Proposed Collection; Comment Request for Form 3520, 38723-38724 [2019-16803]

Download as PDF Federal Register / Vol. 84, No. 152 / Wednesday, August 7, 2019 / Notices addressed stamped postcard. Note that all comments received, including any personal information, will be posted and will be available to internet users, without change, to www.regulations.gov. You may review DOT’s complete Privacy Act Statement in the Federal Register published April 11, 2000, (65 FR 19477), or you may visit www.regulations.gov. Docket: For access to the docket to read background documents and comments received, go to www.regulations.gov at any time. Background documents and comments received may also be viewed at the U.S. Department of Transportation, 1200 New Jersey Avenue SE, Docket Operations, M–30, West Building, Ground Floor, Room W12–140, Washington, DC 20590–0001 between 9:00 a.m. and 5:00 p.m., Monday through Friday, except federal holidays. FOR FURTHER INFORMATION CONTACT: Eric Hu, Office of Program Management (202) 366–0870, or email: eric.hu@ dot.gov. SUPPLEMENTARY INFORMATION: Interested parties are invited to send comments regarding any aspect of this information collection, including: (1) The necessity and utility of the information collection for the proper performance of the functions of the FTA; (2) the accuracy of the estimated burden; (3) ways to enhance the quality, utility, and clarity of the collected information; and (4) ways to minimize the collection burden without reducing the quality of the collected information. Comments submitted in response to this notice will be summarized and/or included in the request for OMB approval of this information collection. jspears on DSK3GMQ082PROD with NOTICES Title: 49 U.S.C. Section 5337 State of Good Repair Program (OMB Number: 2132–0550) Background: 49 U.S.C. Section 5337, the State of Good Repair Grants Program was authorized by Moving Ahead for Progress in the 21st Century (MAP–21). It was reauthorized under the Fixing America’s Surface Transportation (FAST) Act Section 3015. This program authorizes the Secretary of Transportation to make grants to designated recipients to maintain, replace, and rehabilitate high intensity fixed guideway systems and high intensity motorbus systems in a state of good repair. Projects that are eligible for the State of Good Repair Program funds must be in the priority list of a recipient’s Transit Asset Management plan. Eligible recipients include state and local government authorities in urbanized areas with high intensity fixed guideway systems and/or high VerDate Sep<11>2014 16:49 Aug 06, 2019 Jkt 247001 intensity motorbus systems operating for at least seven years. Projects are funded at 80 percent federal with a 20 percent local match requirement by statute. FTA will apportion funds to designated recipients. The designated recipients will then allocate funds as appropriate to recipients that are public entities in the urbanized areas. FTA can make grants to direct recipients after sub- allocation of funds. Recipients apply for grants electronically, and FTA collects milestone and financial status reports from designated recipients on a quarterly basis. The information submitted ensures FTA’s compliance with applicable federal laws. Respondents: State and local governments. Estimated Annual Number of Respondents: 1,044. Estimated Total Annual Burden: 13,224 hours. Frequency: Annual. Nadine Pembleton, Director Office of Management Planning. [FR Doc. 2019–16906 Filed 8–6–19; 8:45 am] BILLING CODE P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 3520 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 3520, Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts. DATES: Written comments should be received on or before October 7, 2019 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 LaNita Van Dyke, at (202) 317–6009, at Internal Revenue SUMMARY: PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 38723 Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Lanita.VanDyke@irs.gov. SUPPLEMENTARY INFORMATION: Title: Annual Return To Report Transactions With Foreign Trusts and Receipts of Certain Foreign Gifts. OMB Number: 1545–0159. Form Number: Form 3520. Abstract: U.S. persons who create a foreign trust or transfer property to a foreign trust must file Form 3520 to report the establishment of the trust or the transfer of property to the trust. Form 3520 must also be filed by U.S. persons who are treated as owners of any part of the assets of a trust under subpart E of Part I or subchapter J of Chapter 1; who received a distribution from a foreign trust; or who received large gifts during the tax year from a foreign person. Current Actions: There is no change in the paperwork burden previously approved by OMB. This form is being submitted for renewal purposes only. Type of Review: Extension of a currently approved collection. Affected Public: Businesses and other for-profit organizations. Estimated Number of Respondents: 1,320. Estimated Time per Respondent: 54.35 hours. Estimated Total Annual Burden Hours: 71,742. 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 E:\FR\FM\07AUN1.SGM 07AUN1 38724 Federal Register / Vol. 84, No. 152 / Wednesday, August 7, 2019 / Notices 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 24, 2019. Laurie Brimmer, Senior Tax Analyst. [FR Doc. 2019–16803 Filed 8–6–19; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Proposed Collections; Comment Requests Departmental Offices; Department of the Treasury. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on revisions of an information collection that are proposed for approval by the Office of Management and Budget. The Office of International Affairs within the Department of the Treasury is soliciting comments concerning Treasury International Capital Forms CQ–1 and CQ–2, ‘‘Financial and Commercial Liabilities to, and Claims on, Unaffiliated Foreign Residents.’’ DATES: Written comments should be received on or before October 7, 2019 to be assured of consideration. ADDRESSES: Direct all written comments to Dwight Wolkow, International Portfolio Investment Data Systems, Department of the Treasury, Room 5422, 1500 Pennsylvania Avenue NW, Washington, DC 20220. In view of possible delays in mail delivery, please also notify Mr. Wolkow at the email or telephone contact mentioned in the next section. FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and instructions are available on the Treasury’s TIC web page for forms, http://www.treasury.gov/resourcecenter/data-chart-center/tic/Pages/ forms.aspx. Requests for additional information should be directed to Mr. Wolkow by email (comments2TIC@ treasury.gov) or telephone (202–622– 1276). SUPPLEMENTARY INFORMATION: Title: Treasury International Capital Form CQ–1, ‘‘Financial Liabilities to, and Claims on, Unaffiliated Foreign Residents;’’ and Treasury International Capital Form CQ–2, ‘‘Commercial jspears on DSK3GMQ082PROD with NOTICES AGENCY: VerDate Sep<11>2014 16:49 Aug 06, 2019 Jkt 247001 Liabilities to, and Claims on, Unaffiliated Foreign Residents.’’ OMB Number: 1505–0024. Abstract: Forms CQ–1 and CQ–2 are part of the Treasury International Capital (TIC) reporting system, which is required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 CFR 128), and is designed to collect timely information on international portfolio capital movements. Forms CQ–1 and CQ–2 are quarterly reports filed by nonfinancial enterprises in the U.S. to report their international portfolio transactions with unaffiliated foreign residents. This information is necessary for compiling the U.S. balance of payments accounts and the U.S. international investment position, and for use in formulating U.S. international financial and monetary policies. Current Actions: No changes in the forms are being proposed at this time. The proposed changes in the instructions are: (1) The section I.C ‘‘Who Must Report’’ is updated to list out separately Intermediate Holding Companies (IHCs), as defined by Regulation YY, 12 CFR 252, and to clarify that IHCs should follow the same consolidation rules that are applicable to Bank Holding Companies (BHCs), Financial Holding Companies (FHCs), and Savings and Loan Holding Companies. Regulation YY was effective by January 1, 2015, and IHCs are filing TIC reports; this update will formalize their reporting requirements. (2) In section I.C ‘‘Who Must Report’’, the last item in the list of entities that must file, ‘‘State and local government’’, has been expanded to clarify that it means ‘‘State and local government agencies and instrumentalities such as utilities that produce goods or non-financial services that are not strictly governmental in nature in exchange for money.’’ (3) The glossaries for all Treasury International Capital (‘‘TIC’’) reports are consolidated into a single document which will provide more consistency across the TIC system. As a result, the TIC C reporting instructions will not include a glossary but new Appendix D will point to the separate consolidated TIC Glossary document on the Treasury website. See the March 2018 version and later versions. (4) In section I.B.5 ‘‘Other Statistical Reports’’, some descriptions are updated. (5) The contact information is updated in section F.2, ‘‘Submission of Reports.’’ (6) Some other clarifications and format changes may be made to improve the instructions. Type of Review: Revision of a currently approved data collection. Affected Public: Business or other forprofit organizations. Forms: CQ–1 and CQ–2 (1505–0024). PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 Estimated Number of Respondents: 135. Estimated Average Time per Respondent: Six and seven-tenths (6.7) hours per respondent per filing. Estimated Total Annual Burden Hours: 3,620 hours, based on four reporting periods per year. Request for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for Office of Management and Budget approval. All comments will become a matter of public record. The public is invited to submit written comments concerning: (a) Whether Forms CQ–1 and CQ–2 are necessary for the proper performance of the functions of the Office, including whether the information will have practical uses; (b) the accuracy of the above estimate of the burdens; (c) ways to enhance the quality, usefulness and clarity of the information to be collected; (d) ways to minimize the reporting and/or record keeping burdens on respondents, including the use of information technologies to automate the collection of the data; and (e) estimates of capital or start-up costs of operation, maintenance and purchase of services to provide information. Dwight Wolkow, Administrator, International Portfolio Investment Data Systems. [FR Doc. 2019–16360 Filed 8–6–19; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF THE TREASURY Proposed Collections; Comment Requests Departmental Offices; Department of the Treasury. SUMMARY: The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on revisions of an information collection that are proposed for approval by the Office of Management and Budget. The Office of International Affairs within the Department of the Treasury is soliciting comments concerning the revisions of the Treasury International Capital (TIC) Forms BC, BL–1, BL–2, BQ–1, BQ–2, and BQ–3 (called the ‘‘TIC B forms’’). DATES: Written comments should be received on or before October 7, 2019 to be assured of consideration. ADDRESSES: Direct all written comments to Dwight Wolkow, International Portfolio Investment Data Systems, Department of the Treasury, Room 5422, 1500 Pennsylvania Avenue NW, AGENCY: E:\FR\FM\07AUN1.SGM 07AUN1

