[Federal Register Volume 79, Number 144 (Monday, July 28, 2014)]
[Notices]
[Pages 43825-43826]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-17751]


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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)). Currently, the IRS is soliciting comments concerning 
the election to expense certain refineries.

DATES: Written comments should be received on or before September 26, 
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 additional information or 
copies of the regulations 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: Election To Expense Certain Refineries.
    OMB Number: 1545-2103.
    Regulation Project Number: TD 9547.
    Abstract: This document contains regulations relating to the 
election to expense qualified refinery property under section 179C of 
the Internal Revenue Code, and affects taxpayers who own refineries 
located in the United States. These regulations reflect the Energy 
Policy Act of 2005.
    Section 179C of the Internal Revenue Code provides that a taxpayer 
can elect to treat 50% of the cost of ``qualified

[[Page 43826]]

refinery property'' as a deductible expense not chargeable to capital 
account. The taxpayer makes an election under section 179C by entering 
the amount of the deduction at the appropriate place on the taxpayer's 
timely filed original federal income tax return for the taxable year in 
which the qualified refinery property is placed in service and by 
attaching a report specifying (a) the name and address of the refinery 
and (b) the production capacity requirement under which the refinery 
qualifies.
    If the taxpayer making the expensing election described above is a 
cooperative described in section 1381, and one or more persons directly 
holding an ownership interest in the taxpayer are organizations 
described in section 1381, the taxpayer can elect to allocate all or a 
portion of the deduction allowable under section 179C to those persons. 
The allocation must be equal to the person's ratable share of the total 
amount allocated, determined on the basis of the person's ownership 
interest in the taxpayer/cooperative.
    Current Actions: There is a change due to final regulations being 
adopted. However, the taxpayer burden has not changed.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 12.
    Estimated Time per Respondent: 10 Hours.
    Estimated Total Annual Burden Hours: 120.
    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: July 16, 2014.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2014-17751 Filed 7-25-14; 8:45 am]
BILLING CODE 4830-01-P