[Federal Register Volume 79, Number 135 (Tuesday, July 15, 2014)]
[Notices]
[Pages 41362-41363]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-16484]
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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 effort to
reduce paperwork and respondent burden, invites the general public and
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)). The
IRS is soliciting comments concerning Treatment of Gain From the
Disposition of Interest in Certain Natural Resource Recapture Property
by S Corporations and Their Shareholders.
DATES: Written comments should be received on or before September 15,
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 information collection should be directed to LaNita Van
Dyke, or at Internal Revenue Service, room 6517, 1111 Constitution
Avenue NW., Washington, DC 20224, or through the internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Treatment of Gain From the Disposition of Interest in
Certain Natural Resource Recapture Property by S Corporations and Their
Shareholders.
OMB Number: 1545-1493.
Regulation Project Number: T.D. 8684.
Abstract: This regulation prescribes rules under Code section 1254
relating to the treatment by S corporations and their shareholders of
gain from the disposition of natural resource recapture property and
from the sale or exchange of S corporation stock. Section 1.1254-
4(c)(2) of the regulation provides that gain recognized on the sale or
exchange of S corporation stock is not treated as ordinary income if
the shareholder attaches a statement to his or her return containing
information establishing that the gain is not attributable to section
1254 costs.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations, and
individuals.
Estimated Number of Respondents: 1,000.
Estimated Time per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 1,000.
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
[[Page 41363]]
technology; and (e) estimates of capital or start-up costs and costs of
operation, maintenance, and purchase of services to provide
information.
Approved: June 6, 2014.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2014-16484 Filed 7-14-14; 8:45 am]
BILLING CODE 4830-01-P