[Federal Register Volume 81, Number 63 (Friday, April 1, 2016)]
[Notices]
[Page 18943]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07434]
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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
losses on small business stock.
DATES: Written comments should be received on or before May 31, 2016 to
be assured of consideration.
ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Sara Covington, at
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the Internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Losses on Small Business Stock.
OMB Number: 1545-1447.
Regulation Project Number: CO-46-94; TD 8594.
Abstract: Section 1.1244(e)-1(b) of the regulation requires that a
taxpayer claiming an ordinary loss with respect to section 1244 stock
must have records sufficient to establish that the taxpayer satisfies
the requirements of section 1244 and is entitled to the loss. The
records are necessary to enable the Service examiner to verify that the
stock qualifies as section 1244 stock and to determine whether the
taxpayer is entitled to the loss.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, and business or other
for-profit organizations.
Estimated Number of Respondents: 10,000.
Estimated Time per Respondent: 12 minutes.
Estimated Total Annual Burden Hours: 2,000.
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 technology; and (e)
estimates of capital or start-up costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: March 24, 2016.
Sara Covington,
Tax Analyst.
[FR Doc. 2016-07434 Filed 3-31-16; 8:45 am]
BILLING CODE 4830-01-P