[Federal Register Volume 82, Number 121 (Monday, June 26, 2017)]
[Notices]
[Pages 28942-28943]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-13223]
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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 Internal Revenue Service (IRS), in accordance with the
Paperwork Reduction Act of 1995 (PRA 95), provides the general public
and Federal agencies with an opportunity to comment on continuing
collections of information. This helps the IRS assess the impact of its
information collection requirements and minimize the reporting burden
on the public and helps the public understand the IRS's information
collection requirements and provide the requested data in the desired
format. The IRS is soliciting comments concerning environmental
settlement funds-classification. Additionally, it addresses
determination of the portion of a trust to include in income by a
grantor owner.
DATES: Written comments should be received on or before August 25, 2017
to be assured of consideration.
ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue
Service, Room 6529, 1111 Constitution Avenue NW., Washington, DC 20224.
Requests for additional information or copies of the regulations should
be directed to Kerry Dennis, Internal Revenue Service, Room 6529, 1111
Constitution Avenue NW., Washington DC 20224, or through the internet,
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Environmental Settlement Funds-Classification.
OMB Number: 1545-1465. Regulation Project Number: T.D. 8668.
Abstract: This regulation provides guidance to taxpayers on the
proper
[[Page 28943]]
classification of trusts formed to collect and disburse amounts for
environmental remediation of an existing waste site to discharge
taxpayers' liability or potential liability under applicable
environmental laws. Section 301.7701-4(e)(2) of the regulation provides
that the trustee of an environmental remediation trust must furnish to
each grantor a statement that shows all items of income, deduction, and
credit of the trust for the taxable year attributable to the portion of
the trust treated as owned by the grantor. The statement must provide
the grantor with the information necessary to take the items into
account in computing the grantor's taxable income.
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: 500.
Estimated Time per Respondent: 4 hours.
Estimated Total Annual Burden Hours: 2000.
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: June 19, 2017.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-13223 Filed 6-23-17; 8:45 am]
BILLING CODE 4830-01-P