Proposed Collection; Comment Request for Reverse Like-Kind Exchanges, 58644-58645 [2022-20861]
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Federal Register / Vol. 87, No. 186 / Tuesday, September 27, 2022 / Notices
actual award amounts. Applicants are
ranked based on whether the Applicant
is a CDFI or a non-CDFI, and prioritized
in each category of BEA Qualified
Activities. Currently, one overall
maximum award amount has been
determined for an Applicant’s single
BEA Program award, despite the
number of categories the Applicant is
eligible to receive an award for. Award
selections within each BEA category are
based on an Applicant’s relative ranking
within each such category, subject to the
availability of funds and any established
maximum dollar amount of total awards
that may be awarded for the Distressed
Community Financing Activities
category of Qualified Activities, as
determined by the CDFI Fund.
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a. Award Amount
(1) Should the CDFI Fund consider
awarding eligible applicants who
successfully demonstrate increases in
more than one BEA category a higher
single BEA Program award amount than
Applicants who demonstrate an
increase in only one BEA category, if
both are eligible for the maximum
award amount? If yes, explain what
should be considered in determining the
proportion of the increased award
amount. If no, explain why not.
(2) Should the CDFI Fund establish a
minimum dollar amount and/or a
maximum dollar amount that may be
awarded for the CDFI Related Activities
category? Explain why or why not.
(3) Should the CDFI Fund establish a
maximum dollar amount that may be
awarded for Distressed Community
Financing Activities category? Explain
why or why not.
(4) Should the CDFI Fund establish a
maximum dollar amount that may be
awarded for the Service Activities
category? Explain why or why not.
(5) Should the CDFI Fund determine
actual award amounts by a method
other than the existing formulaic award
calculation? If yes, please describe the
method and note what benefits are
offered to Applicants, residents and
businesses in Distressed Communities,
and/or U.S. taxpayers by implementing
this method. Also, indicate if/how the
method addresses the following factors
noted in Section 1834a(h)(1)(C) of the
BEA Statute: degree of difficulty in
carrying out activities, community
impact, degree of innovative methods
for meeting community needs, leverage
of qualified activity amounts, total asset
size of the Applicant, new entrance to
providing services in a Distressed
Community, need for subsidy, and
extent of distress in a community.
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17:51 Sep 26, 2022
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b. Award Calculation
The estimated BEA Program award
calculation is the year-over-year
increase in Qualified Activities from the
Baseline to the Assessment Period
prioritized based on CDFI certification
status and CRA asset size, and
multiplied by an award percentage
based on the Category, Sub-category and
Qualified Activity type.
(1) Is there any additional criteria that
the CDFI Fund should consider in the
estimated BEA Program award
calculation?
3. Cap on Qualified Activity Amount
Current policy states that the value of
a Qualified Activity for purposes of
determining a BEA Program Award
shall not exceed $10 million in the case
of Commercial Real Estate Loans or any
CDFI Related Activities (i.e., the total
principal amount of the transaction
must be $10 million or less to be
considered a Qualified Activity).
However, the CDFI Fund may consider
transactions with a total principal value
of over $10 million on a case by case
basis. In such cases, Applicants must
attach a Community Benefit Statement,
which is a narrative statement that
describes the community benefit of
transactions over $10 million for the
CDFI Fund’s consideration.
a. What information should the
Applicant provide to aid the CDFI Fund
in assessing the community benefit of
transactions over $10 million?
4. Integral Involvement
The Interim Rule defines CDFI
Support Activity as assistance provided
by an Applicant or its Subsidiary to a
Certified CDFI that meets the Integral
Involvement criteria set forth by the
CDFI Fund in the applicable NOFA.
Commenters should note that Integral
Involvement is a statutory program
requirement.
The most recent BEA Program NOFA
defines Integrally Involved as:
Scenario I: Having provided at least
10% of the number of its financial
transactions or dollars transacted (e.g.,
loans or equity investments) in one or
more Distressed Communities in each of
the three calendar years preceding the
date of the applicable NOFA; or 10% of
the number of its Development Service
Activities (as defined in 12 CFR
1805.104) or value of the administrative
cost of providing such services in one or
more Distressed Communities in each of
the three calendar years preceding the
date of the applicable NOFA;
Scenario II: Transacted at least 25% of
the number of its financial transactions
or dollars transacted (e.g., loans or
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Sfmt 4703
equity investments) in one or more
Distressed Communities in at least one
of the three calendar years preceding the
date of the applicable NOFA or
transacted at least 25% of the number of
its Development Service Activities or
value of the administrative cost of
providing such services in one or more
Distressed Communities in at least one
of the three calendar years preceding the
date of the applicable NOFA;
Scenario III: Demonstrating that it has
attained at least 10% of market share for
a particular product in one or more
Distressed Communities in at least one
of the three calendar years preceding the
date of the applicable NOFA;
Scenario IV: At least 25% of the CDFI
Partner’s physical locations (e.g., offices
or branches) are located in one or more
Distressed Communities where it
provided financial transactions or
Development Service Activities during
the one calendar year preceding the date
of the NOFA.
a. Should the current definition of
Integrally Involved be revised or
replaced? If yes, how should the CDFI
Fund revise the Integrally Involved
definition or what should the CDFI
Fund replace the term with?
b. Are there any other factors the CDFI
Fund should consider when
determining an updated definition of
Integrally Involved? If yes, what are
they?
Authority: 12 U.S.C. 1834a, 4703,
4713, 4717; 12 CFR part 1806.
Jodie L. Harris,
Director, Community Development Financial
Institutions Fund.
