Proposed Extension of Information Collection Request Submitted for Public Comment; Hedging Transactions, 28490-28491 [2018-13076]
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28490
Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information
Collection Request Submitted for
Public Comment; Form 712, Life
Insurance Statement
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 Form
712, Life Insurance Statement.
DATES: Written comments should be
received on or before August 20, 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: Life Insurance Statement.
OMB Number: 1545–0022.
Regulation Project Number: Form 712.
Abstract: Form 712 provides
taxpayers and the IRS with information
to determine if insurance on the
decedent’s life is includible in the gross
estate and to determine the value of the
policy for estate and gift tax purposes.
The tax is based on the value of the life
insurance policy.
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:
60,000.
Estimated Time per Respondent: 18
hrs., 40 min.
Estimated Total Annual Burden
Hours: 1,120,200.
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
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SUMMARY:
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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: June 13, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018–13079 Filed 6–18–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information
Collection Request Submitted for
Public Comment; Hedging
Transactions
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
SUMMARY:
PO 00000
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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
guidance for taxpayers regarding when
gain or loss from common business
hedging transactions is considered for
tax purposes.
DATES: Written comments should be
received on or before August 20, 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: Clear Reflection of Income in
the Case of Hedging Transactions.
OMB Number: 1545–1412.
Regulation Project Number: TD 8554.
Abstract: These final regulations
provide guidance to taxpayers regarding
when gain or loss from common
business hedging transactions is
recognized for tax purposes. Paragraph
(d) of § 1.446–4 requires that the books
and records maintained by a taxpayer
disclose the method or methods used to
account for different types of hedging
transactions. The purpose of this rule is
to ensure that the taxpayer has such
records as are necessary to allow a
Service examiner to determine whether
the method of accounting used by the
taxpayer for a transaction clearly reflects
income.
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:
100,000.
Estimated Time per Respondent: 12
min.
Estimated Total Annual Burden
Hours: 20,000.
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
E:\FR\FM\19JNN1.SGM
19JNN1
Federal Register / Vol. 83, No. 118 / Tuesday, June 19, 2018 / Notices
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: June 13, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018–13076 Filed 6–18–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 8881
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 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. The
IRS is soliciting comments concerning
Form 8881, Credit for Small Employer
Pension Plan Startup Costs.
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SUMMARY:
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Written comments should be
received on or before August 20, 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 the form and instructions
should be directed to Sara Covington, at
(202) 317–6038, 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: Credit for Small Employer
Pension Plan Startup Costs.
OMB Number: 1545–1810.
Form Number: 8881.
Abstract: Qualified small employers
use Form 8881 to claim a credit for start
up costs related to eligible retirement
plans. Form 8881 implements section
45E, which provides a credit based on
costs incurred by an employer in
establishing or administering an eligible
employer plan or for the retirementrelated education of employees with
respect to the plan. The credit is 50%
of the qualified costs for the tax year, up
to a maximum credit of $500 for the first
tax year and each of the two subsequent
tax years.
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:
66,667.
Estimated Time per Respondent: 3
hours, 32 minutes.
Estimated Total Annual Burden
Hours: 235,335.
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
DATES:
PO 00000
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28491
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: June 12, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–13073 Filed 6–18–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF VETERANS
AFFAIRS
Privacy Act of 1974; Matching Program
AGENCY:
Department of Veterans Affairs
(VA).
Notice of a new matching
program.
ACTION:
Pursuant to the Privacy Act of
1974, as amended, and the Office of
Management and Budget (OMB)
Guidelines on the Conduct of Matching
Programs, notice is hereby given that the
Department of Veterans Affairs (VA)
intends to conduct a computer matching
program with the Internal Revenue
Service (IRS). Data from the proposed
match will be used to verify the
unearned income of nonserviceconnected veterans, and those veterans
who are zero percent service-connected
(noncompensable), whose eligibility for
VA medical care is based on their
inability to defray the cost of medical
care. These veterans supply household
income information that includes their
spouses and dependents at the time of
application for VA health care benefits.
DATES: Comments on this matching
program must be received no later than
July 19, 2018. If no public comment is
received during the period allowed for
comment or unless otherwise published
in the Federal Register by VA, the new
agreement will become effective July 1,
2018, provided it is a minimum of 30
days after date of publication in the
Federal Register. If VA receives public
comments, VA shall review the
comments to determine whether any
SUMMARY:
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]]>Agencies
[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)]
[Notices]
[Pages 28490-28491]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13076]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Hedging Transactions
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 guidance for taxpayers regarding when gain or loss from
common business hedging transactions is considered for tax purposes.
DATES: Written comments should be received on or before August 20, 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: Clear Reflection of Income in the Case of Hedging
Transactions.
OMB Number: 1545-1412.
Regulation Project Number: TD 8554.
Abstract: These final regulations provide guidance to taxpayers
regarding when gain or loss from common business hedging transactions
is recognized for tax purposes. Paragraph (d) of Sec. 1.446-4 requires
that the books and records maintained by a taxpayer disclose the method
or methods used to account for different types of hedging transactions.
The purpose of this rule is to ensure that the taxpayer has such
records as are necessary to allow a Service examiner to determine
whether the method of accounting used by the taxpayer for a transaction
clearly reflects income.
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: 100,000.
Estimated Time per Respondent: 12 min.
Estimated Total Annual Burden Hours: 20,000.
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
[[Page 28491]]
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: June 13, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018-13076 Filed 6-18-18; 8:45 am]
BILLING CODE 4830-01-P
