information must be retained as long
will not be granted. Comments should or loss from certain nonfunctional as their contents may become material
refer to the docket number of this notice currency transactions. in the administration of any internal
and the vessel name in order for DATES: Written comments should be revenue law. Generally, tax returns and
MARAD to properly consider the received on or before February 8, 2019 tax return information are confidential,
comments. Comments should also state to be assured of consideration. as required by 26 U.S.C. 6103.
the commenter’s interest in the waiver ADDRESSES: Direct all written comments Request for Comments: Comments
application, and address the waiver to Laurie Brimmer, Internal Revenue submitted in response to this notice will
criteria set forth in 46 CFR 388.4. Service, Room 6526, 1111 Constitution be summarized and/or included in the
Avenue NW, Washington, DC 20224. request for OMB approval. All
Privacy Act
FOR FURTHER INFORMATION CONTACT: comments will become a matter of
In accordance with 5 U.S.C. 553(c), Requests for additional information or public record. Comments are invited on:
MARAD solicits comments from the copies of the regulation should be (a) Whether the collection of
public to inform its process to directed to LaNita Van Dyke, at (202) information is necessary for the proper
determine the availability of suitable 317–6009, at Internal Revenue Service, performance of the functions of the
vessels. DOT posts these comments, Room 6526, 1111 Constitution Avenue agency, including whether the
without edit, to www.regulations.gov, as NW, Washington, DC 20224, or through information shall have practical utility;
described in the system of records the internet at Lanita.VanDyke@irs.gov. (b) the accuracy of the agency’s estimate
notice, DOT/ALL–14 FDMS, accessible SUPPLEMENTARY INFORMATION: Currently, of the burden of the collection of
through www.dot.gov/privacy. In order the IRS is seeking comments concerning information; (c) ways to enhance the
to facilitate comment tracking and the following information collection quality, utility, and clarity of the
response, we encourage commenters to tools, reporting, and record-keeping information to be collected; (d) ways to
provide their name, or the name of their requirements. minimize the burden of the collection of
organization; however, submission of Title: Taxation of Gain or Loss from information on respondents, including
names is completely optional. Whether Certain Nonfunctional Currency through the use of automated collection
or not commenters identify themselves, Transactions (Section 988 Transactions). techniques or other forms of information
all timely comments will be fully OMB Number: 1545–1131. technology; and (e) estimates of capital
considered. If you wish to provide Regulation: TD 8400. or start-up costs and costs of operation,
comments containing proprietary or Abstract: Internal Revenue Code maintenance, and purchase of services
confidential information, please contact sections 988(c)(1)(D) and (E) allow to provide information.
the agency for alternate submission taxpayers to make elections concerning
the taxation of exchange gain or loss on Approved: November 26, 2018.
instructions.
certain foreign currency denominated Laurie Brimmer,
Authority: 49 CFR 1.93(w). Senior Tax Analyst.
transactions. In addition, Code sections
* * * * * 988(a)(1)(B) and 988(d) require [FR Doc. 2018–26625 Filed 12–7–18; 8:45 am]
Dated: December 3, 2018. taxpayers to identify transactions which BILLING CODE 4830–01–P
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Document Created: 2018-12-08 00:22:38
Document Modified: 2018-12-08 00:22:38
| 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 February 8, 2019 to be assured of consideration. | |
| 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] | |
| FR Citation | 83 FR 63558 |
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