[Federal Register Volume 77, Number 195 (Tuesday, October 9, 2012)]
[Notices]
[Pages 61474-61475]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-24751]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Information Collection; Comment Request

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 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)).

DATES: Written comments should be received on or before December 10, 
2012 to be assured of consideration.

ADDRESSES: Direct all written comments to Yvette B. 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: To obtain additional information, or 
copies of the information collection and instructions, or copies of any 
comments received, contact Elaine Christophe, at (202) 622-3179, or at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 

Request for Comments

    The Department of the Treasury and the Internal Revenue Service, as 
part of their continuing effort to reduce paperwork and respondent 
burden, invite the general public and other Federal agencies to take 
this opportunity to comment on the proposed or continuing information 
collections listed below in this notice, as required by the Paperwork 
Reduction Act of 1995, (44 U.S.C. 3501 et seq.).
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in our request for Office of 
Management and Budget (OMB) approval of the relevant information 
collection. All comments will become a matter of public record. Please 
do not include any confidential or inappropriate material in your 
comments.
    We invite comments on: (a) Whether the collection of information is 
necessary for the proper performance of the agency's functions, 
including whether the information has 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 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 the 
requested information.

Information Collections Open for Comment

    Currently, the IRS is seeking comments concerning the following 
forms, and reporting and record-keeping requirements:

    Title: Real Estate Mortgage Investment Conduits.

[[Page 61475]]

    OMB Number: 1545-1276.
    Regulation Project Number: FI-88-86 (TD 8458).
    Abstract: Internal Revenue Code section 860E(e) imposes an excise 
tax on the transfer of a residual interest in a real estate mortgage 
investment conduit (REMIC) to a disqualified party. The amount of the 
tax is based on the present value of the remaining anticipated excess 
inclusions. This regulation requires the REMIC to furnish, on request 
of the party responsible for the tax, information sufficient to compute 
the present value of the anticipated excess inclusions. The regulation 
also provides that the tax will not be imposed if the record holder 
furnishes to the pass-thru or transferor an affidavit stating that the 
record holder is not a disqualified party.
    Current Actions: There are no changes being made to these 
regulations.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,600.
    Estimated Time per Respondent: 20 minutes.
    Estimated Total Annual Burden Hours: 525.

    Title: Update of Checklist Questionnaire Regarding Requests for 
Spin-Off Rulings.
    OMB Number: 1545-1846.
    Revenue Procedure Number: Revenue Procedure 2003-48.
    Abstract: Revenue Procedure 2003-48 updates Revenue Procedure 96-
30, which sets forth in a checklist questionnaire the information that 
must be included in a request for ruling under section 355. This 
revenue procedure updates information that taxpayers must provide in 
order to receive letter rulings under section 355. This information is 
required to determine whether a taxpayer would qualify for non-
recognition treatment.
    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.
    Estimated Number of Respondents: 180.
    Estimated Time per Respondent: 200 hours.
    Estimated Total Annual Burden Hours: 36,000.

    Title: Revocation of Election filed under I.R.C. 83(b).
    OMB Number: 1545-2018.
    Form Number: Rev. Proc. 2006-31.
    Abstract: This revenue procedure sets forth the procedures to be 
followed by individuals who wish to request permission to revoke the 
election they made under section 83(b).
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and Households, Businesses and other 
for-profit organizations.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 400.

    Title: Application for Group or Pooled Trust Ruling.
    OMB Number: 1545-2166.
    Form Number: Form 5316.
    Abstract: Group/pooled trust sponsors file this form to request a 
determination letter from the IRS for a determination that the trust is 
a group trust arrangement as described in Rev. Rul. 81-100, 1981-1 C.B. 
326 as modified and clarified by Rev. Rul. 2004-67, 2004-28 I.R.B. 28.
    Current Actions: There is no change in the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: State, local, or tribal governments, and not-for-
profit organizations.
    Estimated Number of Respondents: 200.
    Estimated Average Time per Respondent: 19 hours.
    Estimated Total Annual Burden Hours: 3,800 hours.

    Title: Extension of Time for Payment of Taxes by a Corporation 
Expecting a New Operating Loss Carryback.
    OMB Number: 1545-0135.
    Form Number: 1138.
    Abstract: Form 1138 is filed by corporations to request an 
extension of time for the payment of taxes for a prior tax year when 
the corporation believes that it will have a net operating loss in the 
current tax year. The IRS uses Form 1138 to determine if the request 
should be granted.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,033.
    Estimated Time per Respondent: 4 hr., 49 min.
    Estimated Total Annual Burden Hours: 9,800.
    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.

    Approved: September 25, 2012.
Elaine Christophe,
Tax Analyst.
[FR Doc. 2012-24751 Filed 10-5-12; 8:45 am]
BILLING CODE 4830-01-P