[Federal Register Volume 82, Number 45 (Thursday, March 9, 2017)]
[Notices]
[Pages 13203-13204]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-04588]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[CO-88-90]
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
[[Page 13204]]
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 an existing final
regulation, CO-88-90 (TD 8530), Limitation on Net Operating Loss
Carryforwards and Certain Built-In Losses Following Ownership Change;
Special Rule for Value of a loss Corporation Under the Jurisdiction of
a Court in a Title 11 Case (Section 1.382-9).
DATES: Written comments should be received on or before May 8, 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 additional information or
copies of the regulations should be directed to Lanita Van Dyke at
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW.,
Washington, DC 20224, or through the internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Limitation on Net Operating Loss Carryforwards and Certain
Built-In Losses Following Ownership Change; Special Rule for Value of a
Loss Corporation Under the Jurisdiction of a Court in a Title 11 Case.
OMB Number: 1545-1324. Regulation Project Number: CO-88-90 (TD
8530).
Abstract: This regulation provides guidance on determining the
value of a loss corporation following an ownership change to which
section 382(1)(6) of the Internal Revenue Code applies. Under Code
sections 382 and 383, the value of the loss corporation, together with
certain other factors, determines the rate at which certain pre-change
tax attributes may be used to offset post-change income and tax
liability.
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.
Estimated Number of Respondents: 3,250.
Estimated Time per Respondent: 15 minutes.
Estimated Total Annual Burden Hours: 813.
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 22, 2017.
Tuawana Pinkston,
Supervisory Tax Analyst.
[FR Doc. 2017-04588 Filed 3-8-17; 8:45 am]
BILLING CODE 4830-01-P