[Federal Register Volume 82, Number 155 (Monday, August 14, 2017)]
[Pages 37986-37987]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-17139]



Internal Revenue Service

Proposed Extension of Information Collection Request Submitted 
for Public Comment; Election To Expense Certain Refineries

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.


SUMMARY: The Internal Revenue Service, 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 the election to expense certain refineries.

DATES: Written comments should be received on or before October 13, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6141, 1111 Constitution Avenue NW., Washington, 
DC 20224. Requests for additional information or copies of the 
regulations should be directed to R. Joseph Durbala, at Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224, or through the internet, at [email protected].

    Title: Election To Expense Certain Refineries.
    OMB Number: 1545-2103.
    Regulation Project Number: TD 9547.
    Abstract: This document contains regulations relating to the 
election to expense qualified refinery property under section 179C of 
the Internal Revenue Code, and affects taxpayers who own refineries 
located in the United States. These regulations reflect the Energy 
Policy Act of 2005.
    Section 179C of the Internal Revenue Code provides that a taxpayer 
can elect to treat 50% of the cost of ``qualified refinery property'' 
as a deductible expense not chargeable to capital account. The taxpayer 
makes an election under section 179C by entering the amount of the 
deduction at the appropriate place on the taxpayer's timely filed 
original federal income tax return for the taxable year in which the 
qualified refinery property is placed in service and by attaching a 
report specifying (a) the name and address of the refinery and (b) the 
production capacity requirement under which the refinery qualifies.
    If the taxpayer making the expensing election described above is a 
cooperative described in section 1381, and one or more persons directly 
holding an ownership interest in the taxpayer are organizations 
described in section 1381, the taxpayer can elect to allocate all or a 
portion of the deduction allowable under section 179C to those persons. 
The allocation must be equal to the person's ratable share of the total 
amount allocated, determined on the basis of the person's ownership 
interest in the taxpayer/cooperative.
    Current Actions: There is no change to the burden previously 
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 12.
    Estimated Time per Respondent: 10 Hours.
    Estimated Total Annual Burden Hours: 120.
    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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology,

[[Page 37987]]

e.g., by permitting electronic submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 

    Approved: August 8, 2017.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2017-17139 Filed 8-11-17; 8:45 am]