Proposed Extension of Information Collection Request Submitted for Public Comment; Form 712, Life Insurance Statement, 28490 [2018-13079]
Download as PDF
<![CDATA[
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
daltland on DSKBBV9HB2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
17:55 Jun 18, 2018
Jkt 244001
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
Frm 00082
Fmt 4703
Sfmt 4703
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
]]>Agencies
[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)]
[Notices]
[Page 28490]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13079]
[[Page 28490]]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Form 712, Life Insurance Statement
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 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 [email protected].
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 for-profit 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 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
