Proposed Collection; Comment Request for Rev. Proc. 99-17, 20143 [2018-09592]

Download as PDF Federal Register / Vol. 83, No. 88 / Monday, May 7, 2018 / Notices Direct all written comments to Laurie Brimmer, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the regulation should be directed to Martha R. Brinson, at (202) 317–5753, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Martha.R.Brinson@irs.gov. SUPPLEMENTARY INFORMATION: Title: Guidance on Passive Foreign Investment Company (PFIC) Purging Elections. OMB Number: 1545–1965. Regulation Project Number: TD 9360. Abstract: The IRS needs the information to substantiate the taxpayer’s computation of the taxpayer’s share of the PFIC’s post-1986 earning and profits. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations and individuals. Estimated Number of Respondents: 250. Estimated Time Per Respondent: 1 hour. Estimated Total Annual Burden Hours: 250. 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. Comments will be 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 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 daltland on DSKBBV9HB2PROD with NOTICES ADDRESSES: VerDate Sep<11>2014 17:38 May 04, 2018 Jkt 244001 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: April 30, 2018. Laurie Brimmer, Senior Tax Analyst. [FR Doc. 2018–09594 Filed 5–4–18; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Rev. Proc. 99–17 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Mark to Market Election for Commodities Dealers and Securities and Commodities Traders. DATES: Written comments should be received on or before July 6, 2018 to be assured of consideration. ADDRESSES: Direct all written comments to Laurie Brimmer, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of this revenue procedure should be directed to Martha R. Brinson, at (202) 317–5753, or at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Martha.R.Brinson@irs.gov. SUPPLEMENTARY INFORMATION: Title: Mark to Market Election for Commodities Dealers and Securities and Commodities Traders. OMB Number: 1545–1641. Revenue Procedure Number: Rev. Proc. 99–17 (Revenue Procedure 99–17 is modified by Revenue Procedure 99– 49). Abstract: The revenue procedure prescribes the time and manner for dealers in commodities and traders in securities or commodities to elect to use the mark-to-market method of accounting under Sec. 475(e) or (f) of SUMMARY: PO 00000 Frm 00112 Fmt 4703 Sfmt 9990 20143 the Internal Revenue Code. The collections of information of this revenue procedure are required by the IRS in order to facilitate monitoring taxpayers changing accounting methods resulting from making the elections under Sec. 475(e) or (f). Current Actions: There are no changes being made to this Rev. Proc. at this time. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 1,000. Estimated Time Per Respondent: 30 mins. Estimated Total Annual Burden Hours: 500. 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. Comments will be 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 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 information. Approved: April 26, 2018. Laurie Brimmer, Senior Tax Analyst. [FR Doc. 2018–09592 Filed 5–4–18; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\07MYN1.SGM 07MYN1

Agencies

[Federal Register Volume 83, Number 88 (Monday, May 7, 2018)]
[Notices]
[Page 20143]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09592]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Rev. Proc. 99-17

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning Mark to Market 
Election for Commodities Dealers and Securities and Commodities 
Traders.

DATES: Written comments should be received on or before July 6, 2018 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this revenue procedure should be directed to Martha R. 
Brinson, at (202) 317-5753, or at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Mark to Market Election for Commodities Dealers and 
Securities and Commodities Traders.
    OMB Number: 1545-1641.
    Revenue Procedure Number: Rev. Proc. 99-17 (Revenue Procedure 99-17 
is modified by Revenue Procedure 99-49).
    Abstract: The revenue procedure prescribes the time and manner for 
dealers in commodities and traders in securities or commodities to 
elect to use the mark-to-market method of accounting under Sec. 475(e) 
or (f) of the Internal Revenue Code. The collections of information of 
this revenue procedure are required by the IRS in order to facilitate 
monitoring taxpayers changing accounting methods resulting from making 
the elections under Sec. 475(e) or (f).
    Current Actions: There are no changes being made to this Rev. Proc. 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 30 mins.
    Estimated Total Annual Burden Hours: 500.
    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. 
Comments will be 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 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 information.

    Approved: April 26, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-09592 Filed 5-4-18; 8:45 am]
 BILLING CODE 4830-01-P