Publication of Nonconventional Source Production Credit Reference Price for Calendar Year 2019, 22247 [2020-08355]

Download as PDF 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]
[Page 22247]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08355]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Publication of Nonconventional Source Production Credit Reference 
Price for Calendar Year 2019

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice.

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SUMMARY: Publication of the reference price for the nonconventional 
source production credit for calendar year 2019.

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).

SUPPLEMENTARY INFORMATION: 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.

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