Agency Information Collection Activity; Proposed Collection, 4404 [2012-1718]
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4404
Federal Register / Vol. 77, No. 18 / Friday, January 27, 2012 / Notices
The information will help the IRS to
determine if an eligible entity meets the
requirements of Section 4.01 of this
revenue procedure. The collection of
information is required to obtain
permission to file a late entity
classification election. The information
will be reported on Form 8832 or
submitted as part of a letter ruling
request.
Revenue procedure 2010–32, provides
that, if the requirements of the revenue
procedure are satisfied, the IRS will
treat an election under § 301.7701–3(c)
to classify a foreign eligible entity that
is a qualified entity (as defined in
section 3.02 of the revenue procedure)
as a partnership or disregarded entity as
an election to be treated as a partnership
or disregarded entity (as appropriate)
rather than as an association taxable as
a corporation.
Form 8832 will be used by qualified
entities to seek relief under the revenue
procedure. As a result of these changes,
we estimate an annual increase in
burden by 12,700 hours. This form is
being submitted for renewal purposes
only.
Type of Review: Revision of a
currently approved collection.
Affected Public: Businesses and other
for-profit organizations, Farms.
Estimated Number of Respondents:
5,000.
Estimated Time per Respondent: 7
hours 10 minutes.
Estimated Total Annual Burden
Hours: 35,900.
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
VerDate Mar<15>2010
18:14 Jan 26, 2012
Jkt 226001
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: January 17, 2012.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012–1719 Filed 1–26–12; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Agency Information Collection
Activity; Proposed Collection
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Department of the
Treasury, 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,
Public Law 104–13 (44 U.S.C.
3506(c)(2)(A)).
DATES: Written comments should be
received on or before March 27, 2012 to
be assured of consideration.
ADDRESSES: Direct all written comments
to Yvette Lawrence, Internal Revenue
Service, room 6129, 1111 Constitution
Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
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 at (202) 622–3634, or
through the Internet at
RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Special Valuation Rules.
OMB Number: 1545–1241.
Regulation Project Number: PS–92–90
[TD 8395 (final)].
Abstract: Section 2701 of the Internal
Revenue Code allows various elections
by family members who make gifts of
common stock or partnership interests
and retain senior interests in the same
entity. This regulation provides
guidance on how taxpayers make these
elections, what information is required,
SUMMARY:
PO 00000
Frm 00130
Fmt 4703
Sfmt 9990
and how the transfer is to be disclosed
on the gift tax return (Form 709).
Current Actions: There is no change to
this existing regulation.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households.
Estimated Number of Respondents:
1,200.
Estimated Time per Respondent: 25
minutes.
Estimated Total Annual Burden
Hours: 496.
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: January 17, 2012.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012–1718 Filed 1–26–12; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\27JAN1.SGM
27JAN1
]]>Agencies
[Federal Register Volume 77, Number 18 (Friday, January 27, 2012)]
[Notices]
[Page 4404]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-1718]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Agency Information Collection Activity; Proposed Collection
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury, 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, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)).
DATES: Written comments should be received on or before March 27, 2012
to be assured of consideration.
ADDRESSES: Direct all written comments to Yvette Lawrence, Internal
Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: 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 at (202) 622-3634, or through the Internet at
RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Special Valuation Rules.
OMB Number: 1545-1241.
Regulation Project Number: PS-92-90 [TD 8395 (final)].
Abstract: Section 2701 of the Internal Revenue Code allows various
elections by family members who make gifts of common stock or
partnership interests and retain senior interests in the same entity.
This regulation provides guidance on how taxpayers make these
elections, what information is required, and how the transfer is to be
disclosed on the gift tax return (Form 709).
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Respondents: 1,200.
Estimated Time per Respondent: 25 minutes.
Estimated Total Annual Burden Hours: 496.
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: January 17, 2012.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-1718 Filed 1-26-12; 8:45 am]
BILLING CODE 4830-01-P
