Proposed Collection; Comment Request for Form 7203, 38204-38205 [2021-15257]
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Federal Register / Vol. 86, No. 135 / Monday, July 19, 2021 / Notices
• Conduct due diligence on third
parties before selecting and entering
into contracts. The degree of due
diligence should be commensurate with
the risk to the bank from the third-party
relationship.
• ensure that alternative data usage
comports with safe and sound
operations. Appropriate data controls
include rigorous assessment of the
quality and suitability of data to support
prudent banking operations.
Additionally, the OCC’s model risk
management guidance contains
important principles, including those
that may leverage alternative data.
• analyze relevant consumer
protection laws and regulations to
understand the opportunities, risks, and
compliance requirements before using
alternative data. Based on that analysis,
data that present greater compliance risk
warrant more robust compliance
management. Robust compliance
management includes appropriate
testing, monitoring, and controls to
ensure that compliance risks are
understood and addressed.
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conducted in coordination with the Board of
Governors of the Federal Reserve Board, Federal
Deposit Insurance Corporation, and other banking
agencies with similar authorities. The scope of
examinations focuses on the services provided and
key technology and operational controls
communicated in the FFIEC Information
Technology Examination Handbook and other
regulatory guidance.
15 Existing OCC and interagency guidance
potentially applicable to alternative data includes
‘‘Policy Statement on Discrimination in Lending’’
(59 FR 18266 (April 15, 1994)); OCC Bulletin 1997–
24, ‘‘Credit Scoring Models: Examination
Guidance;’’ OCC Bulletin 2011–12, ‘‘Sound
Practices for Model Risk Management: Supervisory
Guidance on Model Risk Management;’’ OCC
Bulletin 2013–29, ‘‘Third-Party Relationships: Risk
Management;’’ and OCC Bulletin 2017–43, ‘‘New,
Modified, or Expanded Bank Products and Services:
Risk Management Principles.’’
16 Refer to OCC Bulletin 2019–62, ‘‘Consumer
Compliance: Interagency Statement on the Use of
Alternative Data in Credit Underwriting,’’ for more
information about compliance risk management
considerations regarding the use of alternative data.
Also refer to Consumer Financial Protection Bureau
(CFPB), ‘‘Request for Information Regarding Use of
Alternative Data and Modeling Techniques in the
Credit Process,’’ 82 FR 11183 (February 21, 2017).
17 The information in this list is consistent with
the Interagency Policy Statement on the Use of
Alternative Data in Credit Underwriting.
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18:23 Jul 16, 2021
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• conduct ongoing monitoring on
third parties in a manner and with a
frequency commensurate with the risk
to the bank from the third-party
relationship.
• discuss its plans with an OCC
portfolio manager, examiner-in-charge,
or supervisory office if the use of
alternative data from a third-party
relationship constitutes a substantial
deviation from the bank’s existing
business plans or material changes in
the bank’s use of alternative data.
Michael J. Hsu,
Acting Comptroller of the Currency.
By order of the Board of Governors of the
Federal Reserve System
Ann Misback,
Secretary of the Board. Federal Deposit
Insurance Corporation.
Dated at Washington, DC, on July 12, 2021.
James P. Sheesley,
Assistant Executive Secretary.
BILLING CODE 6210–01–P; 6714–01–P; 4810–33–P
[FR Doc. 2021–15308 Filed 7–16–21; 8:45 am]
BILLING CODE 4810–33–6210–01–6714–01P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 7203
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 proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995
(PRA). The IRS is soliciting comments
for Form 7203, S Corporation
Shareholder Stock and Debt Basis
Limitations.
DATES: Written comments should be
received on or before September 17,
2021 to be assured of consideration.
SUMMARY:
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Direct all written comments
to Kinna Brewington, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224.
You must reference the information
collection’s title, form number,
reporting or record-keeping requirement
number, and OMB number in your
comment.
ADDRESSES:
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form and instructions
should be directed to Jon Callahan,
(737) 800–7639, at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or
through the internet at jon.r.callahan@
irs.gov.
The IRS is
currently seeking comments concerning
the following information collection
tools, reporting, and record-keeping
requirements:
Title: S Corporation Shareholder
Stock and Debt Basis Limitations.
OMB Number: 1545–XXXX.
Form Number: 7203.
Abstract: Internal Revenue Code (IRC)
Section 1366 determines the
shareholder’s tax liability from an S
corporation. IRC Section 1367 details
the adjustments to basis including the
increase and decrease in basis, income
items included in basis, the basis of
indebtedness, and the basis of inherited
stock. Shareholders will use Form 7203
to calculate their stock and debt basis,
ensuring the losses and deductions are
accurately claimed.
Current Actions: There are no changes
being made to this form at this time.
Type of Review: New Information
Collection.
Affected Public: Individuals, Tax
Exempt entities, and Estates and Trusts.
Estimated Number of Respondents:
70,000.
Estimated Time per Respondent: 3
hours, 46 minutes.
Estimated Total Annual Burden
Hours: 257,600 hours.
The following paragraph applies to all
of the collections of information covered
by this notice:
SUPPLEMENTARY INFORMATION:
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Federal Register / Vol. 86, No. 135 / Monday, July 19, 2021 / Notices
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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
VerDate Sep<11>2014
18:23 Jul 16, 2021
Jkt 253001
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
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Sfmt 9990
38205
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 14, 2021.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2021–15257 Filed 7–16–21; 8:45 am]
BILLING CODE 4830–01–P
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19JYN1
]]>Agencies
[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38204-38205]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15257]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 7203
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
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995 (PRA). The IRS is soliciting comments
for Form 7203, S Corporation Shareholder Stock and Debt Basis
Limitations.
DATES: Written comments should be received on or before September 17,
2021 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. You must reference the information collection's title, form
number, reporting or record-keeping requirement number, and OMB number
in your comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Jon Callahan,
(737) 800-7639, at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: S Corporation Shareholder Stock and Debt Basis Limitations.
OMB Number: 1545-XXXX.
Form Number: 7203.
Abstract: Internal Revenue Code (IRC) Section 1366 determines the
shareholder's tax liability from an S corporation. IRC Section 1367
details the adjustments to basis including the increase and decrease in
basis, income items included in basis, the basis of indebtedness, and
the basis of inherited stock. Shareholders will use Form 7203 to
calculate their stock and debt basis, ensuring the losses and
deductions are accurately claimed.
Current Actions: There are no changes being made to this form at
this time.
Type of Review: New Information Collection.
Affected Public: Individuals, Tax Exempt entities, and Estates and
Trusts.
Estimated Number of Respondents: 70,000.
Estimated Time per Respondent: 3 hours, 46 minutes.
Estimated Total Annual Burden Hours: 257,600 hours.
The following paragraph applies to all of the collections of
information covered by this notice:
[[Page 38205]]
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: July 14, 2021.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2021-15257 Filed 7-16-21; 8:45 am]
BILLING CODE 4830-01-P
