Proposed Collection; Comment Request for Form 3520, 27296-27297 [2013-10995]

Download as PDF 27296 Federal Register / Vol. 78, No. 90 / Thursday, May 9, 2013 / Notices reporting burdens on respondents, including the use of automated collection techniques or other forms of information technology. Direct Comments To: Desk Officer for Treasury, New Executive Office Building, Room 10235, Washington, DC 20503, or email at OIRA_Submission@OMB.EOP.GOV and (2) Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8140, Washington, DC 20220, or email at PRA@treasury.gov. Robert Dahl, Treasury Department PRA Clearance Officer. [FR Doc. 2013–11013 Filed 5–8–13; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request 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)). The IRS is soliciting comments concerning an existing revenue procedure, RP 2009–37, Internal Revenue Code Section 108(i) Election, and Treasury Decision 9498. DATES: Written comments should be received on or before July 8, 2013 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. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the regulations should be directed to Gerald J. Shields at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202)927–4374, or through the Internet at Gerald.J.Shields@irs.gov. mstockstill on DSK4VPTVN1PROD with NOTICES SUMMARY: SUPPLEMENTARY INFORMATION: Title: Internal Revenue Code Section 108(i) Election. OMB Number: 1545–2147. Regulation Project Number: TD 9498; Revenue Procedure 2009–37. VerDate Mar<15>2010 17:18 May 08, 2013 Jkt 229001 Abstract: The law allows taxpayers to defer for 5 years taxation of certain income arising in 2009 or 2010. Taxpayers then must include the deferred amount in income ratably over 5 years. The election statement advises that a taxpayer makes the election and the election and information statements provide information necessary to track the income. Respondents are C corporations and other persons in a business that reacquire debt instruments. Current Actions: There is no change to this Treasury Decision or revenue procedure. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 50,000. Estimated Time per Respondent: 6 hours. Estimated Total Annual Burden Hours: 300,000. 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. PO 00000 Frm 00119 Fmt 4703 Sfmt 4703 Approved: April 12, 2013. Yvette B. Lawrence, IRS Reports Clearance Officer. [FR Doc. 2013–10997 Filed 5–8–13; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 3520 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)). Currently, the IRS is soliciting comments concerning Form 3520, Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts. DATES: Written comments should be received on or before July 8, 2013 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 form and instructions should be directed to Katherine Dean, (202) 622–3186, at Internal Revenue Service, room 6242, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at katherine.b.dean@irs.gov. SUPPLEMENTARY INFORMATION: Title: Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts. OMB Number: 1545–0159. Form Number: Form 3520. Abstract: U.S. persons who create a foreign trust or transfer property to a foreign trust must file Form 3520 to report the establishment of the trust or the transfer of property to the trust. Form 3520 must also be filed by U.S. persons who are treated as owners of any part of the assets of a trust under subpart E of Part I or subchapter J of Chapter 1; who received a distribution from a foreign trust; or who received large gifts during the tax year from a foreign person. SUMMARY: E:\FR\FM\09MYN1.SGM 09MYN1 Federal Register / Vol. 78, No. 90 / Thursday, May 9, 2013 / Notices mstockstill on DSK4VPTVN1PROD with NOTICES Current Actions: There is no change in 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: Businesses and other for-profit organizations. Estimated Number of Respondents: 1,320. Estimated Time per Respondent: 54 hours 35 minutes. Estimated Total Annual Burden Hours: 72,059. 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: May 3, 2013. Yvette Lawrence, IRS Reports Clearance Officer. [FR Doc. 2013–10995 Filed 5–8–13; 8:45 am] BILLING CODE 4830–01–P VerDate Mar<15>2010 17:18 May 08, 2013 Jkt 229001 DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2000– 12 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)). Currently, the IRS is soliciting comments concerning Revenue Procedure 2000–12, Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement. DATES: Written comments should be received on or before July 8, 2013 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. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the revenue procedure should be directed to Gerald J. Shields, (202) 927–4374, or at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet, at Gerald.J.Shields@irs.gov. SUMMARY: SUPPLEMENTARY INFORMATION: Title: Application Procedures for Qualified Intermediary Status Under Section 1441; Final Qualified Intermediary Withholding Agreement. OMB Number: 1545–1597. Revenue Procedure Number: 2000–12 (Revenue Procedure 2000–12 is modified by Announcement 2000–50, Revenue Procedure 2003–64, Revenue Procedure 2004–21, and Revenue Procedure 2005–77.) Abstract: This revenue procedure gives guidance for entering into a withholding agreement with the IRS to be treated as a Qualified Intermediary (QI) under regulation section 1.1441– 1(e)(5). It describes the application procedures for becoming a QI and the terms that the IRS will ordinarily require in a QI withholding agreement. The objective of a QI withholding PO 00000 Frm 00120 Fmt 4703 Sfmt 9990 27297 agreement is to simplify withholding and reporting obligations with respect to payments of income made to an account holder through one or more foreign intermediaries. Current Actions: Revenue Procedure 2000–12 is modified by Announcement 2000–50, Revenue Procedure 2003–64, Revenue Procedure 2004–21, and Revenue Procedure 2005–77. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents/ Recordkeepers: 1,097,991. Estimated Time for QI Account Holder: 30 minutes. Estimated Time for a QI: 2,093 hours. Estimated Total Annual Reporting/ Recordkeeping Hours: 301,018. 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: April 18, 2013. Yvette B. Lawrence, Supervisory Tax Analyst, IRS Reports Clearance Officer. [FR Doc. 2013–10992 Filed 5–8–13; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\09MYN1.SGM 09MYN1

Agencies

[Federal Register Volume 78, Number 90 (Thursday, May 9, 2013)]
[Notices]
[Pages 27296-27297]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-10995]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 3520

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)). Currently, the IRS is soliciting comments concerning 
Form 3520, Annual Return To Report Transactions With Foreign Trusts and 
Receipts of Certain Foreign Gifts.

DATES: Written comments should be received on or before July 8, 2013 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 form and instructions should be directed to Katherine 
Dean, (202) 622-3186, at Internal Revenue Service, room 6242, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the Internet 
at katherine.b.dean@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Annual Return To Report Transactions With Foreign Trusts and 
Receipts of Certain Foreign Gifts.
    OMB Number: 1545-0159.
    Form Number: Form 3520.
    Abstract: U.S. persons who create a foreign trust or transfer 
property to a foreign trust must file Form 3520 to report the 
establishment of the trust or the transfer of property to the trust. 
Form 3520 must also be filed by U.S. persons who are treated as owners 
of any part of the assets of a trust under subpart E of Part I or 
subchapter J of Chapter 1; who received a distribution from a foreign 
trust; or who received large gifts during the tax year from a foreign 
person.

[[Page 27297]]

    Current Actions: There is no change in 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: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 1,320.
    Estimated Time per Respondent: 54 hours 35 minutes.
    Estimated Total Annual Burden Hours: 72,059.
    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: May 3, 2013.
Yvette Lawrence,
IRS Reports Clearance Officer.
[FR Doc. 2013-10995 Filed 5-8-13; 8:45 am]
BILLING CODE 4830-01-P

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