Proposed Collection; Comment Request for Revenue Procedure 2007-12, 66055-66056 [2019-25988]

Download as PDF Federal Register / Vol. 84, No. 231 / Monday, December 2, 2019 / Notices Approved: November 22, 2019. R. Joseph Durbala, IRS Tax Analyst. [FR Doc. 2019–25990 Filed 11–29–19; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Form 8873 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Form 8873, Extraterritorial Income Exclusion. DATES: Written comments should be received on or before January 31, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Dr. Philippe Thomas, 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 Sara Covington, at (202) 317–6038, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Extraterritorial Income Exclusion. OMB Number: 1545–1722. Form Number: 8873. Abstract: The FSC and Extraterritorial Income Exclusion Act of 2000 added section 114 to the Internal Revenue Code. Section 114 provides for an exclusion from gross income for certain transactions occurring after September 30, 2000, with respect to foreign trading gross receipts. Form 8873 is used to compute the amount of extraterritorial income excluded from gross income for the tax year. Current Actions: There are no changes being made to the form at this time. This submission is for renewal purposes only. Type of Review: Extension of a currently approved collection. jbell on DSKJLSW7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 18:18 Nov 29, 2019 Jkt 250001 Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 750,000. Estimated Time per Respondent: 24 hours, 27 minutes. Estimated Total Annual Burden Hours: 19,087,500. 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: November 25, 2019. Philippe Thomas, IRS Supervisory Tax Analyst. [FR Doc. 2019–25989 Filed 11–29–19; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Revenue Procedure 2007– 12 Internal Revenue Service (IRS), Treasury. ACTION: Notice and request for comments. AGENCY: The Internal Revenue Service, as part of its continuing effort to reduce SUMMARY: PO 00000 Frm 00091 Fmt 4703 Sfmt 4703 66055 paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Revenue Procedure 2007–12, Certification for No Information Reporting on the Sale or Exchange of a Principal Residence. DATES: Written comments should be received on or before January 31, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Dr. Philippe Thomas, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the revenue procedure should be directed to Sara Covington, at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or at (202) 317– 6038, or through the internet at Sara.L.Covington@irs.gov. SUPPLEMENTARY INFORMATION: Title: Certification For No Information Reporting on The Sale or Exchange of a Principal Residence. OMB Number: 1545–1592. Revenue Procedure Number: Revenue Procedure 2007–12. Abstract: This revenue procedure sets forth the acceptable form of the written assurances (certification) that a real estate reporting person must obtain from the seller of a principal residence to except such sale or exchange from the information reporting requirements for real estate transactions under section 6045(e)(5) of the Internal Revenue Code. Current Actions: There are no changes being made to the revenue procedure at this time. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households, and business or other forprofit organizations. Estimated Number of Respondents: 2,300,000. Estimated Time per Respondent: 10 minutes. Estimated Total Annual Burden Hours for Respondents: 383,000. Estimated Number of Recordkeepers: 90,000. Estimated Time per Recordkeeper: 25 minutes. Estimated Total Annual Burden Hours for Recordkeepers: 37,500. 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 E:\FR\FM\02DEN1.SGM 02DEN1 66056 Federal Register / Vol. 84, No. 231 / Monday, December 2, 2019 / Notices 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: November 25, 2019. Philippe Thomas, IRS, Supervisory Tax Analyst. [FR Doc. 2019–25988 Filed 11–29–19; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Survey of U.S. Ownership of Foreign Securities as of December 31, 2019 Departmental Offices, Department of the Treasury. ACTION: Notice of reporting requirements. AGENCY: By this Notice, the Department of the Treasury is informing the public that it is conducting a jbell on DSKJLSW7X2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 17:10 Nov 29, 2019 Jkt 250001 mandatory survey of ownership of foreign securities by U.S. residents as of December 31, 2019. This Notice constitutes legal notification to all United States persons (defined below) who meet the reporting requirements set forth in this Notice that they must respond to, and comply with, this survey. The reporting form SHCA (2019) and instructions may be printed from the internet at: https://www.treasury.gov/ resource-center/data-chart-center/tic/ Pages/forms-sh.aspx#shc. Definition: Pursuant to 22 U.S.C. 3102, a United States person is any individual, branch, partnership, associated group, association, estate, trust, corporation, or other organization (whether or not organized under the laws of any State), and any government (including a foreign government, the United States Government, a State or local government, and any agency, corporation, financial institution, or other entity or instrumentality thereof, including a government-sponsored agency), who resides in the United States or is subject to the jurisdiction of the United States. Who Must Report: The reporting panel is based upon the data submitted for the 2016 Benchmark survey and the June 2019 TIC report ‘‘Aggregate Holdings of Long-Term Securities by U.S. and Foreign Residents’’ (TIC SLT). Entities required to report will be contacted individually by the Federal Reserve Bank of New York. Entities not contacted by the Federal Reserve Bank of New York have no reporting responsibilities. What To Report: This report will collect information on holdings by U.S. residents of foreign securities, including equities, long-term debt securities, and short-term debt securities (including selected money market instruments). How To Report: Copies of the survey forms and instructions, which contain complete information on reporting procedures and definitions, may be obtained at the website address given above in the Summary. Completed reports can be submitted electronically PO 00000 Frm 00092 Fmt 4703 Sfmt 9990 or mailed to the Federal Reserve Bank of New York, Data and Statistics Function, 6th Floor, 33 Liberty Street, New York, NY 10045–0001. Inquiries can be made to the survey staff of the Federal Reserve Bank of New York at (212) 720–6300 or email: SHC.help@ ny.frb.org. Inquiries can also be made to Dwight Wolkow at (202) 622–1276, email: comments2TIC@do.treas.gov. When To Report: Data must be submitted to the Federal Reserve Bank of New York, acting as fiscal agent for the Department of the Treasury, by March 6, 2020. Paperwork Reduction Act Notice: This data collection has been approved by the Office of Management and Budget (OMB) in accordance with the Paperwork Reduction Act and assigned control number 1505–0146. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid control number assigned by OMB. The estimated average annual burden associated with this collection of information is 49 hours per respondent for end-investors and custodians that file Schedule 3 reports covering their foreign securities entrusted to U.S. resident custodians, 146 hours per respondent for large endinvestors filing Schedule 2 reports, and 546 hours per respondent for large custodians of securities filing Schedule 2 reports. Comments concerning the accuracy of this burden estimate and suggestions for reducing this burden should be directed to the Department of the Treasury, Attention: Administrator, International Portfolio Investment Data Reporting Systems, Room 1050, Washington, DC 20220, and to OMB, Attention: Desk Officer for the Department of the Treasury, Office of Information and Regulatory Affairs, Washington, DC 20503. Dwight Wolkow, Administrator, International Portfolio Investment Data Reporting Systems. [FR Doc. 2019–26000 Filed 11–29–19; 8:45 am] BILLING CODE 4810–25–P E:\FR\FM\02DEN1.SGM 02DEN1

