[Federal Register Volume 82, Number 196 (Thursday, October 12, 2017)]
[Notices]
[Page 47604]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22079]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Revised: 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), 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 information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning amortizable bond
premium.
DATES: Written comments should be received on or before December 11,
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 regulations should
be directed to Martha R. Brinson, Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW., Washington, DC 20224, or through the
Internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Amortizable Bond Premium.
OMB Number: 1545-1491.
Regulation Project Number: T.D. 8746.
Abstract: This regulation addresses the tax treatment of bond
premium. The regulation provides that a holder may make an election to
amortize bond premium on a taxable bond by offsetting interest income
with bond premium, and the holder must attach a statement to their tax
return providing certain information. The information requested is
necessary for the IRS to determine whether a holder has elected to
amortize bond premium.
Current Actions: Under Sec. 1.171-4(a)(1), a holder makes the
election to amortize bond premium in the holder's timely filed income
tax return for the first taxable year to which the holder desires the
election to apply. This section also provides that the holder should
attach to the return a statement that the holder is making the election
under this section. We estimate 5,000 taxpayers will be affected by
this requirement and that it will take approximately 0.5 hours to
prepare this statement. The burden for the requirement is approximately
2,500 hours.
Type of Review: Revision of a currently approved collection.
Affected Public: Businesses or other for-profit organizations and
individuals.
Estimated Number of Respondents: 5,000.
Estimated Time per Respondent: 0.5 hours
Estimated Total Annual Burden Hours: 2,500.
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: October 3, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-22079 Filed 10-11-17; 8:45 am]
BILLING CODE 4830-01-P