Agencies

[Federal Register Volume 84, Number 152 (Wednesday, August 7, 2019)]
[Notices]
[Pages 38723-38724]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-16803]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 3520

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 3520, Annual Return To Report Transactions 
With Foreign Trusts and Receipts of Certain Foreign Gifts.

DATES: Written comments should be received on or before October 7, 2019 
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 LaNita Van 
Dyke, at (202) 317-6009, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Annual Return To Report Transactions With Foreign Trusts and 
Receipts of Certain Foreign Gifts.
    OMB Number: 1545-0159.
    Form Number: Form 3520.
    Abstract: U.S. persons who create a foreign trust or transfer 
property to a foreign trust must file Form 3520 to report the 
establishment of the trust or the transfer of property to the trust. 
Form 3520 must also be filed by U.S. persons who are treated as owners 
of any part of the assets of a trust under subpart E of Part I or 
subchapter J of Chapter 1; who received a distribution from a foreign 
trust; or who received large gifts during the tax year from a foreign 
person.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses and other for-profit organizations.
    Estimated Number of Respondents: 1,320.
    Estimated Time per Respondent: 54.35 hours.
    Estimated Total Annual Burden Hours: 71,742.
    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

[[Page 38724]]

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 24, 2019.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2019-16803 Filed 8-6-19; 8:45 am]
 BILLING CODE 4830-01-P