Proposed Extension of Information Collection Request Submitted for Public Comment; Tax Treatment of Salvage and Reinsurance, 24846 [2018-11521]
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24846
Federal Register / Vol. 83, No. 104 / Wednesday, May 30, 2018 / Notices
U.S.C. 205(e), the TTB regulations in 27
CFR parts 7 and 25 require beer and
malt beverage producers and importers
to file a formula when certain nonexempted ingredients or processes are
used to produce such products. This
information collection, which is
submitted to TTB as a written notice, is
necessary to (1) ensure that the Federal
alcohol excise tax revenue due under
the provisions of chapter 51 of the IRC
is not jeopardized for domestically
made or imported beer, and (2) to
ensure that the alcohol beverage
labeling provisions of the FAA Act are
met for imported products that meet the
FAA Act definition of malt beverage.
Current Actions: TTB is submitting
this information collection for extension
purposes; there is no change to the
collection or its estimated burden.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses and other
for-profits.
Estimated Number of Respondents:
505.
Estimated Total Annual Burden
Hours: 1,326.
Title: Formula and Process for
Domestic and Imported Alcohol
Beverages.
OMB Number: 1513–0122.
TTB Form Number: F 5100.51.
Abstract: Chapter 51 of the IRC
governs the production, classification,
and taxation of alcohol products; the
FAA Act at 27 U.S.C. 205(e) requires
alcohol beverage labels to provide
consumers with adequate information as
to the identity and quality of alcohol
beverages, and each statute authorizes
the Secretary to issue regulations related
to such activities. The TTB regulations
issued under those authorities require
alcohol beverage producers and
importers to obtain formula approval
from TTB for certain non-standard
products to ensure that the product is
properly classified for excise tax
purposes under the IRC and that it is
properly labeled under the FAA Act.
Currently, in lieu of the formula forms
and letterhead notices specified in the
TTB regulations, respondents may
submit TTB F 5100.51 (or its electronic
equivalent, Formulas Online (FONL)) to
TTB as an alternate method or
procedure.
Current Actions: This information
collection remains unchanged, and TTB
is submitting it only for extension
purposes. However, TTB is increasing
the estimated number of respondents,
responses, and annual burden hours
associated with this information
collection due to an increase in the
number of respondents submitting
VerDate Sep<11>2014
17:04 May 29, 2018
Jkt 244001
formulas to TTB and electing to do so
via TTB F 5100.51 or FONL.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses and other
for-profits.
Estimated Number of Respondents:
3,000.
Estimated Total Annual Burden
Hours: 30,000.
Dated: May 23, 2018.
Amy R. Greenberg,
Director, Regulations and Rulings Division.
[FR Doc. 2018–11494 Filed 5–29–18; 8:45 am]
BILLING CODE 4810–31–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information
Collection Request Submitted for
Public Comment; Tax Treatment of
Salvage and Reinsurance
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
The Internal Revenue Service,
as part of its continuing effort to reduce
paperwork and respondent burden,
invites the 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 the tax
treatment of salvage and reinsurance.
DATES: Written comments should be
received on or before July 30, 2018 to be
assured of consideration.
ADDRESSES: Direct all written comments
to Roberto Mora-Figueroa, Internal
Revenue Service, Room 6129, 1111
Constitution Avenue NW, Washington,
DC 20224. Requests for additional
information or copies of the regulations
should be directed to R. Joseph Durbala,
at Internal Revenue Service, Room 6129,
1111 Constitution Avenue NW,
Washington DC 20224, or through the
internet, at RJoseph.Durbala@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Tax Treatment of Salvage and
Reinsurance.
OMB Number: 1545–1227.
Regulation Project Number: TD 8857.
Abstract: Section 1.832–4(d) of this
regulation allows a nonlife insurance
company to increase unpaid losses on a
yearly basic by the amount of estimated
salvage recoverable if the company
discloses this to the state insurance
regulatory authority.
SUMMARY:
PO 00000
Frm 00130
Fmt 4703
Sfmt 9990
Current Actions: There is no change to
the burden previously approved.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
2,500.
Estimated Time per Respondent: 2
hours.
Estimated Total Annual Burden
Hours: 5,000
The following paragraph applies to all
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 if 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.
Desired Focus of Comments: The
Internal Revenue Service (IRS) is
particularly interested in comments
that:
• Evaluate whether the proposed
collection of information is necessary
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
• Evaluate the accuracy of the
agency’s estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
• Enhance the quality, utility, and
clarity of the information to be
collected; and
• Minimize the burden of the
collection of information on those who
are to respond, including using
appropriate automated, electronic,
mechanical, or other technological
collection techniques or other forms of
information technology, e.g., by
permitting electronic submissions of
responses.
Comments submitted in response to
this notice will be summarized and/or
included in the ICR for OMB approval
of the extension of the information
collection; they will also become a
matter of public record.
Approved: May 21, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018–11521 Filed 5–29–18; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\30MYN1.SGM
30MYN1
]]>Agencies
[Federal Register Volume 83, Number 104 (Wednesday, May 30, 2018)]
[Notices]
[Page 24846]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-11521]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Tax Treatment of Salvage and Reinsurance
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
SUMMARY: The Internal Revenue Service, as part of its continuing effort
to reduce paperwork and respondent burden, invites the 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 the tax treatment of salvage and reinsurance.
DATES: Written comments should be received on or before July 30, 2018
to be assured of consideration.
ADDRESSES: Direct all written comments to Roberto Mora-Figueroa,
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW,
Washington, DC 20224. Requests for additional information or copies of
the regulations should be directed to R. Joseph Durbala, at Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington DC
20224, or through the internet, at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Tax Treatment of Salvage and Reinsurance.
OMB Number: 1545-1227.
Regulation Project Number: TD 8857.
Abstract: Section 1.832-4(d) of this regulation allows a nonlife
insurance company to increase unpaid losses on a yearly basic by the
amount of estimated salvage recoverable if the company discloses this
to the state insurance regulatory authority.
Current Actions: There is no change to the burden previously
approved.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 2,500.
Estimated Time per Respondent: 2 hours.
Estimated Total Annual Burden Hours: 5,000
The following paragraph applies to all 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 if 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.
Desired Focus of Comments: The Internal Revenue Service (IRS) is
particularly interested in comments that:
Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used;
Enhance the quality, utility, and clarity of the
information to be collected; and
Minimize the burden of the collection of information on
those who are to respond, including using appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., by permitting electronic
submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Approved: May 21, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018-11521 Filed 5-29-18; 8:45 am]
BILLING CODE 4830-01-P
