Proposed Information Collection; Comment Request, 18692 [2016-07218]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 81, Number 62 (Thursday, March 31, 2016)]
[Notices]
[Page 18692]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07218]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Information Collection; Comment Request

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)).

DATES: Written comments should be received on or before May 31, 2016 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, 
DC 20224.
    Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: To obtain additional information, or 
copies of the information collection and instructions, or copies of any 
comments received, contact 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.

SUPPLEMENTARY INFORMATION: The Department of the Treasury and the 
Internal Revenue Service, as part of their continuing effort to reduce 
paperwork and respondent burden, invite the general public and other 
Federal agencies to take this opportunity to comment on the proposed or 
continuing information collections listed below in this notice, as 
required by the Paperwork Reduction Act of 1995, (44 U.S.C. 3501 et 
seq.).
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in our request for Office of 
Management and Budget (OMB) approval of the relevant information 
collection. All comments will become a matter of public record. Please 
do not include any confidential or inappropriate material in your 
comments.
    We invite comments on: (a) Whether the collection of information is 
necessary for the proper performance of the agency's functions, 
including whether the information has 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 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 the 
requested information.

Information Collections Open for Comment

    Currently, the IRS is seeking comments concerning the following 
forms, and reporting and record-keeping requirements:
    Title: REG 143544-04--Regulations Enabling Elections for Certain 
Transactions under Section 336(e).
    OMB Number: 1545-2125.
    Abstract: This document contains final regulations that provide 
guidance under section 336(e) of the Internal Revenue Code (Code) which 
authorizes the issuance of regulations under which a corporation 
(seller) that owns stock in another corporation (target) meeting the 
requirements of section 1504(a)(2), and that sells, exchanges, or 
distributes all of such stock, may make an election to treat the sale, 
exchange, or distribution of target stock as a sale of all of target's 
underlying assets. Section 336(e) was enacted as part of the 
legislation repealing the General Utilities rule and, like an election 
under section 338(h)(10), is meant to provide taxpayers relief from a 
potential multiple taxation at the corporate level of the same economic 
gain which can result when a transfer of appreciated corporate stock is 
taxed to a corporation without providing a corresponding step-up in the 
basis of the assets of the corporation.
    Current Actions: Final Regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and households, business or other for-
profit institutions.
    Estimated Number of Respondents: 500.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 1,000 hours.
    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.

    Approved: March 15, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016-07218 Filed 3-30-16; 8:45 am]
 BILLING CODE 4830-01-P