Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request Relating to the Guidance on Cost Recovery Under the Income Forecast Method, 22246-22247 [2020-08351]

Download as PDF 22246 Federal Register / Vol. 85, No. 77 / Tuesday, April 21, 2020 / Notices DEPARTMENT OF TRANSPORTATION Federal Motor Carrier Safety Administration [Docket No. FMCSA–2019–0269] Agency Information Collection Activities; Renewal of a CurrentlyApproved Information Collection Request: Request for Revocation of Authority Granted Federal Motor Carrier Safety Administration (FMCSA), DOT. ACTION: Notice and request for comments. AGENCY: In accordance with the Paperwork Reduction Act of 1995, FMCSA announces its plan to submit the Information Collection Request (ICR) described below to the Office of Management and Budget (OMB) for review and approval and invites public comment. FMCSA requests approval to renew an ICR titled ‘‘Request for Revocation of Authority Granted.’’ DATES: Please send your comments by May 21, 2020. OMB must receive your comments by this date in order to act quickly on the ICR. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. FOR FURTHER INFORMATION CONTACT: Jeff Secrist, Office of Registration and Safety Information, Department of Transportation, Federal Motor Carrier Safety Administration, West Building 6th Floor, 1200 New Jersey Avenue SE, Washington, DC 20590. Telephone: 202–385–2367; email jeff.secrist@ dot.gov. Office hours are from 9 a.m. to 5 p.m., Monday through Friday, except Federal Holidays. SUPPLEMENTARY INFORMATION: Title: Request for Revocation of Authority Granted. OMB Control Number: 2126–0018. Type of Request: Renewal of a currently approved information collection. Respondents: Motor Carrier (motor carrier clerical staff). Estimated Number of Respondents: 5,901. Estimated Time per Response: 15 minutes (0.25 hours). Expiration Date: September 30, 2020. Frequency of Response: On occasion, as needed. lotter on DSKBCFDHB2PROD with NOTICES SUMMARY: VerDate Sep<11>2014 21:19 Apr 20, 2020 Jkt 250001 Estimated Total Annual Burden: 1,475 hours. Background FMCSA registers for-hire motor carriers of regulated commodities under 49 U.S.C. 13902, surface freight forwarders under 49 U.S.C. 13903, and property brokers under 49 U.S.C. 13904. Each registration is effective from the date specified under 49 U.S.C. 13905(c). Subsection (d) of 49 U.S.C. 13905 also provides that on application of the registrant, the Secretary may amend or revoke a registration, and hence the registrant’s operating authority. Form OCE–46 allows these registrants to apply voluntarily for revocation of their operating authority or parts thereof. If the registrant fails to maintain evidence of the required level of insurance coverage on file with FMCSA, its operating authority will be revoked involuntarily. Although the effect of both types of revocation is the same, some registrants prefer to request voluntary revocation. For various business reasons, a registrant may request revocation of some part, but not all, of its operating authority. This information collection, which supports the DOT Strategic Goal of Safety, reflects modified estimates of burden hours and costs. For respondents, the program adjustment has resulted in increased total burden hours and an increase in respondent costs. The burden hour increase is due to an estimated increase in the number of annual filings of Form OCE–46 from 3,501 to 5,901 per year, resulting in an increase of 2,400 responses and 600 burden hours. The previous iteration of this ICR did not include estimated labor costs for respondents; it only reported the estimated annual burden hours. This version adds estimated labor costs according to best practices. The estimated annual labor cost for industry resulting from submitting Form OCE–46 is $49,527. The total annual respondent cost has decreased by $20,190. This decrease is due to the fact that respondents may now file the form online, at no charge. While the online submission option exists, FMCSA still estimates that approximately 1,567 respondents will continue to file the form by mail, which incurs notarization and postage fees. For the Federal Government, the program costs have increased by $11,176. While this ICR revised the Federal labor wage load factor downward to be consistent with the methodology used in other FMCSA ICRs, the overall cost to the Federal Government increased due to the PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 increase in the number of forms received by FMCSA. Public Comments Invited: You are asked to comment on any aspect of this information collection, including: (1) Whether the proposed collection is necessary for the FMCSA to perform it’s functions; (2) the accuracy of the estimated burden; (3) ways for the FMCSA to enhance the quality, usefulness, and clarity of the collected information; and (4) ways that the burden could be minimized without reducing the quality of the collected information. Issued under the authority delegated in 49 CFR 1.87. Kenneth Riddle, Acting Associate Administrator,Office of Research and Registration. [FR Doc. 2020–08373 Filed 4–20–20; 8:45 am] BILLING CODE 4910–EX–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request Relating to the Guidance on Cost Recovery Under the Income Forecast Method 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 the guidance on cost recovery under the income forecast method. More specifically, the burden associated with filing Form 8866, Interest Computation Under the Look-Back Method for Property Depreciated Under the Income Forecast Method. DATES: Written comments should be received on or before June 22, 2020 to be assured of consideration. ADDRESSES: Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 20224. Requests for additional information or copies of the regulations should be directed to Ronald J. Durbala, at Internal Revenue Service, Room 6129, 1111 SUMMARY: E:\FR\FM\21APN1.SGM 21APN1 Federal Register / Vol. 85, No. 77 / Tuesday, April 21, 2020 / Notices lotter on DSKBCFDHB2PROD with NOTICES Constitution Avenue NW, Washington, DC 20224, or through the internet, at RJoseph.Durbala@irs.gov. SUPPLEMENTARY INFORMATION: Title: Guidance on Cost Recovery Under the Income Forecast Method. OMB Number: 1545–1622. Form Number: 8866. Abstract: Taxpayers depreciating property under the income forecast method and placed in service after September 13, 1995, must use Form 8866 to compute and report interest due or to be refunded under Internal Revenue Code 167(g)(2). The Internal Revenue Service uses the information on Form 8866 to determine if the interest has been figured correctly. Current Actions: There is no change to the burden previously approved by OMB. This request is being submitted for renewal purposes only. Type of Review: Extension of a currently approved collection. Affected Public: Individuals or households, and business or other forprofit organizations. Estimated Number of Respondents: 3,300. Estimated Time per Respondent: 13 hours, 51 min. Estimated Total Annual Burden Hours: 45,738. 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. VerDate Sep<11>2014 21:19 Apr 20, 2020 Jkt 250001 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: April 14, 2020. Ronald J. Durbala, IRS Tax Analyst. [FR Doc. 2020–08351 Filed 4–20–20; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Publication of Nonconventional Source Production Credit Reference Price for Calendar Year 2019 ACTION: Notice. Publication of the reference price for the nonconventional source production credit for calendar year 2019. SUMMARY: FOR FURTHER INFORMATION CONTACT: Christopher Price, CC:PSI:6, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224, Telephone Number (202) 317–6853 (not a toll-free number). The credit period for the nonconventional source production credit ended on December 31, 2013 for facilities producing coke or coke gas (other than from petroleum based products). However, the reference price continues to apply in determining the amount of the enhanced oil recovery credit under section 43 of title 26 of the U.S.C., the marginal well production credit under section 45I of title 26 of the U.S.C., and the applicable percentage under section 613A of title 26 of the U.S.C. to be used in determining percentage depletion in the case of oil and natural gas produced from marginal properties. The reference price under section 45K(d)(2)(C) of title 26 of the U.S.C. for calendar year 2019 applies for purposes of sections 43, 45I, and 613A for taxable year 2020. Reference Price: The reference price under section 45K(d)(2)(C) for calendar year 2019 is $55.55. SUPPLEMENTARY INFORMATION: Christopher T. Kelley, Special Counsel, Passthroughs and Special Industries. [FR Doc. 2020–08355 Filed 4–20–20; 8:45 am] BILLING CODE 4830–01–P Internal Revenue Service (IRS), Treasury. AGENCY: PO 00000 Frm 00125 Fmt 4703 Sfmt 9990 22247 E:\FR\FM\21APN1.SGM 21APN1

