[Federal Register Volume 79, Number 47 (Tuesday, March 11, 2014)]
[Notices]
[Page 13739]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-05256]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

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)). The IRS is soliciting comments concerning information 
collection requirements related to methods to determine taxable income 
in connection with a cost sharing arrangement.

DATES: Written comments should be received on or before May 12, 2014 to 
be assured of consideration.

ADDRESSES: Direct all written comments to, Christie A. Preston, 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this regulation should be directed to Gerald J. Shields, 
LL.M. at Internal Revenue Service, Room 6129, 1111 Constitution Avenue 
NW., Washington, DC 20224 or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Methods to Determine Taxable Income in Connection with a 
Cost Sharing Arrangement.
    OMB Number: 1545-1364.
    Regulation Project Number: REG-144615-02 (T.D. 9441).
    Abstract: The collection of information related to the IRS's 
assessment of whether a cost sharing arrangement is valid, and whether 
each participant's share of costs is proportionate to the participants 
share of benefits, and whether arm's length compensation has been paid 
to those participants providing external contributions such that an 
appropriate return is provided to those participants for putting their 
funds at risk to a greater extent than the other participants.
    This document contains temporary regulations that provide further 
guidance and clarification regarding methods under section 482 to 
determine taxable income in connection with a cost sharing arrangement 
in order to address issues that have arisen in administering the 
current regulations. The temporary regulations affect domestic and 
foreign entities that enter into cost sharing arrangements described in 
the temporary regulations. The text of these temporary regulations also 
serves as the text of the proposed regulations set forth in the 
Proposed Rules section in the issue of the Federal Register dated 
January 5, 2009, (74 FR 340).
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 500.
    Estimated Total Annual Burden Hours: 9,350.
    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: March 5, 2014.
Christie A. Preston,
IRS Reports Clearance Officer.
[FR Doc. 2014-05256 Filed 3-10-14; 8:45 am]
BILLING CODE 4830-01-P