Proposed Collection; Comment Request for Regulation Project, 66123 [2016-23132]
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Federal Register / Vol. 81, No. 186 / Monday, September 26, 2016 / Notices
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
definition of a controlled foreign
corporation, foreign base company
income and foreign personal holding
company income of a controlled foreign
corporation.
DATES: Written comments should be
received on or before November 25,
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.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulations should be
directed Allan Hopkins, at Internal
Revenue Service, Room 6129, 1111
Constitution Avenue NW., Washington
DC 20224, or through the internet, at
Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Definition of a Controlled
Foreign Corporation, Foreign Base
Company Income and Foreign Personal
Holding Company Income of a
Controlled Foreign Corporation.
OMB Number: 1545–1068. Regulation
Project Number: INTL–362–88.
Abstract: A U.S. shareholder of a
controlled foreign corporation is subject
to current U.S. taxation on the subpart
F income of the foreign corporation,
which consists of several categories of
income. The election and recordkeeping
requirements in the regulation are
necessary to exclude certain high-taxed
or active business income from subpart
F income or to include certain income
in the appropriate category of subpart F
income. The record-keeping and
election procedures allow the U.S.
shareholders and the IRS to know the
amount of the controlled foreign
corporation’s subpart F income.
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SUMMARY:
VerDate Sep<11>2014
19:40 Sep 23, 2016
Jkt 238001
Current Actions: There is no change to
this existing regulation.
Type of Review: Extension of OMB
approval.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents/
Recordkeepers: 50,500.
Estimated Time per Respondent/
Recordkeeper: 1 hour.
Estimated Total Annual Reporting/
Recordkeeping Hours: 50,417.
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: September 19, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016–23132 Filed 9–23–16; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 6497
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
PO 00000
Frm 00129
Fmt 4703
Sfmt 4703
66123
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
6497, Information Return of Nontaxable
Energy Grants or Subsidized Energy
Financing.
SUMMARY:
Written comments should be
received on or before November 25,
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.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to LaNita VanDyke at
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW.,
Washington, DC 20224, or through the
internet at Lanita.VanDyke@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Information Return of
Nontaxable Energy Grants or Subsidized
Energy Financing.
OMB Number: 1545–0232.
Form Number: Form 6497.
Abstract: Section 605D of the Internal
Code requires an information return to
be made by any person who administers
a Federal, state, or local program
providing nontaxable grants or
subsidized energy financing. Form 6497
is used for making the information
return. The IRS uses the information
from the form to ensure that recipients
have not claimed tax credits or other
benefits with respect to the grants or
subsidized financing.
Current Actions: There are no changes
being made to the form at this time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations and federal, state,
local or tribal governments.
Estimated Number of Respondents:
250.
Estimated Time per Respondent: 3
hours, 14 minutes.
Estimated Total Annual Burden
Hours: 810.
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
DATES:
E:\FR\FM\26SEN1.SGM
26SEN1
]]>Agencies
[Federal Register Volume 81, Number 186 (Monday, September 26, 2016)]
[Notices]
[Page 66123]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-23132]
[[Page 66123]]
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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.
-----------------------------------------------------------------------
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
definition of a controlled foreign corporation, foreign base company
income and foreign personal holding company income of a controlled
foreign corporation.
DATES: Written comments should be received on or before November 25,
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.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulations should be directed Allan Hopkins, at Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington DC
20224, or through the internet, at Allan.M.Hopkins@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Definition of a Controlled Foreign Corporation, Foreign Base
Company Income and Foreign Personal Holding Company Income of a
Controlled Foreign Corporation.
OMB Number: 1545-1068. Regulation Project Number: INTL-362-88.
Abstract: A U.S. shareholder of a controlled foreign corporation is
subject to current U.S. taxation on the subpart F income of the foreign
corporation, which consists of several categories of income. The
election and recordkeeping requirements in the regulation are necessary
to exclude certain high-taxed or active business income from subpart F
income or to include certain income in the appropriate category of
subpart F income. The record-keeping and election procedures allow the
U.S. shareholders and the IRS to know the amount of the controlled
foreign corporation's subpart F income.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of OMB approval.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents/Recordkeepers: 50,500.
Estimated Time per Respondent/Recordkeeper: 1 hour.
Estimated Total Annual Reporting/Recordkeeping Hours: 50,417.
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: September 19, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-23132 Filed 9-23-16; 8:45 am]
BILLING CODE 4830-01-P
