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