Agencies

[Federal Register Volume 84, Number 231 (Monday, December 2, 2019)]
[Notices]
[Pages 66055-66056]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-25988]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2007-
12

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 
information collections, as required by the Paperwork Reduction Act of 
1995. The IRS is soliciting comments concerning Revenue Procedure 2007-
12, Certification for No Information Reporting on the Sale or Exchange 
of a Principal Residence.

DATES: Written comments should be received on or before January 31, 
2020 to be assured of consideration.

ADDRESSES: Direct all written comments to Dr. Philippe Thomas, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the revenue procedure should be directed to Sara Covington, 
at Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or at (202) 317-6038, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Certification For No Information Reporting on The Sale or 
Exchange of a Principal Residence.
    OMB Number: 1545-1592.
    Revenue Procedure Number: Revenue Procedure 2007-12.
    Abstract: This revenue procedure sets forth the acceptable form of 
the written assurances (certification) that a real estate reporting 
person must obtain from the seller of a principal residence to except 
such sale or exchange from the information reporting requirements for 
real estate transactions under section 6045(e)(5) of the Internal 
Revenue Code.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 2,300,000.
    Estimated Time per Respondent: 10 minutes.
    Estimated Total Annual Burden Hours for Respondents: 383,000.
    Estimated Number of Recordkeepers: 90,000.
    Estimated Time per Recordkeeper: 25 minutes.
    Estimated Total Annual Burden Hours for Recordkeepers: 37,500.
    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

[[Page 66056]]

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: November 25, 2019.
Philippe Thomas,
IRS, Supervisory Tax Analyst.
[FR Doc. 2019-25988 Filed 11-29-19; 8:45 am]
 BILLING CODE 4830-01-P

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