Proposed Collection; Comment Request for Regulation Project, 75169-75170 [2015-30383]
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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877(e) and 7701(b), and repealed section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:
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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]
-----------------------------------------------------------------------
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)). 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
