Proposed Collection; Comment Request for Tax Treatment of Salvage and Reinsurance, 67796-67797 [2021-25955]

Download as PDF 67796 Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices Notice of OFAC Actions On November 12, 2021, OFAC determined that the property and interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authority listed below. Individuals 1. NEMARIAM, Abraha Kassa (a.k.a. KASSA, Abraha; a.k.a. KASSA, Wedi), Eritrea; DOB 15 Jul 1953; POB Eritrea; nationality Eritrea; Gender Male; Passport D000294 (Eritrea) (individual) [ETHIOPIA– EO14046]. Designated pursuant to section 1(f)(iii) of E.O. 14046 for being or having been a leader, official, senior executive officer, or member of the board of directors of the Government of Eritrea or its ruling People’s Front for Democracy and Justice on or after November 1, 2020, where the leader, official, senior executive officer, or director is responsible for or complicit in, or who has directly or indirectly engaged or attempted to engage in, any activity contributing to the crisis in northern Ethiopia. 2. W KIDAN, Hagos Ghebrehiwet (a.k.a. WELDEKIDANE, Hagos Ghebrehiwet; a.k.a. WOLDEKIDAN, Hagos Ghebrehiwet), Asmara, Eritrea; DOB 25 Apr 1953; POB Senafe, Eritrea; nationality Eritrea; Gender Male; National ID No. 0882109 (Eritrea) (individual) [ETHIOPIA–EO14046]. Designated pursuant to section 1(g) of E.O. 14046 for having materially assisted, sponsored, or provided financial, material, or technological support for, or goods or services to or in support of the People’s Front for Democracy and Justice. khammond on DSKJM1Z7X2PROD with NOTICES Entities 1. PEOPLE’S FRONT FOR DEMOCRACY AND JUSTICE, Eritrea; Organization Established Date 1993; Organization Type: Activities of political organizations [ETHIOPIA–EO14046]. Designated pursuant to section 1(c) of E.O. 14046 for being an entity, including any government entity or a political party, that has engaged in, or whose members have engaged in, activities that have contributed to the crisis in northern Ethiopia or have obstructed a ceasefire or peace process to resolve such crisis. 2. ERITREAN DEFENSE FORCES (a.k.a. ERITREAN DEFENSE FORCE), Eritrea; Organization Established Date 1993; Target Type Government Entity [ETHIOPIA– EO14046]. Designated pursuant to section 1(c) of E.O. 14046 for being an entity, including any government entity or a political party, that has engaged in, or whose members have engaged in, activities that have contributed to the crisis in northern Ethiopia or have obstructed a ceasefire or peace process to resolve such crisis. 3. RED SEA TRADING CORPORATION, Felket Street, Asmara, Eritrea; Dubai, United Arab Emirates; Organization Established Date 1984 [ETHIOPIA–EO14046]. Designated pursuant to section 1(h) of E.O. 14046 for being owned or controlled by, or having acted or purported to act for or on VerDate Sep<11>2014 16:55 Nov 26, 2021 Jkt 256001 behalf of, directly or indirectly, Hagos Ghebrehiwet W Kidan. 4. HIDRI TRUST, Felket Street, Asmara, Eritrea; Organization Established Date 1994 [ETHIOPIA–EO14046]. Designated pursuant to section 1(h) of E.O. 14046 for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, the People’s Front for Democracy and Justice. Dated: November 12, 2021. Bradley T. Smith, Acting Director, Office of Foreign Assets Control, U.S. Department of the Treasury. [FR Doc. 2021–25957 Filed 11–26–21; 8:45 am] BILLING CODE 4810–AL–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Low Sulfur Diesel Fuel Production Credit 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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning low sulfur diesel fuel production credit. DATES: Written comments should be received on or before January 28, 2022 to be assured of consideration. ADDRESSES: Direct all written comments to Andres Garcia, 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 Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.Dennis@ irs.gov. SUPPLEMENTARY INFORMATION: Title: Low Sulfur Diesel Fuel Production Credit. OMB Number: 1545–1914. Form Number: Form 8896. Abstract: IRC section 45H allows small business refiners to claim a credit for the production of low sulfur diesel fuel. The American Jobs Creation Act of 2004 section 399 brought it into existence. Form 8896 will allow taxpayers to use a standardized format to claim this credit. SUMMARY: PO 00000 Frm 00123 Fmt 4703 Sfmt 4703 Current Actions: There are no changes to the form or burden previously approved. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 66. Estimated Time per Respondent: 3 hours, 59 minutes. Estimated Total Annual Burden Hours: 260. 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. 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: November 23, 2021. Kerry L. Dennis, Tax Analyst. [FR Doc. 2021–25959 Filed 11–26–21; 8:45 am] BILLING CODE 4830–01–P DEPARTMENT OF THE TREASURY Internal Revenue Service Proposed Collection; Comment Request for Tax Treatment of Salvage and Reinsurance Internal Revenue Service (IRS), Treasury. AGENCY: E:\FR\FM\29NON1.SGM 29NON1 Federal Register / Vol. 86, No. 226 / Monday, November 29, 2021 / Notices 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 tax treatment of salvage and reinsurance. DATES: Written comments should be received on or before January 28, 2022 to be assured of consideration. ADDRESSES: Direct all written comments to Andres Garcia, 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 Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet, at Kerry.Dennis@ irs.gov. SUMMARY: 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: November 23, 2021. Kerry L. Dennis, Tax Analyst. [FR Doc. 2021–25955 Filed 11–26–21; 8:45 am] BILLING CODE 4830–01–P khammond on DSKJM1Z7X2PROD with NOTICES SUPPLEMENTARY INFORMATION: Title: Tax Treatment of Salvage and Reinsurance. OMB Number: 1545–1227. Regulation Project Number: TD 8857. Abstract: Section 1.832–4(d) of this regulation allows a nonlife insurance company to increase unpaid losses on a yearly basic by the amount of estimated salvage recoverable if the company discloses this to the state insurance regulatory authority. Current Actions: There is no change the burden previously approved. Type of Review: Extension of a currently approved collection. Affected Public: Business or other forprofit organizations. Estimated Number of Respondents: 2,500. Estimated Time per Respondent: 2 hours. Estimated Total Annual Burden Hours: 5,000. 