[Federal Register Volume 81, Number 107 (Friday, June 3, 2016)]
[Notices]
[Pages 35818-35819]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-13090]
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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
netting rule for certain conversion transactions.
DATES: Written comments should be received on or before August 2, 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 information collection 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: Regulations Under Section 1258 of the Internal Revenue Code
of 1986; Netting Rule for Certain Conversion Transactions.
OMB Number: 1545-1452.
Regulation Project Number: FI-43-94.
Abstract: Internal Revenue Code section 1258 recharacterizes
capital gains from conversion transactions as ordinary income to the
extent of the time value element. This regulation provides that certain
gains and losses may be netted for purposes of determining the amount
of gain recharacterized. To be eligible for netting relief, the
taxpayer must identify on its books and records all the positions that
are part of the conversion transaction. This must be done before the
close of the day on which the positions become part of the conversion
transaction.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations, and
not-for-profit institutions.
Estimated Number of Respondents: 50,000.
Estimated Time per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 5,000.
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.
[[Page 35819]]
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: May 27, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-13090 Filed 6-2-16; 8:45 am]
BILLING CODE 4830-01-P