[Federal Register Volume 79, Number 143 (Friday, July 25, 2014)]
[Notices]
[Page 43534]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-17596]


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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 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 limitations on passive activity losses and 
credits-treatment of self-charged items of income and expense.

DATES: Written comments should be received on or before September 23, 
2014 to be assured of consideration.

ADDRESSES: Direct all written comments to, R. Joseph Durbala, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for copies of the regulations 
should be directed to Sara Covington at Internal Revenue Service, Room 
6129, 1111 Constitution Avenue NW., Washington, DC 20224, or through 
the Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Limitation on Passive Activity Losses and Credits-Treatment 
of Self-Charged Items of Income and Expense.
    OMB Number: 1545-1244.
    Regulation Project Number: (T.D. 9013).
    Abstract: Section 1.469-7(f)(1) of this regulation permits entities 
to elect to avoid application of the regulation in the event the pass-
through entity chooses to not have the income from leading transactions 
with owners of interests in the entity re-characterized as passive 
activity gross income. The IRS will use this information to determine 
whether the entity has made a proper timely election and to determine 
that taxpayers are complying with the election in the taxable year of 
the election and subsequent taxable years.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Individuals and business or other for-profit 
organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Total Annual Burden Hours: 150.
    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 
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: July 14, 2014.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2014-17596 Filed 7-24-14; 8:45 am]
BILLING CODE 4830-01-P