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 16:55 Nov 26, 2021 Jkt 256001 DEPARTMENT OF THE TREASURY Postponement of Periodic Meeting of the Department of the Treasury Tribal Advisory Committee Department of the Treasury. Notice of cancellation of public meeting. AGENCY: ACTION: This notice announces the postponement of the ninth public meeting of the Department of the Treasury Tribal Advisory Committee (TTAC) originally scheduled to take place on Wednesday, December 1, 2021, from 1:00 p.m.–4:00 p.m. Eastern Time. A new notice will be published in the Federal Register to announce the rescheduled date and time of the ninth public meeting of the TTAC. DATES: The public meeting of the TTAC originally scheduled for Wednesday, December 1, 2021, from 1:00 p.m.–4:00 p.m. Eastern Time is cancelled. FOR FURTHER INFORMATION CONTACT: Krishna P. Vallabhaneni, Designated Federal Officer, Department of the Treasury, 1500 Pennsylvania Avenue NW, Room 3040, Washington, DC 20220 or by emailing TTAC@treasury.gov. SUPPLEMENTARY INFORMATION: SUMMARY: Background Section 3 of the Tribal General Welfare Exclusion Act of 2014, Public Law 113–68, 128 Stat. 1883, enacted on PO 00000 Frm 00124 Fmt 4703 Sfmt 4703 67797 September 26, 2014 (TGWEA), directs the Secretary of the Treasury (Secretary) to establish a seven-member Tribal Advisory Committee to advise the Secretary on matters related to the taxation of Indians, the training of Internal Revenue Service (IRS) field agents, and the provision of training and technical assistance to Native American financial officers. Section 3(c) of the TGWEA provides that the seven members of the TTAC are to be appointed as follows: (A) Three members appointed by the Secretary. (B) One member appointed by the Chairman, and one member appointed by the Ranking Member, of the Committee on Ways and Means of the House of Representatives. (C) One member appointed by the Chairman, and one member appointed by the Ranking Member, of the Committee on Finance of the Senate. Both the TTAC’s charter (most recently renewed on March 16, 2021) and the TTAC’s bylaws (adopted by the TTAC on September 18, 2019) provide that the TTAC shall operate under the provisions of the Federal Advisory Committee Act (FACA), 5 U.S.C. App. 1 et seq. The FACA requires that meetings of the TTAC shall be open to the public (public meetings) and that timely notice of each public meeting shall be published in the Federal Register. The FACA also requires that an officer or employee of the Federal Government serve as the Designated Federal Officer (DFO) of the TTAC and prohibits the TTAC from holding any public meeting except at the call of, or with the advance approval of, the DFO. The FACA further authorizes the DFO, whenever the DFO determines it to be in the public interest, to adjourn any public meeting of the TTAC. Section 3(c) of the TGWEA provides that the membership terms of the TTAC members last for four (4) years, except for the initial appointments made by the Secretary which last two (2) years for the purpose of staggering terms going forward. The TTAC’s bylaws provide that all initial appointment terms commence from the date of the first public meeting of the TTAC, and the term of any subsequently appointed member begins on the date of the member’s appointment. The TTAC’s bylaws also require a quorum of the TTAC members to be established before the TTAC may take action, which the bylaws provide is established by a simple majority of the TTAC members being present, including the Chairperson and/or Vice-Chairperson. The DFO of the TTAC convened the first public meeting of the TTAC on E:\FR\FM\29NON1.SGM 29NON1

Agencies

[Federal Register Volume 86, Number 226 (Monday, November 29, 2021)]
[Notices]
[Pages 67796-67797]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-25955]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Tax Treatment of Salvage 
and Reinsurance

AGENCY: Internal Revenue Service (IRS), Treasury.

[[Page 67797]]


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 tax 
treatment of salvage and reinsurance.

DATES: Written comments should be received on or before January 28, 
2022 to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, 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 Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or through the internet, at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Tax Treatment of Salvage and Reinsurance.
    OMB Number: 1545-1227.
    Regulation Project Number: TD 8857.
    Abstract: Section 1.832-4(d) of this regulation allows a nonlife 
insurance company to increase unpaid losses on a yearly basic by the 
amount of estimated salvage recoverable if the company discloses this 
to the state insurance regulatory authority.
    Current Actions: There is no change the burden previously approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,500.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 5,000.
    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.
    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: November 23, 2021.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2021-25955 Filed 11-26-21; 8:45 am]
BILLING CODE 4830-01-P

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