[Federal Register Volume 77, Number 20 (Tuesday, January 31, 2012)]
[Notices]
[Pages 4883-4884]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-1971]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8939

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 burden, invites the general 
public and other Federal agencies to take this

[[Page 4884]]

opportunity to comment on proposed and/or continuing information 
collections, as required by the Paperwork Reduction Act of 1995, Public 
Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting 
comments concerning Form 8939, Allocation of Increase in Basis for 
Property Acquired From a Decedent.

DATES: Written comments should be received on or before April 2, 2012 
to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette Lawrence, Internal 
Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Allan 
Hopkins, (202) 622-6665, at Internal Revenue Service, room 6129, 1111 
Constitution Avenue NW., Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Allocation of Increase in Basis for Property Acquired From a 
Decedent.
    OMB Number: 1545-2203.
    Form Number: Form 8939.
    Abstract: Section 6018 of the Internal Revenue Code requires this 
return to be filed by an executor the fair market value of all property 
(other than cash) acquired from the decedent is more than $1.3 million; 
in the case of a decedent who was a nonresident not a citizen of the 
United States, the fair market value of tangible property situated in 
the United States and other property acquired from the decedent by a 
United States person is greater than $60,000; or appreciated property 
is acquired from the decedent that the decedent acquired by gift within 
three years of death and a gift tax return was required to be filed on 
the transfer to the decedent. Section 6018(e) also requires executors 
who must file Form 8939 to provide the same information to recipients 
of the property as the executor must provide to the IRS.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, Business or other for-
profit groups, Not-for-profit institutions, Farms, Federal Government, 
State, Local, or Tribal Governments.
    Estimated Number of Respondents: 48,000.
    Estimated Time per Respondent: 51 hours 43 minutes.
    Estimated Total Annual Burden Hours: 2,482,080.
    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: January 25, 2012.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2012-1971 Filed 1-30-12; 8:45 am]
BILLING CODE 4830-01-P