Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request Information Returns With Respect to Energy Grants and Financing, 48004 [2019-19584]

Download as PDF jspears on DSK3GMQ082PROD with NOTICES 48004 Federal Register / Vol. 84, No. 176 / Wednesday, September 11, 2019 / Notices Netting Rule for Certain Conversion Transactions. OMB Number: 1545–1452. Regulation Project Number: TD 8649. Abstract: Internal Revenue Code section 1258 recharacterizes capital gains from conversion transactions as ordinary income to the extent of the time value element. The regulation provides that certain gains and losses may be netted for purposes of determining the amount of gain recharacterized. To be eligible for netting relief, the taxpayer must identify on its books and records all the positions that are part of the conversion transaction. This must be done before the close of the day on which the positions become part of the conversion transaction. Current Actions: There is no change to this existing regulation. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations, and not-for-profit institutions. Estimated Number of Respondents: 50,000. Estimated Time per Respondent: 6 minutes. Estimated Total Annual Burden Hours: 5,000. 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 VerDate Sep<11>2014 17:44 Sep 10, 2019 Jkt 247001 or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Approved: September 5, 2019. Sara Covington, Tax Analyst. [FR Doc. 2019–19597 Filed 9–10–19; 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; Comment Request Information Returns With Respect to Energy Grants and Financing 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 6497, Information Return of Nontaxable Energy Grants or Subsidized Energy Financing. DATES: Written comments should be received on or before November 12, 2019 to be assured of consideration. ADDRESSES: Direct all written comments to Laurie Brimmer, 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: Information Returns with respect to Energy Grants and Financing. OMB Number: 1545–0232. Form Number: 6497. Abstract: Section 6050D of the Internal Code requires an information return to be made by any person who administers a Federal, state, or local program providing nontaxable grants or subsidized energy financing. Form 6497 is used for making the information return. The IRS uses the information from the form to ensure that recipients have not claimed tax credits or other benefits with respect to the grants or subsidized financing. SUMMARY: PO 00000 Frm 00074 Fmt 4703 Sfmt 9990 Current Actions: There is no change to the 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, and not-forprofit institutions. Estimated Number of Respondents: 250. Estimated Time per Respondent: 3 hrs., 14 mins. Estimated Total Annual Burden Hours: 810. 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: September 4, 2019. R. Joseph Durbala, IRS Tax Analyst. [FR Doc. 2019–19584 Filed 9–10–19; 8:45 am] BILLING CODE 4830–01–P E:\FR\FM\11SEN1.SGM 11SEN1

Agencies

[Federal Register Volume 84, Number 176 (Wednesday, September 11, 2019)]
[Notices]
[Page 48004]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-19584]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request Information Returns With Respect to 
Energy Grants and Financing

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 6497, Information Return of Nontaxable Energy Grants or 
Subsidized Energy Financing.

DATES: Written comments should be received on or before November 12, 
2019 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, 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: Information Returns with respect to Energy Grants and 
Financing.
    OMB Number: 1545-0232.
    Form Number: 6497.
    Abstract: Section 6050D of the Internal Code requires an 
information return to be made by any person who administers a Federal, 
state, or local program providing nontaxable grants or subsidized 
energy financing. Form 6497 is used for making the information return. 
The IRS uses the information from the form to ensure that recipients 
have not claimed tax credits or other benefits with respect to the 
grants or subsidized financing.
    Current Actions: There is no change to the 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, and 
not-for-profit institutions.
    Estimated Number of Respondents: 250.
    Estimated Time per Respondent: 3 hrs., 14 mins.
    Estimated Total Annual Burden Hours: 810.
    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: September 4, 2019.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2019-19584 Filed 9-10-19; 8:45 am]
 BILLING CODE 4830-01-P