Proposed Collection; Comment Request for Regulation Project, 12279 [2017-03919]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 82, Number 39 (Wednesday, March 1, 2017)]
[Notices]
[Page 12279]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03919]


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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. Currently, the IRS is soliciting 
comments concerning TD 9289, Treatment of Disregarded Entities Under 
Section 752.

DATES: Written comments should be received on or before May 1, 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 copies of the regulation 
should be directed to Martha R. Brinson, Internal Revenue Service, Room 
6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through 
the Internet at Martha.R.Brinson@irs.gov.

SUPPLEMENTARY INFORMATION:
    Title: Treatment of Disregarded Entities Under Section 752.
    OMB Number: 1545-1905.
    Regulation Project Number: TD 9289.
    Abstract: Generally, the regulation recognizes that only the assets 
of a disregarded entity that limits its member's liability are 
available to satisfy creditors' claims under local law. The regulation 
provides rules under section 752 for taking into account the net value 
of a disregarded entity owned by a partner or related person for 
purposes of allocating partnership liabilities. Specifically, it 
provides that in determining the extent to which a partner bears the 
economic risk of loss for a partnership liability, payment obligations 
of a disregarded entity are taken into account only to the extent of 
the net value of the disregarded entity.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households and not-for-profit institutions.
    Estimated Number of Respondents: 1,500.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 3,000.
    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 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: February 21, 2017.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2017-03919 Filed 2-28-17; 8:45 am]
BILLING CODE 4830-01-P