[Federal Register Volume 82, Number 39 (Wednesday, March 1, 2017)]
[Notices]
[Page 12279]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-03919]
-----------------------------------------------------------------------
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.
-----------------------------------------------------------------------
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. Currently, the IRS is soliciting
comments concerning TD 9289, Treatment of Disregarded Entities Under
Section 752.
DATES: Written comments should be received on or before May 1, 2017 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 copies of the regulation
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: Treatment of Disregarded Entities Under Section 752.
OMB Number: 1545-1905.
Regulation Project Number: TD 9289.
Abstract: Generally, the regulation recognizes that only the assets
of a disregarded entity that limits its member's liability are
available to satisfy creditors' claims under local law. The regulation
provides rules under section 752 for taking into account the net value
of a disregarded entity owned by a partner or related person for
purposes of allocating partnership liabilities. Specifically, it
provides that in determining the extent to which a partner bears the
economic risk of loss for a partnership liability, payment obligations
of a disregarded entity are taken into account only to the extent of
the net value of the disregarded entity.
Current Actions: There is no change in the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations,
individuals or households and not-for-profit institutions.
Estimated Number of Respondents: 1,500.
Estimated Time per Respondent: 2 hours.
Estimated Total Annual Burden Hours: 3,000.
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: February 21, 2017.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2017-03919 Filed 2-28-17; 8:45 am]
BILLING CODE 4830-01-P