Proposed Collection; Comment Request for Regulation Project, 81242-81243 [2016-27606]

Download as PDF 81242 Federal Register / Vol. 81, No. 222 / Thursday, November 17, 2016 / Notices 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 8, 2016. Tuawana Pinkston, IRS Reports Clearance Officer. [FR Doc. 2016–27586 Filed 11–16–16; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8855 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 8855, Election To Treat a Qualified Revocable Trust as Party of an Estate. DATES: Written comments should be received on or before January 17, 2017 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 Kerry Dennis at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at Kerry.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: Title: Election To Treat a Qualified Revocable Trust as Party of an Estate. OMB Number: 1545–1881. Form Number: 8855. Abstract: Form 8855 is used to make a section 645 election that allows a qualified revocable trust to be treated asabaliauskas on DSK3SPTVN1PROD with NOTICES SUMMARY: VerDate Sep<11>2014 21:24 Nov 16, 2016 Jkt 241001 and taxed (for income tax purposes) as part of its related estate during the election period. 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. Estimated Number of Respondents: 5,000. Estimated Time per Respondent: 5 hours, 38 minutes. Estimated Total Annual Burden Hours: 28,200. 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 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 8, 2016. Tuawana Pinkston, IRS Reports Clearance Officer. [FR Doc. 2016–27607 Filed 11–16–16; 8:45 am] BILLING CODE 4830–01–P PO 00000 Frm 00190 Fmt 4703 Sfmt 4703 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. SUMMARY: Written comments should be received on or before January 17, 2017 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 regulations should be directed to Sara Covington at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet, at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Arbitrage Restrictions and Issue Price Definition for Tax-Exempt Bonds. OMB Number: 1545–1347. Regulation: TD 8476, TD 8718, TD 9777 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 DATES: E:\FR\FM\17NON1.SGM 17NON1 asabaliauskas on DSK3SPTVN1PROD with NOTICES Federal Register / Vol. 81, No. 222 / Thursday, November 17, 2016 / Notices 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 8476, TD 8718, TD 9777), and proposed Regulation 138526–14 to the information collection request. Type of Review: Extension 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: 94,326. 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 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. VerDate Sep<11>2014 21:24 Nov 16, 2016 Jkt 241001 Approved: November 8, 2016. Tuawana Pinkston, IRS Supervisory Tax Analyst. [FR Doc. 2016–27606 Filed 11–16–16; 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, Special Lien for Estate Taxes Deferred Under Section 6166 or 6166A. DATES: Written comments should be received on or before January 17, 2017 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 to Kerry Dennis at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224, or through the Internet at Kerry.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: Title: Special Lien for Estate Taxes Deferred Under Section 6166 or 6166A. OMB Number: 1545–0757. Regulation Project Number: TD 7941. Abstract: Internal Revenue Code section 6324A permits the executor of a decedent’s estate to elect a lien on section 6166 property in favor of the United States in lieu of a bond or personal liability if an election under section 6166 was made and the executor files an agreement under section 6324A(c). This regulation clarifies the procedures for complying with the statutory requirements. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. SUMMARY: PO 00000 Frm 00191 Fmt 4703 Sfmt 4703 81243 Affected Public: Individuals or households, and business or other forprofit organizations. Estimated Number of Respondents: 34,600. Estimated Time per Respondent: 15 minutes. Estimated Total Annual Burden Hours: 8,650. 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: November 8, 2016. Tuawana Pinkston, IRS Reports Clearance Officer. [FR Doc. 2016–27608 Filed 11–16–16; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8879–EO Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Department of the Treasury, as part of its continuing effort SUMMARY: E:\FR\FM\17NON1.SGM 17NON1

Agencies

[Federal Register Volume 81, Number 222 (Thursday, November 17, 2016)]
[Notices]
[Pages 81242-81243]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27606]


-----------------------------------------------------------------------

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 January 17, 
2017 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 regulations should be directed to Sara Covington at Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington, 
DC 20224, or through the Internet, at Sara.L.Covington@irs.gov.

SUPPLEMENTARY INFORMATION: 
    Title: Arbitrage Restrictions and Issue Price Definition for Tax-
Exempt Bonds.
    OMB Number: 1545-1347.
    Regulation: TD 8476, TD 8718, TD 9777 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

[[Page 81243]]

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 
8476, TD 8718, TD 9777), and proposed Regulation 138526-14 to the 
information collection request.
    Type of Review: Extension 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: 94,326.
    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 
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 8, 2016.
Tuawana Pinkston,
IRS Supervisory Tax Analyst.
[FR Doc. 2016-27606 Filed 11-16-16; 8:45 am]
BILLING CODE 4830-01-P