Proposed Collection; Comment Request for Regulation Project, 75169-75170 [2015-30383]

Download as PDF tkelley on DSK3SPTVN1PROD with NOTICES Federal Register / Vol. 80, No. 230 / Tuesday, December 1, 2015 / Notices copies of the collection should be directed to LaNita Van Dyke, Internal Revenue Service, Room 6517, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at LaNitaVanDyke@irs.gov. SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments concerning the following information collection tools, reporting, and recordkeeping requirements: Title: Guidance for Expatriates and Recipients of Foreign Source Gifts and Bequests Under Sections 877A, 2801, and 6039G. OMB Number: 1545–2123. Form Number: Notice 2009–85. Abstract: Section 301 of the Heroes Earnings Assistance and Relief Tax Act of 2008 (the ‘‘Act’’) enacted new sections 877A and 2801 of the Internal Revenue Code (‘‘Code’’), amended sections 6039G and 7701(a), made conforming amendments to sections 877(e) and 7701(b), and repealed section 7701(n). This notice provides guidance regarding certain federal tax consequences under these sections for individuals who renounce U.S. citizenship or cease to be taxed as lawful permanent residents of the United States. Current Actions: There are no changes to the previously approved burden of this existing collection. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households. Estimated Number of Respondents: 100. Estimated Time per Respondent: 4 hrs., 17 min. Estimated Total Annual Burden Hours: 420. The following paragraph applies to all of the collection 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 VerDate Sep<11>2014 23:35 Nov 30, 2015 Jkt 238001 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: November 20, 2015. Michael Joplin, IRS Reports Clearance Officer. [FR Doc. 2015–30366 Filed 11–30–15; 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 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 Arbitrage Restrictions on Tax-Exempt Bonds. DATES: Written comments should be received on or before February 1, 2016 to be assured of consideration. ADDRESSES: Direct all written comments to Michael Joplin, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of 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: Arbitrage Restrictions on TaxExempt Bonds. OMB Number: 1545–1347. SUMMARY: PO 00000 Frm 00127 Fmt 4703 Sfmt 4703 75169 Regulation: TD 8718 and REG– 138526–14 (NPRM). Abstract: Section 148 of the Internal Revenue Code requires issuers of taxexempt bonds to rebate certain arbitrage profits earned on nonpurpose investments acquired with the bond proceeds. Under section 148(f), interest on a state or local bond is not tax exempt unless the issuer of the bond rebates to the United States arbitrage profits earned from investing proceeds of the bond in higher yielding nonpurpose investments. Form 8038–T is used to pay the arbitrage rebate to the United States and to pay penalty in lieu of rebates. Burden for the form is being reported under 1545–1219. Issuers are also required to keep records of certain interest rate hedges so that the hedges are taken into account in determining arbitrage profits. Under TD 8718, the scope of interest rate hedging transactions covered by the arbitrage regulations was broadened by requiring that hedges entered into prior to the sale date of the bonds are covered as well. The collection of information in the proposed regulation (REG–138526–14) is in § 1.148–1(f)(2)(ii) which contains a requirement that the issuer obtain certifications and supporting documentation regarding the underwriter’s sales of the issuer’s bonds. Current Actions: There is no change to the final regulations (TD 8718), however the agency is adding the proposed Regulation 138526–14 to the information collection request. Type of Review: Revision of a currently approved collection. Affected Public: State, local or tribal governments. Estimated Number of Respondents: 15,646 Estimated Number of Responses: 24,010. Estimated Time per Respondent: 4 hours. Estimated Total Annual Burden Hours: 96,040. 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. E:\FR\FM\01DEN1.SGM 01DEN1 75170 Federal Register / Vol. 80, No. 230 / Tuesday, December 1, 2015 / Notices 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 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: November 20, 2015. Michael Joplin, IRS Tax Analyst. [FR Doc. 2015–30383 Filed 11–30–15; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Notice 2012–48 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 Notice 2012–48, Tribal Economic Development Bonds. DATES: Written comments should be received on or before February 1, 2016 to be assured of consideration. ADDRESSES: Direct all written comments to Michael Joplin, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of notice should be directed to Sara Covington, at Internal Revenue tkelley on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 23:35 Nov 30, 2015 Jkt 238001 Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet, at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Tribal Economic Development Bonds. OMB Number: 1545–2233. Notice Number: Notice 2012–48. Abstract: This Notice solicits applications for the reallocation of available amounts of national bond issuance authority limitation for tribal economic development bonds (‘‘Tribal Economic Development Bonds’’) that were previously allocated to eligible issuers by the Internal Revenue Service (‘‘IRS’’) and that have not been used. This Notice also provides related guidance on: (1) The application requirements and forms for requests for volume cap allocations, and (2) the method that the IRS and the Department of the Treasury will use to allocate the volume cap. Current Actions: There are no changes being made to the burden previously requested at this time. Type of Review: Extension of a currently approved collection. Affected Public: Tribal governments. Estimated Number of Respondents: 143. Estimated Average Time per Respondent: 7 hours. Estimated Total Annual Burden Hours: 1,000. 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 PO 00000 Frm 00128 Fmt 4703 Sfmt 4703 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: November 23, 2015. Michael A. Joplin, IRS Supervisory Tax Analyst. [FR Doc. 2015–30382 Filed 11–30–15; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8918 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 8918, Material Advisor Disclosure Statement. SUMMARY: Written comments should be received on or before February 1, 2016 to be assured of consideration. ADDRESSES: Direct all written comments to Michael Joplin, 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 Sara Covington, Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Material Advisor Disclosure Statement. OMB Number: 1545–0865. Form Numbers: 8918. Abstract: The American Jobs Creation Act of 2004, Public Law 108–357, 118 Stat. 1418, (AJCA) was enacted on October 22, 2004. Section 815 of the AJCA amended section 6111 to require each material advisor with respect to any reportable transaction to make a DATES: E:\FR\FM\01DEN1.SGM 01DEN1

