[Federal Register Volume 81, Number 65 (Tuesday, April 5, 2016)]
[Notices]
[Pages 19713-19714]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07757]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Revenue Procedure 2000-
37 (Modified by Revenue Procedure 2004-51)
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
Revenue Procedure 2000-37, Reverse Like-Kind Exchanges (modified by
Revenue Procedure 2004-51).
DATES: Written comments should be received on or before June 6, 2016 to
be assured of consideration.
ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington,
DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the revenue procedure should be directed to Martha R.
Brinson, Internal Revenue Service, Room 6129, 1111 Constitution Avenue
NW., Washington, DC 20224, or through the Internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Reverse Like-Kind Exchanges.
[[Page 19714]]
OMB Number: 1545-1701.
Revenue Procedure Number: Revenue Procedure 2000-37 (modified by RP
2004-51).
Abstract: Revenue Procedure 2000-37 provides a safe harbor for
reverse like-kind exchanges in which a transaction using a ``qualified
exchange accommodation arrangement'' will qualify for non-recognition
treatment under section 1031 of the Internal Revenue Code. Revenue
Procedure 2004-51 modifies sections 1 and 4 of Rev. Proc. 2000-37,
2000-2 C.B. 308, to provide that Rev. Proc. 2000-37 does not apply if
the taxpayer owns the property intended to qualify as replacement
property before initiating a qualified exchange accommodation
arrangement (QEAA).
Current Actions: There are no changes being made to the burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, business or other for-
profit organizations, and farms.
Estimated Number of Respondents: 1,600.
Estimated Time per Respondent: 2 hours.
Estimated Total Annual Burden Hours: 3,200.
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: March 10, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016-07757 Filed 4-4-16; 8:45 am]
BILLING CODE 4830-01-P