[Federal Register Volume 77, Number 236 (Friday, December 7, 2012)]
[Notices]
[Pages 73115-73116]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-29552]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Information Collection
Tools
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: 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 take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning
existing final regulation, FI-43-94 (TD 8649), Regulations Under
Section 1258 of the Internal Revenue Code of 1986; Netting Rule for
Certain Conversion Transactions (Sec. 1.1258-1); final regulation,
REG-252936-96 (TD 8780), Rewards for Information Relating to Violations
of Internal Revenue Laws (section 301.7623-1); Revenue Procedure 98-46
and Revenue Procedure 97-44, LIFO Conformity Requirement; final
regulation, REG-209322-82 (TD 8841), Return of Partnership Income
(Sec. 1.6031(a)-1); Revenue Procedure 2000-42, Section 1503(d) Closing
Agreement Requests; and Notice 2008-33, Credit for New Qualified
Alternative Motor Vehicles (Qualified Fuel Cell Motor Vehicles).
DATES: Written comments should be received on or before February 5,
2013 to be assured of consideration.
ADDRESSES: Direct all written comments to Yvette Lawrence, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224. Please send separate comments for each specific information
collection listed below. You must reference the information
collection's title, form number, reporting or record-keeping
requirement number, and OMB number (if any) in your comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the collection tools should be directed to R. Joseph Durbala,
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW.,
Washington, DC 20224, or at (202) 622-3634, or through the Internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Currently, the IRS is seeking comments concerning the following
information collection tools, reporting, and record-keeping
requirements:
(1) Title: Regulations Under Section 1258 of the Internal Revenue
Code of 1986; Netting Rule for Certain Conversion Transactions (Sec.
1.1258-1).
OMB Number: 1545-1452. Form Number: FI-43-94 (TD 8649--final).
Abstract: Internal Revenue Code section 1258 recharacterizes
capital gains from conversion transactions as ordinary income to the
extent of the time value element. This regulation provides that certain
gains and losses may be netted for purposes of determining the amount
of gain recharacterized. To be eligible for netting relief, the
taxpayer must identify on its books and records all the positions that
are part of the conversion transaction. This must be done before the
close of the day on which the positions become part of the conversion
transaction.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of currently approved collection.
Affected Public: Business or other for-profit organizations, and
not-for-profit institutions.
Estimated Number of Respondents: 50,000.
Estimated Time per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 5,000.
(2) Title: Rewards for Information Relating to Violations of
Internal Revenue Laws.
OMB Number: 1545-1534.
Form Number: REG-252936-96 (TD 8780--final).
Abstract: The regulations explain the procedure for submitting
information that relates to violations of the internal revenue laws.
The regulations also require a person claiming a reward for information
to provide, in certain circumstances, identification of evidence that
the person is the proper claimant.
[[Page 73116]]
Current Actions: There are no changes being made to the revenue
procedure at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, businesses or other
for-profit organizations, and not-for-profit institutions.
Estimated Number of Respondents: 10,000.
Estimated Time per Respondent: 3 hrs.
Estimated Total Annual Reporting Burden Hours: 30,000.
(3) Title: LIFO Conformity Requirement.
OMB Number: 1545-1559.
Form Number: Revenue Procedure 98-46 and Revenue Procedure 97-44.
Abstract: Revenue Procedure 97-44 permits automobile dealers that
comply with the terms of the revenue procedure to continue using the
LIFO inventory method despite previous violations of the LIFO
conformity requirements of Internal Revenue Code section 472(c) or
(e)(2). Revenue Procedure 98-46 modified Revenue Procedure 97-44 by
allowing medium-and heavy-duty truck dealers to take advantage of the
favorable relief provided in Revenue Procedure 97-44.
Current Actions: There is no change in the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 5,000.
Estimated Time per Respondent: 20 hrs.
Estimated Total Annual Burden Hours: 100,000.
(4) Title: Return of Partnership Income.
OMB Number: 1545-1583.
Form Number: REG-209322-82 (TD 8841 (final)).
Abstract: Section 1.6031(a)-1 requires partnerships to file a
partnership return. The information in this section is required to
enable the IRS to verify that a taxpayer is reporting the correct
amount of income or gain or claiming the correct amount of losses,
deductions, or credits from that taxpayer's interest I the partnership.
The partnership return is filed on Form 1065.
Current Actions: There is no change in the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations, and
farms.
The burden is reflected in the burden estimate of Form 1065.
(5) Title: Section 1503(d) Closing Agreement Requests.
OMB Number: 1545-1706.
Form Number: Revenue Procedure 2000-42.
Abstract: Revenue Procedure 2000-42 informs taxpayers of the
information they must submit to request a closing agreement under
regulation section 1.1503-2(g)(2)(iv)(B)(i) to prevent the recapture of
dual consolidated losses upon the occurrence of certain triggering
events.
Current Actions: There is no change in the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 20.
Estimated Time per Respondent: 100 hours.
Estimated Total Annual Burden Hours: 2,000.
(6) Title: Credit for New Qualified Alternative Motor Vehicles
(Qualified Fuel Cell Motor Vehicles).
OMB Number: 1545-2028.
Form Number: Notice 2008-33.
Abstract: This Notice will be used to determine whether the vehicle
for which the credit is claimed under Sec. 30B by a taxpayer is
property that qualifies for the credit. The collection of information
is required to obtain a benefit. The likely respondents are
corporations and partnerships.
Current Actions: There is no change in the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals and Households, Businesses and other
for-profit organizations.
Estimated Number of Respondents: 5.
Estimated Time per Respondent: 40 hours.
Estimated Total Annual Burden Hours: 200.
The following paragraph applies to all of 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 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: December 3, 2012.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2012-29552 Filed 12-6-12; 8:45 am]
BILLING CODE 4830-01-P