[Federal Register Volume 80, Number 240 (Tuesday, December 15, 2015)]
[Notices]
[Pages 77703-77704]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-31453]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 4626
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
Form 4626, Asset Acquisition Statement.
DATES: Written comments should be received on or before February 16,
2016 to be assured of consideration.
ADDRESSES: Direct all written comments to Michael Joplin, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Allan
Hopkins, at Internal Revenue Service, Room 6129, 1111 Constitution
Avenue NW., Washington, DC 20224, or through the internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Alternative Minimum Tax--Corporations.
OMB Number: 1545-0175.
Form Number: 4626.
Abstract: Section 55 of the Internal Revenue Code imposes an
alternative minimum tax. The tax is 20% of the amount by which a
corporation's taxable income adjusted by the items listed in sections
56 and 58, and by the tax preference items listed in section 57,
[[Page 77704]]
exceed an exemption amount. This result is reduced by the alternative
minimum tax foreign tax credit. If this result is more than the
corporation's regular tax liability before all credits (except the
foreign tax and possessions tax credits), the difference is added to
the tax liability. Form 4626 provides a line-by-line computation of the
alternative minimum tax.
Current Actions: There are no changes being made to Form 8594 at
this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations and
individuals.
Estimated Number of Respondents: 60,000.
Estimated Time per Respondent: 43 hrs., 52 minutes.
Estimated Total Annual Burden Hours: 2,611,200
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, 2015.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2015-31453 Filed 12-14-15; 8:45 am]
BILLING CODE 4830-01-P