[Federal Register Volume 79, Number 126 (Tuesday, July 1, 2014)]
[Notices]
[Pages 37393-37394]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-15439]
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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 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
[[Page 37394]]
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 certain transfers of property to Regulated
Investment Companies (RICs) and Real Estate Investment Trusts (REITs).
DATES: Written comments should be received on or before September 2,
2014 to be assured of consideration.
ADDRESSES: Direct all written comments to R. Joseph Durbala, Internal
Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulations should be directed to Kerry Dennis, at
Internal Revenue Service, room 6129, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Certain Transfers of Property to Regulated Investment
Companies (RICs) and Real Estate Investment Trusts (REITs).
OMB Number: 1545-1672. Regulation Project Number: TD 9047.
Abstract: The regulation applies with respect to the net built-in
gain of C corporation property that becomes property of a Regulated
Investment Company (RIC) or Real Estate Investment Trust (REIT) by the
qualification of a C corporation as a RIC or REIT or by the transfer of
property of a C corporation to a RIC or REIT in certain tax-free
transactions. Depending on the date of the transfer of property or
qualification as a RIC or REIT, the regulation provides that either (1)
the C corporation will recognize gain as if it had sold the property at
fair market value unless the RIC or REIT elects section 1374 treatment
or (2) the RIC or REIT will be subject to section 1374 treatment with
respect to the net recognized built-in-gain, unless the C corporation
elects deemed sale treatment. The regulation provides that a section
1374 election is made by filing a statement, signed by an official
authorized to sign the income tax return of the RIC or REIT and
attached to the RIC's or REIT's Federal income tax return for the
taxable year in which the property of the C corporation becomes the
property of the RIC or REIT. The regulation provides that a deemed sale
election is made by filing a statement, signed by an official
authorized to sign the income tax return of the C corporation and
attached to the C corporation's Federal income tax return for the
taxable year in which the deemed sale occurs.
Current Actions: There are no changes being made to this existing
regulation.
Type of Review: Extension of currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 140.
Estimated Time per Respondent: 30 minutes.
Estimated Total Annual Burden Hours: 70.
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: May 23, 2014.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2014-15439 Filed 6-30-14; 8:45 am]
BILLING CODE 4830-01-P