[Federal Register Volume 79, Number 169 (Tuesday, September 2, 2014)]
[Notices]
[Pages 52113-52114]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-20830]


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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 
adjustments to basis of stock and indebtedness to shareholders of S 
corporations and treatment of distributions by S corporations to 
shareholders.

DATES: Written comments should be received on or before November 3, 
2014 to be assured of consideration.

ADDRESSES: Direct all written comments to Christie Preston, 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 R. Joseph Durbala at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or at (202) 317-5746, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Adjustments to Basis of Stock and Indebtedness to 
Shareholders of S Corporations and Treatment of Distributions by S 
Corporations to Shareholders.
    OMB Number: 1545-1139.
    Regulation Project Number: TD 8852.
    Abstract: This document contains final regulations relating to the 
passthrough of items of an S corporation to its shareholders, the 
adjustments to the basis of stock of the shareholders, and the 
treatment of distributions by an S corporation. Changes to the 
applicable law were made by the Subchapter S Revision Act of 1982, the 
Tax Reform Act of 1984, the Tax Reform Act of 1986, the Technical and 
Miscellaneous Revenue Act of 1988, and the Small Business Job 
Protection Act of 1996. These regulations provide the public with 
guidance needed to comply with the applicable law and will affect S 
corporations and their shareholders.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Responses: 2,250.

[[Page 52114]]

    Estimated Time Per Respondent: 12 minutes.
    Estimated Total Annual Burden Hours: 450.
    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: August 26, 2014.
R. Joseph Durbala,
IRS, Reports Clearance Officer.
[FR Doc. 2014-20830 Filed 8-29-14; 8:45 am]
BILLING CODE 4830-01-P