Proposed Collection; Comment Request on Excise Tax for Income Realized on Receipt of Greenmail, 34960-34961 [2015-15042]

Download as PDF tkelley on DSK3SPTVN1PROD with NOTICES 34960 Federal Register / Vol. 80, No. 117 / Thursday, June 18, 2015 / Notices Abstract: Section 2701 of the Internal Revenue Code allows various elections by family members who make gifts of common stock or partnership interests and retain senior interests in the same entity. This regulation provides guidance on how taxpayers make these elections, what information is required, and how the transfer is to be disclosed on the gift tax return (Form 709). Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households. Estimated Number of Respondents: 1,200. Estimated Time per Respondent: 25 minutes. Estimated Total Annual Burden Hours: 496. 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: June 3, 2015. Christie A. Preston, IRS Reports Clearance Officer. [FR Doc. 2015–15057 Filed 6–17–15; 8:45 am] BILLING CODE 4830–01–P VerDate Sep<11>2014 16:53 Jun 17, 2015 Jkt 235001 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 Tax Shelter Regulations. DATES: Written comments should be received on or before August 17, 2015 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 LaNita Van Dyke at Internal Revenue Service, room 6517, 1111 Constitution Avenue NW., Washington, DC 20224, or through the internet at Lanita.VanDyke@irs.gov. SUMMARY: SUPPLEMENTARY INFORMATION: Title: Tax Shelter Disclosure Regulations. OMB Number: 1545–1685. Regulation Project Number: T.D. 9046. Abstract: These regulations finalize the rules relating to the filing by certain taxpayers of a disclosure statement with their Federal tax returns under section 6011(a), the rules relating to the registration of confidential corporate tax shelters under section 6111(d), and the rules relating to the list maintenance requirements under section 6112. These regulations affect taxpayers participating in reportable transactions, persons responsible for registering confidential corporate tax shelters, and organizers and sellers of potentially abusive tax shelters. Current Actions: There is no change to these existing regulations. Type of Review: Extension of currently approved collection. Affected Public: Individual or households, Business or other for-profit organizations. PO 00000 Frm 00082 Fmt 4703 Sfmt 4703 The estimated annual burden per respondent/recordkeeper for the collection of information in § 1.6011–4 will be reflected on Form 8886. 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 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: June 9, 2015. Christie Preston, IRS Reports Clearance Officer. [FR Doc. 2015–15056 Filed 6–17–15; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request on Excise Tax for Income Realized on Receipt of Greenmail 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 SUMMARY: E:\FR\FM\18JNN1.SGM 18JNN1 tkelley on DSK3SPTVN1PROD with NOTICES Federal Register / Vol. 80, No. 117 / Thursday, June 18, 2015 / Notices 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 excise tax on greenmail. DATES: Written comments should be received on or before August 17, 2015 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 R. Joseph Durbala at Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 317–5746, or through the internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Excise Tax Relating to Gain or Other Income Realized By Any Person on Receipt of Greenmail. OMB Number: 1545–1049. Regulation Project Number: TD 8379 (final); TD 9407 (final). Form Number: 8725. Abstract: The regulations provide rules relating to the manner and method of reporting and paying the nondeductible 50 percent excise tax imposed by section 5881 of the Internal Revenue Code with respect to the receipt of greenmail. The reporting requirements will be used to verify that the excise tax imposed under section 5881 is properly reported and timely paid. Form 8725 is used by persons who receive ‘‘greenmail’’ to compute and pay the excise tax on greenmail imposed under Internal Revenue Code section 5881. IRS uses the information to verify that the correct amount of tax has been reported. Current Actions: There is no change to this existing regulation. However, IRS is consolidating data reported under 2 different approval numbers (1545–1086 and 1545–1049), to eliminate the perception of double counting the same tax requirements. Type of Review: Revision of a currently approved collection. Affected Public: Individuals and business or other for-profit organizations. Estimated Number of Respondents: 12. Estimated Time per Respondent: 7 hours, 37 minutes. Estimated Total Annual Burden Hours: 92. The following paragraph applies to all of the collections of information covered by this notice: VerDate Sep<11>2014 16:53 Jun 17, 2015 Jkt 235001 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: June 8, 2015. Christie Preston, IRS, Reports Clearance Officer. [FR Doc. 2015–15042 Filed 6–17–15; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 712 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 712, Life Insurance Statement. SUMMARY: PO 00000 Frm 00083 Fmt 4703 Sfmt 4703 34961 Written comments should be received on or before August 17, 2015 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 form and instructions should be directed to R. Joseph Durbala at (202) 317–5746, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224 or through the internet at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Life Insurance Statement. OMB Number: 1545–0022. Form Number: 712. Abstract: Form 712 provides taxpayers and the IRS with information to determine if insurance on the decedent’s life is includible in the gross estate and to determine the value of the policy for estate and gift tax purposes. The tax is based on the value of the life insurance policy. Current Actions: There are no changes being made to Form 712 at this time. Type of Review: Extension of a currently approved collection. Affected Public: Businesses or other for-profit organizations. Estimated Number of Responses: 60,000. Estimated Time Per Response: 18 hrs. 40 minutes. Estimated Total Annual Burden Hours: 1,120,200. 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 DATES: E:\FR\FM\18JNN1.SGM 18JNN1

Agencies

[Federal Register Volume 80, Number 117 (Thursday, June 18, 2015)]
[Notices]
[Pages 34960-34961]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15042]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request on Excise Tax for Income 
Realized on Receipt of Greenmail

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

[[Page 34961]]

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 excise tax on 
greenmail.

DATES: Written comments should be received on or before August 17, 2015 
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 R. Joseph Durbala at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 317-5746, or through the internet at 
RJoseph.Durbala@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Excise Tax Relating to Gain or Other Income Realized By Any 
Person on Receipt of Greenmail.
    OMB Number: 1545-1049.
    Regulation Project Number: TD 8379 (final); TD 9407 (final).
    Form Number: 8725.
    Abstract: The regulations provide rules relating to the manner and 
method of reporting and paying the nondeductible 50 percent excise tax 
imposed by section 5881 of the Internal Revenue Code with respect to 
the receipt of greenmail. The reporting requirements will be used to 
verify that the excise tax imposed under section 5881 is properly 
reported and timely paid. Form 8725 is used by persons who receive 
``greenmail'' to compute and pay the excise tax on greenmail imposed 
under Internal Revenue Code section 5881. IRS uses the information to 
verify that the correct amount of tax has been reported.
    Current Actions: There is no change to this existing regulation. 
However, IRS is consolidating data reported under 2 different approval 
numbers (1545-1086 and 1545-1049), to eliminate the perception of 
double counting the same tax requirements.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals and business or other for-profit 
organizations.
    Estimated Number of Respondents: 12.
    Estimated Time per Respondent: 7 hours, 37 minutes.
    Estimated Total Annual Burden Hours: 92.
    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: June 8, 2015.
Christie Preston,
IRS, Reports Clearance Officer.
[FR Doc. 2015-15042 Filed 6-17-15; 8:45 am]
BILLING CODE 4830-01-P