Proposed Collection; Comment Request for Regulation Project, 37393-37394 [2014-15439]

Download as PDF emcdonald on DSK67QTVN1PROD with NOTICES Federal Register / Vol. 79, No. 126 / Tuesday, July 1, 2014 / Notices annually information concerning food or beverage operations receipts, tips reported by employees, and in certain cases, the employer must allocate tips to certain employees. Forms 8027 and 8027–T are used for this purpose. Current Actions: There are no changes being made to these forms at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations, individuals or households, not-for-profit institutions and state, local or tribal governments. Estimated Number of Respondents: 52,050. Estimated Time Per Respondent: 9 hours, 23 minutes. Estimated Total Annual Burden Hours: 488,161. 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 20, 2014. R. Joseph Durbala, IRS Reports Clearance Officer. [FR Doc. 2014–15449 Filed 6–30–14; 8:45 am] BILLING CODE 4830–01–P VerDate Mar<15>2010 19:00 Jun 30, 2014 Jkt 232001 DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 5305A–SEP 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 salary reduction simplified employee pensionindividual retirement accounts contribution agreement. DATES: Written comments should be received on or before September 2, 2014 to be assured of consideration. ADDRESSES: Direct all written comments to R. Joseph Durbala, 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 Gerald J. Shields, LL.M., Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or or through the internet at Gerald.J.Shields@irs.gov. SUPPLEMENTARY INFORMATION: Title: Salary Reduction Simplified Employee Pension-Individual Retirement Accounts Contribution Agreement. OMB Number: 1545–1012. Form Number: 5305A–SEP. Abstract: Form 5305A–SEP is used by an employer to make an agreement to provide benefits to all employees under a Simplified Employee Pension (SEP) described in Internal Revenue Code section 408(k). This form is not to be filed with the IRS, but is to be retained in the employer’s records as proof of establishing a SEP and justifying a deduction for contributions made to the SEP. Current Actions: There are no changes being made to the form at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations and individuals. Estimated Number of Respondents: 100,000. SUMMARY: PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 37393 Estimated Time per Respondent: 9 hours, 43 minutes. Estimated Total Annual Burden Hours: 972,000. 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 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, 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: June 7, 2011. R. Joseph Durbala, IRS Reports Clearance Officer. [FR Doc. 2014–15450 Filed 6–30–14; 8:45 am] BILLING CODE 4830–01–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 SUMMARY: E:\FR\FM\01JYN1.SGM 01JYN1 emcdonald on DSK67QTVN1PROD with NOTICES 37394 Federal Register / Vol. 79, No. 126 / Tuesday, July 1, 2014 / Notices 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 certain transfers of property to Regulated Investment Companies (RICs) and Real Estate Investment Trusts (REITs). DATES: Written comments should be received on or before September 2, 2014 to be assured of consideration. ADDRESSES: Direct all written comments to R. Joseph Durbala, 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, at Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at Kerry.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: Title: Certain Transfers of Property to Regulated Investment Companies (RICs) and Real Estate Investment Trusts (REITs). OMB Number: 1545–1672. Regulation Project Number: TD 9047. Abstract: The regulation applies with respect to the net built-in gain of C corporation property that becomes property of a Regulated Investment Company (RIC) or Real Estate Investment Trust (REIT) by the qualification of a C corporation as a RIC or REIT or by the transfer of property of a C corporation to a RIC or REIT in certain tax-free transactions. Depending on the date of the transfer of property or qualification as a RIC or REIT, the regulation provides that either (1) the C corporation will recognize gain as if it had sold the property at fair market value unless the RIC or REIT elects section 1374 treatment or (2) the RIC or REIT will be subject to section 1374 treatment with respect to the net recognized built-in-gain, unless the C corporation elects deemed sale treatment. The regulation provides that a section 1374 election is made by filing a statement, signed by an official authorized to sign the income tax return of the RIC or REIT and attached to the RIC’s or REIT’s Federal income tax return for the taxable year in which the property of the C corporation becomes the property of the RIC or REIT. The regulation provides that a deemed sale election is made by filing a statement, signed by an official authorized to sign the income tax return of the C corporation and attached to the C corporation’s Federal income tax return for the taxable year in which the deemed sale occurs. VerDate Mar<15>2010 19:00 Jun 30, 2014 Jkt 232001 Current Actions: There are no changes being made to this existing regulation. Type of Review: Extension of currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 140. Estimated Time per Respondent: 30 minutes. Estimated Total Annual Burden Hours: 70. 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 23, 2014. R. Joseph Durbala, IRS Reports Clearance Officer. [FR Doc. 2014–15439 Filed 6–30–14; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Forms 1040–PR and 1040– SS Internal Revenue Service (IRS), Treasury. AGENCY: PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 Notice and request for comments. ACTION: 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 ´ 1040–PR, Planilla para la Declaracion de ´ la Contribucion Federal sobre el Trabajo por Cuenta Propia (Incluyendo el ´ Credito Tributario Adicional por Hijos para Residentes Bona Fide de Puerto Rico) and Form 1040–SS, U.S. SelfEmployment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) DATES: Written comments should be received on or before September 2, 2014 to be assured of consideration. ADDRESSES: Direct all written comments to R. Joseph Durbala, 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 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: Planilla para la Declaracion de ´ la Contribucion Federal sobre el Trabajo por Cuenta Propia (Incluyendo el ´ Credito Tributario Adicional por Hijos para Residentes Bona Fide de Puerto Rico). OMB Number: 1545–0090. Form Number: Form 1040–PR. Abstract: Form 1040–PR, is used by self-employed individuals to figure and report self-employment tax under IRC chapter 2 of Subtitle A, and provide credit to the taxpayer’s social security account. Anejo H–PR is used to compute household employment taxes and the Form 104–PR burden calculation includes this burden of 2,400 responses with 5,376 hours. Current Actions: There are changes, due to Public Law 112–96, section 1001; Public Law 111–148, section 9014, which changed IRC section 1401 (b)(2); Chief Counsel request; SSA Fact Sheet: 2013 Social Security Changes, being made to the form at this time which increased taxpayer burden. This form is being submitted for renewal purposes. Type of Review: Revision of a currently approved collection. SUMMARY: E:\FR\FM\01JYN1.SGM 01JYN1

