[Federal Register Volume 81, Number 77 (Thursday, April 21, 2016)]
[Notices]
[Pages 23552-23553]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-09297]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 5227
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 5227, Split-Interest Trust Information Return.
DATES: Written comments should be received on or before June 20, 2016
to be assured of consideration.
ADDRESSES: Direct all written comments to Martha R. Brinson, Internal
Revenue Service, Room 6526, 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 Martha R.
Brinson, Internal Revenue Service, Room 6526, 1111 Constitution Avenue
NW., Washington, DC 20224, or through the Internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Split-Interest Trust Information Return.
OMB Number: 1545-0196.
Form Number: 5227.
Abstract: Form 5227 is used to report the financial activities of a
split-interest trust described in Internal Revenue Code section
4947(a)(2), and to determine whether the trust is treated as a private
foundation and is subject to the excise taxes under chapter 42 of the
Code.
Current Actions: There is an increase in the paperwork burden
previously approved by OMB. Charitable remainder trusts have begun
tracking net investment income (NII) received and distributed under
section 1411(c). The form was updated to report the tracking of NII
receipts and distributions (part II and Schedule A). Charitable
remainder trusts (CRT) may elect to apply a simplified NII calculation
(reported on part I-B of Schedule A). For charitable remainder trusts
that own interests, directly or indirectly, in certain controlled
foreign corporations (CFCs) or certain passive foreign investment
companies (PFICs), the trust may make a special election to align the
NIIT treatment of those CFCs and PFICs with their treatment for regular
tax purposes. In addition, the Department estimates an increase of
responses based on its most recent data on Form 5227 filings, from
220,000, to 340,000. The form changes and the estimated increase in the
number of responses will increase the estimated annual burden hours
from 15,152,550 to 33,138,550.
Type of Review: Revisions of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Responses: 340,000.
Estimated Time per Respondent: 97 hr., 28 min.
Estimated Total Annual Burden Hours: 33,138,550.
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
[[Page 23553]]
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: April 11, 2016.
Martha R. Brinson,
IRS, Tax Analyst.
[FR Doc. 2016-09297 Filed 4-20-16; 8:45 am]
BILLING CODE 4830-01-P