[Federal Register Volume 80, Number 23 (Wednesday, February 4, 2015)]
[Notices]
[Page 6177]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-02153]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for a Notice
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)). The IRS is soliciting comments concerning information
collection requirements related to interest rates and appropriate
foreign loss payment patterns for determining the qualified insurance
income of certain controlled corporations.
DATES: Written comments should be received on or before April 6, 2015
to be assured of consideration.
ADDRESSES: Direct all written comments to Christie Preston, 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 LaNita Van Dyke at
Internal Revenue Service, room 6517, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Interest Rates and Appropriate Foreign Loss Payment Patterns
for Determining the Qualified Insurance Income of Certain Controlled
Corporations under Section 954(i).
OMB Number: 1545-1799.
Notice Number: Notice 2002-69.
Abstract: Notice 2002-69 allows U.S. shareholders of a foreign
insurance company to use the foreign insurance company's historical
loss payment patterns in computing the company's insurance reserves
provided the company has a certain number of years of data and makes an
election to use that data. A domestic insurance company can elect to
use its own historical data in computing its reserves provided certain
requirements are satisfied and an election is made. This notice allows
a foreign insurance company to elect to calculate its insurance
reserves in a manner similar to a domestic insurance company. Also,
this notice provides guidance on how to determine a foreign insurance
company's foreign loss payment patterns.
Current Actions: There are no changes being made to the notice at
this time.
Type of Review: Extension of currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 300.
Estimated Time per Respondent: 1 hour.
Estimated Total Annual Burden Hours: 300.
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: January 28, 2015.
Christie Preston,
IRS Reports Clearance Officer.
[FR Doc. 2015-02153 Filed 2-3-15; 8:45 am]
BILLING CODE 4830-01-P