[Federal Register Volume 82, Number 163 (Thursday, August 24, 2017)]
[Notices]
[Pages 40229-40230]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-17896]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 8838-P
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice of Information collection; 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 the Form 8838-P,
Consent To Extend the Time To Assess Tax Pursuant to the Gain Deferral
Method Under Section 721(c).
DATES: Written comments should be received on or before October 23,
2017 to be assured of consideration.
ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224.
Requests for additional information or copies of the regulation
should be directed to Taquesha Cain, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224, or through the internet at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Consent To Extend the Time To Assess Tax Pursuant to the
Gain Deferral Method (Section 721(c)).
OMB Number: 1545-1668.
Form Number: 8838-P.
Abstract: Form 8838-P is used to extend the statute of limitations
for U.S. persons who transfers appreciated property to partnerships
with foreign partners related to the transferor. The form is filed when
the transferor makes a gain recognition agreement. This agreement
allows the transferor to defer the payment of tax on the transfer. The
IRS uses Form 8838-P so that it may assess tax against the transferor
after the expiration of the original statute of limitations.
Current Actions: This is a new form added to the collection and the
burden will increase from what has been previously approved by OMB.
Type of Review: Revision of a currently approved collection.
[[Page 40230]]
Affected Public: Individuals or households, business or other for-
profit organizations.
Estimated Number of Respondents: 1,000.
Estimated Time per Respondent: 7 hour, 3 minutes.
Estimated Total Annual Burden Hours: 7,050.
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: August 17, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-17896 Filed 8-23-17; 8:45 am]
BILLING CODE 4830-01-P