Proposed Collection; Comment Request for Regulation Project, 13739-13740 [2014-05254]

Download as PDF Federal Register / Vol. 79, No. 47 / Tuesday, March 11, 2014 / Notices Dated: March 5, 2014. Adam J. Szubin, Director, Office of Foreign Assets Control. [FR Doc. 2014–05210 Filed 3–10–14; 8:45 am] BILLING CODE 4810–AL–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Regulation Project 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 information collection requirements related to methods to determine taxable income in connection with a cost sharing arrangement. SUMMARY: Written comments should be received on or before May 12, 2014 to be assured of consideration. ADDRESSES: Direct all written comments to, Christie A. Preston, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of this regulation should be directed to Gerald J. Shields, LL.M. at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224 or through the Internet at Gerald.J.Shields@irs.gov. SUPPLEMENTARY INFORMATION: Title: Methods to Determine Taxable Income in Connection with a Cost Sharing Arrangement. OMB Number: 1545–1364. Regulation Project Number: REG– 144615–02 (T.D. 9441). Abstract: The collection of information related to the IRS’s assessment of whether a cost sharing arrangement is valid, and whether each participant’s share of costs is proportionate to the participants share of benefits, and whether arm’s length compensation has been paid to those participants providing external contributions such that an appropriate return is provided to those participants emcdonald on DSK67QTVN1PROD with NOTICES DATES: VerDate Mar<15>2010 17:22 Mar 10, 2014 Jkt 232001 for putting their funds at risk to a greater extent than the other participants. This document contains temporary regulations that provide further guidance and clarification regarding methods under section 482 to determine taxable income in connection with a cost sharing arrangement in order to address issues that have arisen in administering the current regulations. The temporary regulations affect domestic and foreign entities that enter into cost sharing arrangements described in the temporary regulations. The text of these temporary regulations also serves as the text of the proposed regulations set forth in the Proposed Rules section in the issue of the Federal Register dated January 5, 2009, (74 FR 340). Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 500. Estimated Total Annual Burden Hours: 9,350. 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 00130 Fmt 4703 Sfmt 4703 13739 Approved: March 5, 2014. Christie A. Preston, IRS Reports Clearance Officer. [FR Doc. 2014–05256 Filed 3–10–14; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service [TD 8994] Proposed Collection; Comment Request for Regulation Project 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 an existing regulation relating to electing small business trusts. DATES: Written comments should be received on or before May 12, 2014 to be assured of consideration. ADDRESSES: Direct all written comments to Christie A. Preston, 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, LL.M. at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224 or through the Internet at Gerald.J.Shields@irs.gov. SUPPLEMENTARY INFORMATION: Title: Electing Small Business Trusts. OMB Number: 1545–1591. Regulation Project Number: REG– 251701–96 (TD 8894). Abstract: This regulation provide the rules for an electing small business trust (ESBT), which is a permitted shareholder of an S corporation. With respect to the collections of information, the regulations provide the rules for making an ESBT election, and the rules for converting from a qualified subchapter S trust (QSST) to an ESBT and the conversion of an ESBT to a QSST. The regulations allow certain S corporations to reinstate their previous taxable year that was terminated under Sec. 1.444–2T by filing Form 8716. SUMMARY: E:\FR\FM\11MRN1.SGM 11MRN1 13740 Federal Register / Vol. 79, No. 47 / Tuesday, March 11, 2014 / Notices Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 7,500. Estimated Time Per Respondent: 1 hour. Estimated Total Annual Burden Hours: 7,500. 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: February 20, 2014. Christie A. Preston, IRS Reports Clearance Officer. [FR Doc. 2014–05254 Filed 3–10–14; 8:45 am] BILLING CODE 4830–01–P emcdonald on DSK67QTVN1PROD with NOTICES DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Regulation Project Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: VerDate Mar<15>2010 17:22 Mar 10, 2014 Jkt 232001 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, Environmental Settlement Funds— Classification. SUMMARY: Written comments should be received on or before May 12, 2014 to be assured of consideration. ADDRESSES: Direct all written comments to Christie Preston, 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 Kerry Dennis, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington DC 20224, or through the Internet, at Kerry.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: Title: Environmental Settlement Funds—Classification. OMB Number: 1545–1465. Regulation Project Number: T.D. 8668. Abstract: This regulation provides guidance to taxpayers on the proper classification of trusts formed to collect and disburse amounts for environmental remediation of an existing waste site to discharge taxpayers’ liability or potential liability under applicable environmental laws. Section 301.7701– 4(e)(3) of the regulation provides that the trustee of an environmental remediation trust must furnish to each grantor a statement that shows all items of income, deduction, and credit of the trust for the taxable year attributable to the portion of the trust treated as owned by the grantor. The statement must provide the grantor with the information necessary to take the items into account in computing the grantor’s taxable income. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 500. Estimated Time per Respondent: 4 minutes. Estimated Total Annual Burden Hours: 2000. DATES: PO 00000 Frm 00131 Fmt 4703 Sfmt 4703 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: February 25, 2014. Christie Preston, IRS Reports Clearance Officer. [FR Doc. 2014–05237 Filed 3–10–14; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 637 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 SUMMARY: E:\FR\FM\11MRN1.SGM 11MRN1

Agencies

[Federal Register Volume 79, Number 47 (Tuesday, March 11, 2014)]
[Notices]
[Pages 13739-13740]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-05254]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service

[TD 8994]


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 an 
existing regulation relating to electing small business trusts.

DATES: Written comments should be received on or before May 12, 2014 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Christie A. Preston, 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, 
LL.M. at Internal Revenue Service, Room 6129, 1111 Constitution Avenue 
NW., Washington, DC 20224 or through the Internet at 
Gerald.J.Shields@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Electing Small Business Trusts.
    OMB Number: 1545-1591.
    Regulation Project Number: REG-251701-96 (TD 8894).
    Abstract: This regulation provide the rules for an electing small 
business trust (ESBT), which is a permitted shareholder of an S 
corporation. With respect to the collections of information, the 
regulations provide the rules for making an ESBT election, and the 
rules for converting from a qualified subchapter S trust (QSST) to an 
ESBT and the conversion of an ESBT to a QSST. The regulations allow 
certain S corporations to reinstate their previous taxable year that 
was terminated under Sec. 1.444-2T by filing Form 8716.

[[Page 13740]]

    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: 7,500.
    Estimated Time Per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 7,500.
    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: February 20, 2014.
Christie A. Preston,
IRS Reports Clearance Officer.
[FR Doc. 2014-05254 Filed 3-10-14; 8:45 am]
BILLING CODE 4830-01-P