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