Proposed Extension of Information Collection Request Submitted for Public Comment; Tax Treatment of Salvage and Reinsurance, 24846 [2018-11521]

Download as PDF sradovich on DSK3GMQ082PROD with NOTICES 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]


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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.

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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