Proposed Collection; Comment Request for Regulation Project, 51966 [2021-20067]

Agencies

• Internal Revenue Service
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 86, Number 178 (Friday, September 17, 2021)]
[Notices]
[Page 51966]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-20067]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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 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. The IRS is soliciting comments 
concerning guidance necessary to facilitate business electronic filing 
under section 1561, guidance necessary to facilitate business 
electronic filing and reduction, guidance necessary to facilitate 
business election filing, finalization of controlled group 
qualification rules and limitations on the importation of net built-in 
losses.

DATES: Written comments should be received on or before November 16, 
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.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to LaNita Van Dyke, (202) 
317-6009, Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: T.D. 9304--Guidance Necessary to Facilitate Business 
Electronic Filing Under Section 1561, T.D. 9329--Guidance Necessary to 
Facilitate Business Electronic Filing and Burden Reduction, T.D. 9451--
Guidance Necessary to Facilitate Business Election Filing; Finalization 
of Controlled Group Qualification Rules and T.D. 9759--Limitations on 
the Importation of Net Built-In Losses.
    OMB Number: 1545-2019.
    Regulation Project Numbers: TD 9304(REG-161919-05), TD 
9329(REG134317-05), TD 9451(REG-161919-05) and TD 9759(REG-161948-05).
    Abstract: TD 9304 regulations provide guidance to taxpayers 
regarding how to allocate the amounts of tax benefit items under 
section 1561(a) amongst the component members of a controlled group of 
corporations which have an apportionment plan in effect. TD 9329 
contains final regulations that simplify, clarify, or eliminate 
reporting burdens and also eliminate regulatory impediments to the 
electronic filing of certain statements that taxpayers are required to 
include on or with their Federal income tax returns. TD 9451 provides 
guidance to taxpayers for determining which corporations are included 
in a controlled group of corporations. TD 9759 provides guidance for 
preventing the importation of loss when a corporation that is subject 
to U.S. income tax acquires loss property tax-free in certain 
transactions and the loss in the acquired property accrued outside the 
U.S. tax system by requiring the bases of the assets received to be 
equal to value.
    Current Actions: There are no changes to these existing 
regulations.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 225,000.
    Estimated Time per Respondent: 1 hr., 40 minutes.
    Estimated Total Annual Burden Hours: 375,000.
    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: August 26, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-20067 Filed 9-16-21; 8:45 am]
BILLING CODE 4830-01-P