[Federal Register Volume 80, Number 210 (Friday, October 30, 2015)]
[Notices]
[Pages 66972-66975]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-27651]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

AGENCY: Department of the Treasury.

ACTION: Notice.

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    The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, Public Law 104-13, on or after the date of 
publication of this notice.

DATES: Comments should be received on or before November 30, 2015 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimate, or any other 
aspect of the information collection, including suggestions for 
reducing the burden, to (1) Office of Information and Regulatory 
Affairs, Office of Management and Budget, Attention: Desk Officer for 
Treasury, New Executive Office Building, Room 10235, Washington, DC 
20503, or email at [email protected] and (2) Treasury PRA 
Clearance Officer, 1750 Pennsylvania Ave. NW., Suite 8140, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submission(s) may be 
obtained by email at [email protected] or the entire information 
collection request may be found at www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

Internal Revenue Service (IRS)

    OMB Number: 1545-0022.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Life Insurance Statement.
    Form: 712.
    Abstract: Form 712 is used to establish the value of life insurance 
policies for estate and gift tax purposes. The tax is based on the 
value of these policies. The form is completed by life insurance 
companies.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 1,120,200.

    OMB Number: 1545-0202.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Form 5310, Application for Determination for Terminating 
Plan; Form 6088, Distributable Benefits from Employee Pension Benefit 
Plans.
    Form: 5310, 6088.
    Abstract: Employers who have qualified deferred compensation plans 
can take an income tax deduction for contributions to their plans. IRS 
uses the data on Forms 5310 and 6088 to determine whether a plan still 
qualifies and whether there is any discrimination in benefits.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 1,718,300.

    OMB Number: 1545-0770.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Transfers of Securities Under Certain Agreements.
    Abstract: Section 1058 of the Internal Revenue Code provides tax-
free treatment for transfers of securities pursuant to a securities 
lending agreement. The agreement must be in writing and is used by the 
taxpayer, in a tax audit situation, to justify no recognition treatment 
of gain or loss on the exchange of the securities.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 9,781.

    OMB Number: 1545-1049.
    Type of Review: Revision of a previously approved collection.
    Title: Excise Tax Relating to Gain or Other Income Realized by Any 
Person on Receipt of Greenmail.
    Form: 8725.
    Abstract: The regulations provide rules relating to the manner and 
method of reporting and paying the nondeductible 50 percent excise tax 
imposed by section 5881 of the Internal Revenue Code with respect to 
the receipt of greenmail. The reporting requirements will be used to 
verify that the excise tax imposed under section 5881 is properly 
reported and timely paid. Form 8725 is used by persons who receive 
``greenmail'' to compute and pay the excise tax on greenmail imposed 
under Internal Revenue Code section 5881. IRS uses the information to 
verify that the correct amount of tax has been reported.
    Affected Public: Private Sector: Businesses or other for-profits.

[[Page 66973]]

    Estimated Annual Burden Hours: 8,321,755.

    OMB Number: 1545-1120.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: TD 8352 (temp & final) Final Regulations Under Sections 382 
and 383 of the Internal Revenue Code of 1986; Pre-change Attributes; TD 
8531 (Final) Final Regulations Under Section 382.
    Abstract: (CO-69-87 and CO-68-87) These regulations require 
reporting by a corporation after it undergoes an ``ownership change'' 
under sections 382 and 383. Corporations required to report under these 
regulations include those with capital loss carryovers and excess 
credits. (CO-18-90) These regulations provide rules for the treatment 
of options under IRC section 382 for purposes of determining whether a 
corporation undergoes an ownership change. The regulation allows for 
certain elections for corporations whose stock is subject to options.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 220,575.

    OMB Number: 1545-1233.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Adjusted Current Earnings (IA-14-91)(Final).
    Abstract: This regulation affects business and other for profit 
institutions. This information is required by the IRS to ensure the 
proper application of section 1.56(g)-1 of the regulation. It will be 
used to verify that taxpayers have properly elected the benefits of 
section 1.56(g)-1(r) of the regulation.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 1,000.