Agencies

[Federal Register Volume 85, Number 77 (Tuesday, April 21, 2020)]
[Notices]
[Pages 22246-22247]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08351]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request Relating to the Guidance on Cost 
Recovery Under the Income Forecast Method

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 the guidance on cost recovery under the income forecast 
method. More specifically, the burden associated with filing Form 8866, 
Interest Computation Under the Look-Back Method for Property 
Depreciated Under the Income Forecast Method.

DATES: Written comments should be received on or before June 22, 2020 
to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. Requests for additional information or copies of the regulations 
should be directed to Ronald J. Durbala, at Internal Revenue Service, 
Room 6129, 1111

[[Page 22247]]

Constitution Avenue NW, Washington, DC 20224, or through the internet, 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Guidance on Cost Recovery Under the Income Forecast Method.
    OMB Number: 1545-1622.
    Form Number: 8866.
    Abstract: Taxpayers depreciating property under the income forecast 
method and placed in service after September 13, 1995, must use Form 
8866 to compute and report interest due or to be refunded under 
Internal Revenue Code 167(g)(2). The Internal Revenue Service uses the 
information on Form 8866 to determine if the interest has been figured 
correctly.
    Current Actions: There is no change to the burden previously 
approved by OMB. This request is being submitted for renewal purposes 
only.
    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: 3,300.
    Estimated Time per Respondent: 13 hours, 51 min.
    Estimated Total Annual Burden Hours: 45,738.
    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: April 14, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-08351 Filed 4-20-20; 8:45 am]
BILLING CODE 4830-01-P