Proposed Collection; Comment Request for Regulation Project, 13739 [2014-05256]
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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
Agencies
[Federal Register Volume 79, Number 47 (Tuesday, March 11, 2014)]
[Notices]
[Page 13739]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-05256]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
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)). The IRS is soliciting comments concerning information
collection requirements related to methods to determine taxable income
in connection with a cost sharing arrangement.
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 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 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 for-profit 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.
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