Proposed Information Collection; Comment Request, 20694-20695 [2012-8145]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 77, Number 66 (Thursday, April 5, 2012)]
[Notices]
[Pages 20694-20695]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-8145]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Information Collection; Comment Request

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 June 4, 2012 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. Lawrence, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.
    Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: To obtain additional information, or 
copies of the information collection and instructions, or copies of any 
comments received, contact Elaine Christophe, at (202) 622-3179, or at 
Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet, at 
Elaine.H.Christophe@irs.gov.

SUPPLEMENTARY INFORMATION: 

Request for Comments

    The Department of the Treasury and the Internal Revenue Service, as 
part of their continuing effort to reduce paperwork and respondent 
burden, invite the general public and other Federal agencies to take 
this opportunity to comment on the proposed or continuing information 
collections listed below in this notice, as required by the Paperwork 
Reduction Act of 1995, (44 U.S.C. 3501 et seq.).
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in our request for Office of 
Management and Budget (OMB) approval of the relevant information 
collection. All comments will become a matter of public record. Please 
do not include any confidential or inappropriate material in your 
comments.
    We invite comments on: (a) Whether the collection of information is 
necessary for the proper performance of the agency's functions, 
including whether the information has 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 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 the 
requested information.

Information Collections Open for Comment

    Currently, the IRS is seeking comments concerning the following 
forms, and reporting and record-keeping requirements:
    Title: Clear Reflection of Income in the Case of Hedging 
Transactions.
    OMB Number: 1545-1412.
    Regulation Project Number: FI-54-93 (TD 8554).
    Abstract: This regulation provides guidance to taxpayers regarding 
when gain or loss from common business hedging transactions is 
recognized for tax purposes and requires that the books and records 
maintained by a taxpayer disclose the method or methods used to account 
for different types of hedging transactions.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 110,000.
    Estimated Time per Respondent: 12 minutes.
    Estimated Total Annual Burden Hours: 22,000.

    Title: Allocations of Income and Deductions Among Taxpayers.
    OMB Number: 1545-1503.
    Revenue Procedure Number: Revenue Procedures 2006-09, and 2008-31.
    Abstract: The information requested in these revenue procedures is 
required to enable the Internal Revenue Service to give advice on 
filing Advance Pricing Agreement applications to process such 
applications and negotiate agreements, and to verify compliance with 
the agreements and whether the agreements require modification.

[[Page 20695]]

    Current Actions: There are no changes being made to the revenue 
procedures at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 160.
    Estimated Time per Respondent: 32 hours., 49 minutes.
    Estimated Total Annual Burden Hours: 5,250.

    Title: Tip Rate Determination Agreement (Gaming Industry).
    OMB Number: 1545-1530.
    Abstract: Information is required by the Internal Revenue Service 
in its compliance efforts to assist employers and their employees in 
understanding and complying with Internal Revenue Code Section 6053(a), 
which requires employees to report all their tips monthly to their 
employers.
    Current Actions: There is no change to this existing information 
collection.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit institutions.
    Estimated Number of Respondents: 500.
    Estimated Time per Respondent: 10 hours.
    Estimated Total Annual Burden Hours: 5,000.

    Title: Reporting Requirements for Widely Held Fixed Investment 
Trusts.
    OMB Number: 1545-1540.
    Regulation Project Number: REG-125071-06 (TD 9308)
    Abstract: Under regulation section 1.671-5, the trustee or the 
middleman who holds an interest in a widely held fixed investment trust 
for an investor will be required to provide a Form 1099 to the IRS and 
a tax information statement to the investor. The trust is also required 
to provide more detailed tax information to middlemen and certain other 
persons, upon request.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,200.
    Estimated Time per Respondent: 2 hours.

    Estimated Total Annual Burden Hours: 2,400.

    Title: Qualified Transportation Fringe Benefits.
    OMB Number: 1545-1676.
    Regulation Project Number: REG-113572-99.
    Abstract: These regulations provide guidance to employers that 
provide qualified transportation fringe benefits under section 132(f), 
including guidance to employers that provide cash reimbursement for 
qualified transportation fringes and employers that offer qualified 
transportation fringes in lieu of compensation. Employers that provide 
cash reimbursement are required to keep records of documentation 
received from employees who receive reimbursement. Employers that offer 
qualified transportation fringes in lieu of compensation are required 
to keep records of employee compensation reduction elections.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individual or households, and not-for-profit institutions.
    Estimated Total Annual Responses: 48,589,824.
    Estimated Total Annual Burden: 12,968,728 hours.

    Title: Asset Allocation Statement Under Section 338.
    OMB Number: 1545-1806.
    Form Number: 8883.
    Abstract: Form 8883 is used to report information regarding 
transactions involving the deemed sale of corporate assets under 
section 338.
    Current Actions: There is no change to this existing form.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 201.
    Estimated Time per Respondent: 24 hours, 17 minutes.
    Estimated Total Annual Burden Hours: 4,881.

    Title: Section 9100 Relief for 338 Elections.
    OMB Number: 1545-1820.
    Revenue Procedure Number: Revenue Procedure 2003-33.
    Abstract: Revenue Procedure 2003-33 provides qualifying taxpayers 
with an extension of time pursuant to Sec.  301.9100-3 of the Procedure 
and Administration Regulations to file an election described in Sec.  
338(a) or Sec.  338(h)(10) of the Internal Revenue Code to treat the 
purchase of the stock of a corporation as an asset acquisition.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Estimated Number of Respondents: 60.
    Estimated Average Time per Respondent: 5 hours.
    Estimated Total Annual Reporting Burden: 300.

    Title: Information Returns by Donees Relating to Qualified 
Intellectual Property Contributions.
    OMB Number: 1545-1932.
    Regulation Project Number: REG-158138-04 (TD 9392).
    Abstract: These final regulations provide guidance for filing 
information returns by donees relating to qualified intellectual 
property contributions. The regulations affect donees receiving 
qualified intellectual property contributions after June 3, 2004.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals or households.
    Estimated Number of Respondents: 10.
    Estimated Time per Respondent: 12 minutes.
    Estimated Total Annual Burden Hours: 2.
    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.

    Approved: March 27, 2012.
Yvette B. Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2012-8145 Filed 4-4-12; 8:45 am]
BILLING CODE 4830-01-P