[FR Doc. 2022–20732 Filed 9–26–22; 8:45 am]
BILLING CODE 4810–70–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Reverse Like-Kind
Exchanges
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 reverse like-kind exchanges.
SUMMARY:
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Federal Register / Vol. 87, No. 186 / Tuesday, September 27, 2022 / Notices
Written comments should be
received on or before November 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, or
by email to pra.comments@irs.gov.
Include OMB control number 1545–
1701 or Reverse Like-Kind Exchanges,
in the subject line of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the form should be directed to
Kerry Dennis at (202) 317–5751, or at
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW,
Washington, DC 20224, or through the
internet, at Kerry.L.Dennis@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Reverse Like-Kind Exchanges.
OMB Number: 1545–1701.
Revenue Procedure Number: 2000–37.
Abstract: Revenue Procedure 2000–37
provides a safe harbor for reverse likekind exchanges in which a transaction
using a ‘‘qualified exchange
accommodation arrangement’’ will
qualify for non-recognition treatment
under section 1031 of the Internal
Revenue Code. Revenue Procedure
2004–51 modifies sections 1 and 4 of
Rev. Proc. 2000–37, 2000–2 C.B. 308, to
provide that Rev. Proc. 2000–37 does
not apply if the taxpayer owns the
property intended to qualify as
replacement property before initiating a
qualified exchange accommodation
arrangement (QEAA).
Current Actions: There is no change to
the paperwork burden previously
approved by OMB.
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
households, business or other for-profit
organizations, and farms.
Estimated Number of Respondents:
1,600.
Estimated Time per Respondent: 2
hours.
Estimated Total Annual Burden
Hours: 3,200 hours.
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
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DATES:
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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: September 21, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022–20861 Filed 9–26–22; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Financial
Crimes Enforcement Network (FinCEN)
Financial Crimes Enforcement
Network, 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
proposed or continuing information
collections, as required by the
Paperwork Reduction Act of 1995.
DATES: Comments should be received on
or before October 27, 2022 to be assured
of consideration.
ADDRESSES: Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to www.reginfo.gov/public/do/
PRAMain. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function.
SUMMARY:
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58645
Copies of the submissions may be
obtained from Melody Braswell by
emailing PRA@treasury.gov, calling
(202) 622–1035, or viewing the entire
information collection request at
www.reginfo.gov.
SUPPLEMENTARY INFORMATION:
Financial Crimes Enforcement Network
(FinCEN)
Title: Information Sharing Between
Government Agencies and Financial
Institutions.
OMB Control Number: 1506–0049.
Abstract: FinCEN is issuing this
notice to renew the OMB control
number for regulations requiring
information sharing between
government agencies and financial
institutions.
Affected Public: Businesses or other
for-profit and non-profit institutions.
Type of Review: Extension of a
currently approved collection.
Frequency: As required.
Estimated Number of Respondents:
14,960.
Estimated Annual Responses per
Respondent: 365 searches/responses.
Estimated Reporting and
Recordkeeping Burden: In general,
FinCEN receives requests from law
enforcement, reviews those requests,
posts those requests on a secure internet
website, and sends notifications to
designated contacts within financial
institutions across the United States
once every two weeks. Financial
institutions must query their records for
data matches, including accounts
maintained by the named subject during
the preceding 12 months and
transactions conducted within the last
six months. Financial institutions have
two weeks from the posting date of the
request to respond with any positive
matches. FinCEN estimates that it will
take approximately 4 minutes to
research and report, as necessary, each
subject of a 314(a) request. FinCEN has
been estimating a burden of 4 minutes
per subject in PRA renewals since the
expansion of the rule in 2010.
Estimated Burden Hours per
Respondent: 24 hours annually.
Estimated Total Annual Burden
Hours: 363,827.
Estimated Total Annual Cost:
$34,563,565.
Authority: 44 U.S.C. 3501 et seq.
Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2022–20820 Filed 9–26–22; 8:45 am]
BILLING CODE 4810–02–P
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]]>Agencies
[Federal Register Volume 87, Number 186 (Tuesday, September 27, 2022)]
[Notices]
[Pages 58644-58645]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-20861]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Reverse Like-Kind
Exchanges
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
reverse like-kind exchanges.
[[Page 58645]]
DATES: Written comments should be received on or before November 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, or by email to [email protected]. Include OMB control number
1545-1701 or Reverse Like-Kind Exchanges, in the subject line of the
message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form should be directed to Kerry Dennis at (202) 317-
5751, or at Internal Revenue Service, Room 6526, 1111 Constitution
Avenue NW, Washington, DC 20224, or through the internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Reverse Like-Kind Exchanges.
OMB Number: 1545-1701.
Revenue Procedure Number: 2000-37.
Abstract: Revenue Procedure 2000-37 provides a safe harbor for
reverse like-kind exchanges in which a transaction using a ``qualified
exchange accommodation arrangement'' will qualify for non-recognition
treatment under section 1031 of the Internal Revenue Code. Revenue
Procedure 2004-51 modifies sections 1 and 4 of Rev. Proc. 2000-37,
2000-2 C.B. 308, to provide that Rev. Proc. 2000-37 does not apply if
the taxpayer owns the property intended to qualify as replacement
property before initiating a qualified exchange accommodation
arrangement (QEAA).
Current Actions: There is no change to the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business or other for-
profit organizations, and farms.
Estimated Number of Respondents: 1,600.
Estimated Time per Respondent: 2 hours.
Estimated Total Annual Burden Hours: 3,200 hours.
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: September 21, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022-20861 Filed 9-26-22; 8:45 am]
BILLING CODE 4830-01-P
