Proposed Collection; Comment Request Concerning Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement Source of Compensation for Labor or Personal Services, 43299-43300 [2020-15354]

Download as PDF 43299 Federal Register / Vol. 85, No. 137 / Thursday, July 16, 2020 / Notices CFR section Respondent universe Total annual responses 231.33(b)—Procedure for special approval of existing industry safety appliance standards—drafting and filing of petitions. Association of American Railroads (AAR) (industry rep.). AAR (industry rep.) ... 1 petition ................... —(b)(6) Affirmative statement by petitioner that a petition copy has been served on rep. of employees responsible for equipment’s operation/inspection/testing/maintenance. —(f)(3)(iii) Disposition of petitions: petition returned by FRA requesting additional information. 231.35(a)–Procedure for modification of an approved industry safety appliance standard for new car construction—drafting and filing of petitions. —Affirmative statement by petitioner that a petition copy has been served on rep. of employees responsible for equipment’s operation/inspection/testing/maintenance. —(b)(2)(iii) Statement of interest in reviewing special approval filed with FRA. —(e) FRA review of petition for modification; agency objection and AAR response. Total ................................................ Average time per responses (hours) Total annual burden hours Total cost equivalent 1 16 16 $1,232 1 affirmation statement. 1 1 77 AAR (industry rep.) ... 1 petition or additional document. 2 2 154 AAR (industry rep.) ... 1 petition for modification. 16 16 1,232 AAR (industry rep.) ... 1 affirmation statement. 1 1 77 5 rail labor unions/ general public. 1 statement of interest. 1 1 77 AAR (industry rep.) ... 1 additional comment 1 1 77 N/A ............................ 7 responses .............. N/A 38 2,926 1 The dollar equivalent cost is derived from the Surface Transportation Board’s Full Year Wage A&B data series using the appropriate employee group hourly wage rate that includes a 75-percent overhead charge. Total Estimated Annual Responses: 7. Total Estimated Annual Burden: 38 hours. Total Estimated Annual Burden Hour Dollar Cost Equivalent: $2,926. Under 44 U.S.C. 3507(a) and 5 CFR 1320.5(b) and 1320.8(b)(3)(vi), FRA informs all interested parties that it may not conduct or sponsor, and a respondent is not required to respond to, a collection of information unless it displays a currently valid OMB control number. Authority: 44 U.S.C. 3501–3520. Brett A. Jortland, Deputy Chief Counsel. Notice and request for comments. ACTION: 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning consent to extend the time to assess tax under section 367-gain recognition agreement. SUMMARY: Written comments should be received on or before September 14, 2020 to be assured of consideration. DATES: [FR Doc. 2020–15330 Filed 7–15–20; 8:45 am] BILLING CODE 4910–06–P Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224. ADDRESSES: DEPARTMENT OF THE TREASURY Internal Revenue Service FOR FURTHER INFORMATION CONTACT: Proposed Collection; Comment Request Concerning Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement Source of Compensation for Labor or Personal Services Internal Revenue Service (IRS), Treasury. AGENCY: VerDate Sep<11>2014 17:43 Jul 15, 2020 Jkt 250001 Requests for additional information or copies of the form should be directed to Kerry Dennis, at (202) 317–5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.Dennis@irs.gov. SUPPLEMENTARY INFORMATION: PO 00000 Frm 00095 Fmt 4703 Sfmt 4703 Title: Consent To Extend the Time To Assess Tax Under Section 367-Gain Recognition Agreement. OMB Number: 1545–1395. Form Number: 8838. Abstract: Form 8838 is used to extend the statute of limitations for U.S. persons who transfer stock or securities to a foreign corporation. The form is filed when the transferor makes a gain recognition agreement. This agreement allows the transferor to defer the payment of tax on the transfer. The IRS uses Form 8838 so that it may assess tax against the transferor after the expiration of the original statute of limitations. Current Actions: There are no changes being made to the regulations at this time. Type of Review: Extension of a currently approved collection. Affected Public: Individuals and households, and businesses and other for-profit organizations. Estimated Number of Respondents: 666. Estimated Time per Respondent: 8 hour, 14 minutes. Estimated Total Annual Burden Hours: 5,482 hours. The following paragraph applies to all the collections of information covered by this notice. E:\FR\FM\16JYN1.SGM 16JYN1 43300 Federal Register / Vol. 85, No. 137 / Thursday, July 16, 2020 / Notices 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. 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: July 10, 2020. Chakinna B. Clemons, Supervisory Tax Analyst. [FR Doc. 2020–15354 Filed 7–15–20; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Agency Information Collection Activities; Proposed Collection; Comment Request; CARES Act Loan and Payroll Support Program Departmental Offices, U.S. Department of the Treasury. ACTION: Notice. AGENCY: The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to comment on the proposed information collections listed below, in accordance with the Paperwork Reduction Act of 1995 (PRA). DATES: Written comments must be received on or before September 14, 2020. ADDRESSES: Send comments regarding the burden estimate, or any other aspect SUMMARY: VerDate Sep<11>2014 17:43 Jul 15, 2020 Jkt 250001 of the information collection, including suggestions for reducing the burden, to Treasury PRA Clearance Officer, 1750 Pennsylvania Ave. NW, Suite 8100, Washington, DC 20220, or email at PRA@treasury.gov. FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be obtained from Molly Stasko by emailing PRA@treasury.gov, calling (202) 622– 8922, or viewing the entire information collection request at www.reginfo.gov. SUPPLEMENTARY INFORMATION: Title: CARES Act Loan and Payroll Support Programs. OMB Control Number: 1505–0263. Type of Review: Extension of a currently approved collection. Description: On March 27, 2020, the President signed the ‘‘Coronavirus Aid, Relief, and Economic Security Act’’ or the ‘‘CARES Act,’’ (Pub. L. 116–136) which provides emergency assistance and health care response for individuals, families and businesses affected by the COVID–19 pandemic, and provides emergency appropriations to support executive branch agency operations during the COVID–19 pandemic. The Act authorizes the Secretary of the Treasury to make loans, loan guarantees, and other investments that do not exceed $500 billion in the aggregate to provide liquidity to eligible businesses, States, and municipalities related to losses incurred as a result of coronavirus. Section 4003(b)(1)–(3) authorizes the Secretary to make loans and loan guarantees available to passenger air carriers and cargo air carriers, as well as certain related businesses, and businesses critical to maintaining national security. As part of the loan and payroll support agreements, applicants will need to maintain records for a period of 2, 5, or 10 years, depending on the loan type, as well as submit compliance reports quarterly to ensure funding is used in accordance with the agreements and aid statutory reporting requirements. Forms: Payroll Support Application Form, Payroll Support Program Agreement, Supplemental Information for Contractor Applicants, Treasury Loan Application Form for Air Carriers and Certain Eligible Businesses, Treasury Loan Application Form for Businesses Critical to Maintaining National Security, Quarterly and Annual Compliance and Reporting Collection. Affected Public: Businesses or other for-profits. Estimated Number of Respondents: 1,000 for applications, 1,100 for reporting. Frequency of Response: Once for applications, Quarterly for reporting. PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 Estimated Total Number of Annual Responses: 1,000 for applications, 4,400 for reporting. Estimated Time per Response: 2 hours for applications, 4 hours for reporting. Estimated Total Annual Burden Hours: 2,000 for applications, 17,600 for reporting. Request for Comments: Comments submitted in response to this notice will be summarized and included in the request for Office of Management and Budget 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 technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services required to provide information. Authority: 44 U.S.C. 3501 et seq. Dated: July 10, 2020. Lenora Stiles, Interim Deputy Chief Operating Officer of CARES Operations, Office of Management. [FR Doc. 2020–15331 Filed 7–15–20; 8:45 am] BILLING CODE 4810–25–P DEPARTMENT OF VETERANS AFFAIRS [OMB Control No. 2900–0877] Agency Information Collection Activity: Freedom of Information Act (FOIA) or Privacy Act (PA) Request, Priority Processing Request and Document/Evidence Submission Veterans Benefits Administration, Department of Veterans Affairs. ACTION: Notice. AGENCY: In compliance with the Paperwork Reduction Act (PRA) of 1995, this notice announces that the Veterans Benefits Administration, Department of Veterans Affairs, will submit the collection of information abstracted below to the Office of Management and Budget (OMB) for review and comment. The PRA submission describes the nature of the information collection and its expected SUMMARY: E:\FR\FM\16JYN1.SGM 16JYN1

