[Federal Register Volume 79, Number 148 (Friday, August 1, 2014)]
[Notices]
[Pages 44970-44971]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-18186]


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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 purchase price allocations in deemed 
and actual asset acquisitions.

DATES: Written comments should be received on or before September 30, 
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 Kerry Dennis, at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Purchase Price Allocation in Deemed and Actual Asset 
Acquisition.
    OMB Number: 1545-1658.
    Regulation Project Number: T.D. 8940.
    Abstract: Section 338 of the Internal Revenue Code provides rules 
under which a qualifying stock acquisition is treated as an asset 
acquisition (a ``deemed asset acquisition'') when an appropriate 
election is made. Section 1060 provides rules for the allocation of 
consideration when a trade or business is transferred. The collection 
of information is necessary to make the election, to calculate and 
collect the appropriate amount of tax liability when a qualifying stock 
acquisition is made, to determine the persons liable for such tax, and 
to determine the bases of assets

[[Page 44971]]

acquired in the deemed asset acquisition.
    Current Actions: There are no changes to the paperwork burden 
previously approved by OMB. This document is being submitted for 
renewal purposes only.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations, and 
farms.
    The regulation provides that a section 338 election is made by 
filing Form 8023. The burden for this requirement is reflected in the 
burden of Form 8023. The regulation also provides that both a seller 
and a purchaser must each file an asset acquisition statement on Form 
8594. The burden for this requirement is reflected in the burden of 
Form 8594.
    The burden for the collection of information in Sec.  1.338-2(e)(4) 
is as follows:
    Estimated Number of Respondents/Recordkeeper: 45.
    Estimated Average Annual Burden per Respondent/Recordkeeper: 34 
minutes.
    Estimated Total Annual Reporting/Recordkeeping Hours: 25.
    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 14, 2014.
R. Joseph Durbala,
IRS Reports Clearance Officer.
[FR Doc. 2014-18186 Filed 7-31-14; 8:45 am]
BILLING CODE 4830-01-P