Agencies

[Federal Register Volume 79, Number 126 (Tuesday, July 1, 2014)]
[Notices]
[Pages 37393-37394]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-15439]


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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.

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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

[[Page 37394]]

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 certain transfers of property to Regulated 
Investment Companies (RICs) and Real Estate Investment Trusts (REITs).

DATES: Written comments should be received on or before September 2, 
2014 to be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, 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, at 
Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at Kerry.Dennis@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Certain Transfers of Property to Regulated Investment 
Companies (RICs) and Real Estate Investment Trusts (REITs).
    OMB Number: 1545-1672. Regulation Project Number: TD 9047.
    Abstract: The regulation applies with respect to the net built-in 
gain of C corporation property that becomes property of a Regulated 
Investment Company (RIC) or Real Estate Investment Trust (REIT) by the 
qualification of a C corporation as a RIC or REIT or by the transfer of 
property of a C corporation to a RIC or REIT in certain tax-free 
transactions. Depending on the date of the transfer of property or 
qualification as a RIC or REIT, the regulation provides that either (1) 
the C corporation will recognize gain as if it had sold the property at 
fair market value unless the RIC or REIT elects section 1374 treatment 
or (2) the RIC or REIT will be subject to section 1374 treatment with 
respect to the net recognized built-in-gain, unless the C corporation 
elects deemed sale treatment. The regulation provides that a section 
1374 election is made by filing a statement, signed by an official 
authorized to sign the income tax return of the RIC or REIT and 
attached to the RIC's or REIT's Federal income tax return for the 
taxable year in which the property of the C corporation becomes the 
property of the RIC or REIT. The regulation provides that a deemed sale 
election is made by filing a statement, signed by an official 
authorized to sign the income tax return of the C corporation and 
attached to the C corporation's Federal income tax return for the 
taxable year in which the deemed sale occurs.
    Current Actions: There are no changes being made to this existing 
regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 140.
    Estimated Time per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 70.
    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 23, 2014.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2014-15439 Filed 6-30-14; 8:45 am]
BILLING CODE 4830-01-P