    OMB Number: 1545-1254.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: TD 8396--Conclusive Presumption of Worthlessness of Debts 
Held by Banks (FI-34-91).
    Abstract: Paragraph (d)(3) of section 1.166-2 of the regulations 
allows banks and thrifts to elect to conform their tax accounting for 
bad debts with their regulatory accounting. An election or revocation 
thereof, is a change in method of accounting. The collection of 
information required in section 1.166-2(d)(3) is necessary to monitor 
the elections.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 50.

    OMB Number: 1545-1347.
    Type of Review: Revision of a previously approved collection.
    Title: Arbitrage Bond Restrictions under section 148.
    Abstract: Section 148 was enacted to minimize the arbitrage 
benefits from investing gross proceeds of tax-exempt bonds in higher 
yielding investments and to remove the arbitrage incentives to issue 
more bonds, to issue bonds earlier, or to leave bonds outstanding 
longer than is otherwise reasonably necessary to accomplish the 
governmental purposes for which the bonds were issued. To accomplish 
these purposes, section 148 restricts the direct and indirect 
investment of bond proceeds in higher yielding investments and requires 
that certain earnings on higher yielding investments be rebated to the 
United States. Violation of these provisions causes the bonds in the 
issue to become arbitrage bonds, the interest on which is not 
excludable from the gross income of the owners under section 103(a). 
The regulations in Sec. Sec.  1.148-1 through 1.148-11 apply in a 
manner consistent with these purposes.
    Section 148 of the Internal Revenue Code requires issuers of tax-
exempt bonds to rebate certain arbitrage profits earned on non-purpose 
investments acquired with the bond proceeds. Issuers are required to 
file a Form 8038-T and remit the rebate. Issuers are also required to 
keep records of certain interest rate hedges so that the hedges are 
taken into account in determining arbitrage profits. The scope of 
interest rate hedging transactions covered by the arbitrage regulations 
was broadened by requiring that hedges entered into prior to the sale 
date of the bonds are covered as well.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 56,684.

    OMB Number: 1545-1412.
    Type of Review: Revision of a previously approved collection.
    Title: FI-54-93 (Final) Clear Reflection of Income in the Case of 
Hedging Transactions.
    Abstract: This information is required by the Internal Revenue 
Service to verify compliance with section 446 of the Internal Revenue 
Code. This information will be used to determine that the amount of tax 
has been computed correctly.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 20,000.

    OMB Number: 1545-1503.
    Type of Review: Revision of a previously approved collection.
    Title: Revenue Procedure 2015-41 (Formerly 2006-9)--Section 482--
Allocation of Income and Deductions Among Taxpayers.
    Abstract: The information requested is required to enable the 
Internal Revenue Service to give advice on filing Advance Pricing 
Agreement applications, to process such applications and negotiate 
agreements, and to verify compliance with agreements and whether 
agreements require modification.
    Affected Public: Private Sector: Not-for-profit institutions; 
Individuals or Households.
    Estimated Annual Burden Hours: 10,900.

    OMB Number: 1545-1504.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Request for Taxpayer Advocate Service Assistance (And 
Application for Taxpayer Assistance Order).
    Form: 911.
    Abstract: This form is used by taxpayers to apply for relief from a 
significant hardship which may have already occurred or is about to 
occur if the IRS takes or fails to take certain actions. This form is 
submitted to the IRS Taxpayer Advocate Office in the state or city 
where the taxpayer lives.
    Affected Public: Individuals or Households.
    Estimated Annual Burden Hours: 46,500.

    OMB Number: 1545-1510.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Revenue Procedure 2004-53; Procedure for filing Forms W-2 is 
certain Acquisitions (Rev Proc 96-60).
    Abstract: Information is required by the Internal Revenue Service 
to assist predecessor and successor employers in complying with the 
reporting requirements under Code sections 6051 and 6011 for Forms W-2 
and 941.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 110,700.

    OMB Number: 1545-1516.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Entity Classification Election.
    Form: 8832.
    Abstract: An eligible entity uses Form 8832 to elect how it will be 
classified for federal tax purposes, as a corporation, a partnership, 
or an entity disregarded as

[[Page 66974]]

separate from its owner. An eligible entity is classified for federal 
tax purposes under the default rules unless it files Form 8832 or Form 
2553, Election by a Small Business Corporation. The IRS will use the 
information entered on this form to establish the entity's filing and 
reporting requirements for federal tax purposes.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 35,900.

