[Federal Register Volume 80, Number 143 (Monday, July 27, 2015)]
[Notices]
[Pages 44430-44431]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-18363]
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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 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
returns required with respect to controlled foreign partnerships and
information reporting with respect to certain foreign partnerships and
certain foreign corporations.
DATES: Written comments should be received on or before September 25,
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 Sara Covington, at
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
[[Page 44431]]
Title: Section 6038--Returns Required with Respect to Controlled
Foreign Partnerships, and Information Reporting with Respect to Certain
Foreign Partnerships and Certain Foreign Corporations.
OMB Number: 1545-1617.
Regulation Project Number: REG-124069-02, REG-118966-97.
Abstract: REG-124069-02: Treasury Regulation Sec. 1.6038-3
requires certain United States person who own interests in controlled
foreign partnerships to annually report information to the IRS on Form
8865. This regulation amends the reporting rules under Treasury
Regulation section Sec. 1.6038-e to provide that a U.S. person must
follow the filing requirements that are specified in the instructions
for Form 8865 when the U.S. person must file Form 8865 and the foreign
partnership completes and files Form 1065 or Form 1065-B. REG-118966-
97: Section 6038 requires certain U.S. persons who own interest in
controlled foreign partnerships or certain foreign corporations to
annually report information to the IRS. This regulation provides
reporting rules to identify foreign partnerships and foreign
corporations which are controlled by U.S. persons.
Current Actions: There are no changes to these existing
regulations.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses or other for-profit institutions and
individuals or households.
Estimated Number of Respondents: 600.
Estimated Total Burden Hours: 500.
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: July 14, 2015.
Christie Preston,
IRS Supervisory Tax Analyst.
[FR Doc. 2015-18363 Filed 7-24-15; 8:45 am]
BILLING CODE 4830-01-P