83 FR 7551 - Proposed Collection; Comment Request for Form 982

DEPARTMENT OF THE TREASURY
Internal Revenue Service

Federal Register Volume 83, Issue 35 (February 21, 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. The IRS is soliciting comments concerning Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness.

[Federal Register Volume 83, Number 35 (Wednesday, February 21, 2018)]
[Notices]
[Pages 7551-7552]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-03488]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 982

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. The IRS is soliciting comments 
concerning Form 982, Reduction of Tax Attributes Due to Discharge of 
Indebtedness.

DATES: Written comments should be received on or before April 23, 2018 
to be assured of consideration.

ADDRESSES: Direct all written comments to L. 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 form and instructions should be directed to LaNita Van 
Dyke, at (202) 317-6009, or at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Reduction of Tax Attributes Due to Discharge of 
Indebtedness.
    OMB Number: 1545-0046.
    Form Number: 982.
    Abstract: Reduction of Tax Attributes Due to Discharge of 
Indebtedness. Internal Revenue Code (IRC) section 108 allows taxpayers 
to exclude from gross income amounts attributable to discharge of 
indebtedness in title 11 cases, insolvency or a qualified farm 
indebtedness. Section 1081(b) allows corporations to exclude from gross 
income amounts attributable to certain transfers of property. The data 
is used to verify adjustments to basis of property and reduction of tax 
attributes.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension without change of a currently approved 
collection.
    Affected Public: Individuals or households, Businesses or other for 
profit, Small businesses or organizations
    Estimated Number of Respondents: 667.
    Estimated Time per Respondent: 11.23 hrs.
    Estimated Total Annual Burden Hours: 7491.
    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.

[[Page 7552]]

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: February 14, 2018.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-03488 Filed 2-20-18; 8:45 am]
 BILLING CODE 4830-01-P