Proposed Collection; Comment Request for Form 461, 49456 [2018-21292]
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49456
Federal Register / Vol. 83, No. 190 / Monday, October 1, 2018 / Notices
expanded Code section 6038 to require
certain U.S. partners of controlled
foreign partnerships to report
information about the partnerships, and
(3) modified the reporting required
under Code section 6046A with respect
to acquisitions and dispositions of
foreign partnership interests. Form 8865
is used by U.S. persons to fulfill their
reporting obligations under Code
sections 6038B, 6038, and 6046A. Form
8838 P is used to apply the gain deferral
method.
Current Actions: There are changes
being made to the burden associated
with the collection tool. Two new
(Schedule G (Form 8865) and Schedule
H (Form 8865) have been added. Under
Treasury Regulation 1.721(c)–6T,
Schedule G (Form 8865) will be filed by
all impacted U.S. transferors for the year
of the contribution and subsequent
years. Schedule H (Form 8865)
supplements Schedule G (Form 8865). It
will be for filers who answer yes to
questions on Schedule G (Form 8865),
Part IV.
Type of Review: Revision of a
currently approved collection.
Affected Public: Business or other forprofit organizations, individuals, and
not-for-profit institutions.
Estimated Number of Respondents:
34,450.
Estimated Time per Respondent: 8.40
hours.
Estimated Total Annual Burden
Hours: 289,354.
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
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
VerDate Sep<11>2014
17:50 Sep 28, 2018
Jkt 247001
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: September 24, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–21288 Filed 9–28–18; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 461
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.
Currently, the IRS is soliciting
comments concerning Form 461,
Limitation on Business Losses.
DATES: Written comments should be
received on or before November 30,
2018 to be assured of consideration.
ADDRESSES: Direct all written comments
to Laurie Brimmer, Internal Revenue
Service, Room 6529, 1111 Constitution
Avenue NW, Washington, DC 20224.
Please send separate comments for each
specific information collection listed
below. You must reference the
information collection’s title, form
number, reporting or record-keeping
requirement number, and OMB number
(if any) in you comment.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to Charles G. Daniel
at (202) 317 5754, at Internal Revenue
Service, Room 6529, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet, at
Charles.G.Daniel@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Limitation on Business Losses.
OMB Number: 1545–XXXX.
Form Number: 461.
Abstract: Form 461 and its separate
instructions calculates the limitation on
SUMMARY:
PO 00000
Frm 00104
Fmt 4703
Sfmt 9990
business losses, and the excess business
losses that will be treated as net
operating loss (NOL) carried forward to
subsequent taxable years. In the case of
a partnership or S corporation, the
provision applies at the partner or
shareholder level. This form will used
by noncorporate taxpayers and will be
attached to a tax return (F1040, 1040NR,
1041, 1041–QFT, 1041–N, or 990–T).
Current Actions: This is a new form.
Type of Review: Approval of a new
collection.
Affected Public: Individuals or
households, Business or other for-profit
organization, & Not-for-Profit
institutions.
Estimated Number of Responses:
2,909,026.
Estimated Time per Response: 22
minutes.
Estimated Total Annual Burden
Hours: 1,105,430 hours.
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
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: September 24, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018–21292 Filed 9–28–18; 8:45 am]
BILLING CODE 4830–01–P
E:\FR\FM\01OCN1.SGM
01OCN1
]]>Agencies
[Federal Register Volume 83, Number 190 (Monday, October 1, 2018)]
[Notices]
[Page 49456]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-21292]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 461
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 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. Currently, the IRS is soliciting
comments concerning Form 461, Limitation on Business Losses.
DATES: Written comments should be received on or before November 30,
2018 to be assured of consideration.
ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC
20224. Please send separate comments for each specific information
collection listed below. You must reference the information
collection's title, form number, reporting or record-keeping
requirement number, and OMB number (if any) in you comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Charles G.
Daniel at (202) 317 5754, at Internal Revenue Service, Room 6529, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet,
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Limitation on Business Losses.
OMB Number: 1545-XXXX.
Form Number: 461.
Abstract: Form 461 and its separate instructions calculates the
limitation on business losses, and the excess business losses that will
be treated as net operating loss (NOL) carried forward to subsequent
taxable years. In the case of a partnership or S corporation, the
provision applies at the partner or shareholder level. This form will
used by noncorporate taxpayers and will be attached to a tax return
(F1040, 1040NR, 1041, 1041-QFT, 1041-N, or 990-T).
Current Actions: This is a new form.
Type of Review: Approval of a new collection.
Affected Public: Individuals or households, Business or other for-
profit organization, & Not-for-Profit institutions.
Estimated Number of Responses: 2,909,026.
Estimated Time per Response: 22 minutes.
Estimated Total Annual Burden Hours: 1,105,430 hours.
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 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: September 24, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-21292 Filed 9-28-18; 8:45 am]
BILLING CODE 4830-01-P
