Proposed Collection; Comment Request for the Burden Related to Limitations on Passive Activity Losses and Credits, 8103 [2025-01573]
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Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for the Burden Related to
Limitations on Passive Activity Losses
and Credits
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 information collection
requirements related to limitations on
passive activity losses and credits.
DATES: Written comments should be
received on or before March 24, 2025 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–
1244 or Limitations on Passive Activity
Losses and Credits, in the subject line of
the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulation 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: Limitations on Passive Activity
Losses and Credits.
OMB Number: 1545–1244.
Regulation Project Number: TD 9013.
Abstract: Regulation section 1.469–
7(g) permits entities to elect to avoid
application of section 1.469–7 in the
event the passthrough entity chooses to
not have the income from lending
transactions with owners of interests in
the entity recharacterized as passive
activity gross income. The IRS will use
this information to determine whether
the entity has made a proper timely
election and to determine that taxpayers
are complying with the election in the
taxable year of the election and
subsequent taxable years.
Current Actions: There is no change to
the regulation or paperwork burden
previously approved by OMB.
ddrumheller on DSK120RN23PROD with NOTICES1
SUMMARY:
VerDate Sep<11>2014
17:45 Jan 22, 2025
Jkt 265001
Type of Review: Extension of a
currently approved collection.
Affected Public: Individuals or
Households, businesses or other forprofit organizations.
Estimated Number of Respondents:
1,000.
Estimated Time per Respondent: 6
minutes.
Estimated Total Annual Burden
Hours: 100.
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: January 16, 2025.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2025–01573 Filed 1–22–25; 8:45 am]
BILLING CODE 4830–01–P
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
8103
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 information collection
requirements related to branded
prescription drugs.
DATES: Written comments should be
received on or before March 24, 2025 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–
2209 or TD 9544, Branded Prescription
Drugs, in the subject line of the message.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the regulation 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: Branded Prescription Drugs.
OMB Number: 1545–2209.
Regulation Number: REG–112805–10,
(TD 9544).
Abstract: TD 9544 contains
regulations that provide guidance on the
annual fee imposed on covered entities
engaged in the business of
manufacturing or importing branded
prescription drugs.
Current Actions: There is no change
in the form or paperwork burden
previously approved by OMB.
Type of Review: Extension of a
currently approved collection.
Affected Public: Businesses or other
for-profit organizations.
Estimated Number of Respondents:
45.
Estimated Time per Respondent: 40
hrs.
Estimated Total Annual Burden
Hours: 1,800.
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
SUMMARY:
E:\FR\FM\23JAN1.SGM
23JAN1
Agencies
[Federal Register Volume 90, Number 14 (Thursday, January 23, 2025)]
[Notices]
[Page 8103]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01573]
[[Page 8103]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for the Burden Related to
Limitations on Passive Activity Losses and Credits
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
information collection requirements related to limitations on passive
activity losses and credits.
DATES: Written comments should be received on or before March 24, 2025
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
1545-1244 or Limitations on Passive Activity Losses and Credits, in the
subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation 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: Limitations on Passive Activity Losses and Credits.
OMB Number: 1545-1244.
Regulation Project Number: TD 9013.
Abstract: Regulation section 1.469-7(g) permits entities to elect
to avoid application of section 1.469-7 in the event the passthrough
entity chooses to not have the income from lending transactions with
owners of interests in the entity recharacterized as passive activity
gross income. The IRS will use this information to determine whether
the entity has made a proper timely election and to determine that
taxpayers are complying with the election in the taxable year of the
election and subsequent taxable years.
Current Actions: There is no change to the regulation or paperwork
burden previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or Households, businesses or other
for-profit organizations.
Estimated Number of Respondents: 1,000.
Estimated Time per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 100.
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: January 16, 2025.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2025-01573 Filed 1-22-25; 8:45 am]
BILLING CODE 4830-01-P