[Federal Register Volume 77, Number 190 (Monday, October 1, 2012)]
[Notices]
[Pages 60023-60025]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-23971]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Information Collection 
tools

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

[[Page 60024]]

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 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 4255, Recapture of Investment Credit; Form 5754, Statement by 
Person(s) Receiving Gambling Winnings; Form 6781, Gains and Losses From 
Section 1256 Contracts and Straddles; and REG-130477-00; REG-130481-00 
(TD 8987), Required Distributions from Retirement Plans (Sec.  
1.403(b)-3).

DATES: Written comments should be received on or before November 30, 
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. Please send separate comments for each specific information 
collection listed below. You must reference the information 
collection's title, form number, reporting or record-keeping 
requirement number, and OMB number (if any) in your comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the collection tools should be directed to R. Joseph Durbala, 
Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 622-3634, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION: Currently, the IRS is seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    (1) Title: Recapture of Investment Credit.
    OMB Number: 1545-0166.
    Form Number: 4255.
    Abstract: Internal Revenue Code section 50(a) requires that a 
taxpayer's income tax be increased by the investment credit recapture 
tax if the taxpayer disposes of investment credit property before the 
close of the recapture period used in figuring the original investment 
credit. Form 4255 provides for the computation of the recapture tax.
    Current Actions: There are no changes to the previously approved 
burden of this existing collection.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals, and farms.
    Estimated Number of Respondents: 13,200.
    Estimated Time per Respondent: 9 hrs, 49 min.
    Estimated Total Annual Burden Hours: 129,492.
    (2) Title: Statement by Person(s) Receiving Gambling Winnings.
    OMB Number: 1545-0239.
    Form Number: 5754.
    Abstract: Section 3402(q)(6) of the Internal Revenue Code requires 
that a statement be given to the payer of certain gambling winnings by 
the person receiving the winnings when that person is not the winner or 
is one of a group of winners. It enables the payer to prepare Form W-
2G, Certain Gambling Winnings, for each winner to show the winnings 
taxable to each and the amount withheld. IRS uses the information on 
Form W-2G to ensure that recipients are properly reporting their 
income.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
individuals or households, and not-for-profit institutions.
    Estimated Number of Respondents: 204,000.
    Estimated Time per Respondent: 12 min.
    Estimated Total Annual Reporting Burden hours: 40,800.
    (3) Title: Gains and Losses From Section 1256 Contracts and 
Straddles.
    OMB Number: 1545-0644.
    Form Number: Form 6781.
    Abstract: Form 6781 is used by taxpayers in computing their gains 
and losses on Internal Revenue Code section 1256 contracts under the 
marked-to-market rules and gains and losses under Code section 1092 
from straddle positions. The data is used to verify that the tax 
reported accurately reflects any such gains and losses.
    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: Businesses and other for-profit organizations and 
Individuals.
    Estimated Number of Respondents: 100,000.
    Estimated Time per Respondent: 9 hrs., 2 min.
    Estimated Total Annual Burden Hours: 903,237.
    (4) Title: Required Distributions from Retirement Plans.
    OMB Number: 1545-0996.
    Form Number: REG-130477-00; REG-130481-00 (TD 8987--final).
    Abstract: These regulations relates to the required minimum 
distributions from qualified plans, individual retirement plans, 
deferred compensation plans under section 457, and section 403(b) 
annuity contracts, custodial accounts, and retirement income accounts.
    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: Business or other for-profit institutions, and 
state, local, or tribal governments.
    Estimated Number of Respondents: 8,400.
    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 8,400.
    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.


[[Page 60025]]


    Approved: September 24, 2012.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2012-23971 Filed 9-28-12; 8:45 am]
BILLING CODE 4830-01-P