Agencies

[Federal Register Volume 85, Number 137 (Thursday, July 16, 2020)]
[Notices]
[Pages 43299-43300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-15354]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request Concerning Consent To Extend 
the Time To Assess Tax Under Section 367-Gain Recognition Agreement 
Source of Compensation for Labor or Personal Services

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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
consent to extend the time to assess tax under section 367-gain 
recognition agreement.

DATES: Written comments should be received on or before September 14, 
2020 to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, 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 should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement.
    OMB Number: 1545-1395.
    Form Number: 8838.
    Abstract: Form 8838 is used to extend the statute of limitations 
for U.S. persons who transfer stock or securities to a foreign 
corporation. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer. The IRS uses Form 8838 so that it 
may assess tax against the transferor after the expiration of the 
original statute of limitations.
    Current Actions: There are no changes being made to the regulations 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and households, and businesses and 
other for-profit organizations.
    Estimated Number of Respondents: 666.
    Estimated Time per Respondent: 8 hour, 14 minutes.
    Estimated Total Annual Burden Hours: 5,482 hours.
    The following paragraph applies to all the collections of 
information covered by this notice.

[[Page 43300]]

    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.
    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: July 10, 2020.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2020-15354 Filed 7-15-20; 8:45 am]
BILLING CODE 4830-01-P

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