Agencies

[Federal Register Volume 80, Number 230 (Tuesday, December 1, 2015)]
[Notices]
[Pages 75169-75170]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-30383]


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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 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 
Arbitrage Restrictions on Tax-Exempt Bonds.

DATES: Written comments should be received on or before February 1, 
2016 to be assured of consideration.

ADDRESSES: Direct all written comments to Michael Joplin, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of 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: Arbitrage Restrictions on Tax-Exempt Bonds.
    OMB Number: 1545-1347.
    Regulation: TD 8718 and REG-138526-14 (NPRM).
    Abstract: Section 148 of the Internal Revenue Code requires issuers 
of tax-exempt bonds to rebate certain arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds.
    Under section 148(f), interest on a state or local bond is not tax 
exempt unless the issuer of the bond rebates to the United States 
arbitrage profits earned from investing proceeds of the bond in higher 
yielding nonpurpose investments. Form 8038-T is used to pay the 
arbitrage rebate to the United States and to pay penalty in lieu of 
rebates. Burden for the form is being reported under 1545-1219.
    Issuers are also required to keep records of certain interest rate 
hedges so that the hedges are taken into account in determining 
arbitrage profits. Under TD 8718, the scope of interest rate hedging 
transactions covered by the arbitrage regulations was broadened by 
requiring that hedges entered into prior to the sale date of the bonds 
are covered as well.
    The collection of information in the proposed regulation (REG-
138526-14) is in Sec.  1.148-1(f)(2)(ii) which contains a requirement 
that the issuer obtain certifications and supporting documentation 
regarding the underwriter's sales of the issuer's bonds.
    Current Actions: There is no change to the final regulations (TD 
8718), however the agency is adding the proposed Regulation 138526-14 
to the information collection request.
    Type of Review: Revision of a currently approved collection.
    Affected Public: State, local or tribal governments.
    Estimated Number of Respondents: 15,646
    Estimated Number of Responses: 24,010.
    Estimated Time per Respondent: 4 hours.
    Estimated Total Annual Burden Hours: 96,040.
    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.

[[Page 75170]]

    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 
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: November 20, 2015.
Michael Joplin,
IRS Tax Analyst.
[FR Doc. 2015-30383 Filed 11-30-15; 8:45 am]
BILLING CODE 4830-01-P