Document
Proposed Collection; Comment Request for Gains and Losses From Section 1256 Contracts and Straddles
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 oppo...
SUPPLEMENTARY INFORMATION:
Title:
Gains and Losses From Section 1256 Contracts and Straddles.
OMB Number:
1545-0644.
Form Number:
6781.
Abstract:
Form 6781 is used by taxpayers in computing their gains and losses on Internal Revenue Code section 1256 contracts under the marked-to-market rules and gains and losses under Code section 1092 from straddle positions. The data is used to verify that the tax reported accurately reflects any such gains and losses.
Current Actions: There is no change to the paperwork burden previously approved by OMB. This form is being submitted for renewal purposes only.
Type of Review:
Extension of a currently approved collection.
Affected Public:
Business or other for-profit organizations, and individuals.
Estimated Number of Respondents:
5,684.
Estimated Time Per Respondent:
13.95 hours.
Estimated Total Annual Burden Hours:
79,292 hours.
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.
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: July 20, 2022.
Kerry L. Dennis,
Tax Analyst.