    OMB Number: 1545-1530.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Rev. Proc. 2007-32--Tip Rate Determination Agreement (Gaming 
Industry); Gaming Industry Tip Compliance Agreement Program.
    Form: 8832.
    Abstract: Tip Rate Determination Agreement (Gaming Industry) 
Information is required by the Internal Revenue Service in its 
Compliance efforts to assist employers and their employees in 
understanding and complying with section 6053(a), which requires 
employees to report all their tips monthly to their employers. Gaming 
Industry Tip Compliance Agreement Program Taxpayers who operate gaming 
establishments may enter into an agreement with the Internal Revenue 
Service to establish tip rates and occupational categories for all 
tipped employees of the taxpayer. The agreements will require 
substantiation of the tip rates as well.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 10,467.

    OMB Number: 1545-1540.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: REG-125071-06 (TD 9308) Reporting Requirements for Widely 
Held Fixed Investment Trusts.
    Abstract: The regulations clarify the reporting requirements of 
trustees and middlemen involved with widely held fixed investment 
trusts.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 2,400.

    OMB Number: 1545-1667.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Revenue Procedure 99-50, Combined Information Reporting.
    Abstract: The revenue procedure permits combined information 
reporting by a successor ``business entity'' (i.e., a corporation, 
partnership, or sole proprietorship) in certain situations following a 
merger or an acquisition. The successor must file a statement with the 
Internal Revenue Service indicating what forms are being filed on a 
combined basis.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 500.

    OMB Number: 1545-1676.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: REG-113572-99 (TD 8933) Qualified Transportation Fringe 
Benefits.
    Abstract: These regulations provide guidance to employers that 
provide qualified transportation fringe benefits under section 132(f), 
including guidance to employers that provide cash reimbursement for 
qualified transportation fringes and employers that offer qualified 
transportation fringes in lieu of compensation. Employers that provide 
cash reimbursement are required to keep records of documentation 
received from employees who receive reimbursement. Employers that offer 
qualified transportation fringes in lieu of compensation are required 
to keep records of employee compensation reduction elections.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 12,968,728.

    OMB Number: 1545-1678.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: REG-161424-01 (Final), Information Reporting for Qualified 
Tuition and Related Expenses; Magnetic Media Filing Requirements for 
Information Returns; REG-105316-98 (Final) Information.
    Abstract: These regulations relate to the information reporting 
requirements in section 6050S of the Internal Revenue Code for payments 
of qualified tuition and related expenses and interest on qualified 
education loans. These regulations provide guidance to eligible 
education institutions, insurers, and payees required to file 
information returns and to furnish information statements under section 
6050S.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Annual Burden Hours: 1.

    OMB Number: 1545-1810.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Credit for Small Employer Pension Plan Startup Costs.
    Abstract: Qualified small employers use Form 8881 to request a 
credit for start-up costs related to eligible retirement plans. Form 
8881 implements section 45E, which provides a credit based on costs 
incurred by an employer in establishing or administering an eligible 
employer plan or for the retirement related education of employees with 
respect to the plan. The credit is 50 percent of the qualified costs 
for the tax year, up to a maximum credit of $500 for the first tax year 
and each of the two subsequent tax years.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 235,335.

    OMB Number: 1545-1815.
    Type of Review: Revision of a previously approved collection.
    Title: Coverdell ESA Contribution Information.
    Form: 5498-ESA.
    Abstract: Form 5498-ESA is used by trustees and issuers of 
Coverdell Education Savings accounts to report contributions made to 
these accounts to beneficiaries.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 46,392.

    OMB Number: 1545-1820.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Revenue Procedure 2003-33, Section 9100 Relief for 338 
Elections.
    Abstract: Pursuant to Sec. 301.9100-3 of the Procedure and 
Administration Regulations, this procedure grants certain taxpayers an 
extension of time to file an election described in Sec. 338(a) or Sec. 
338(h)(10) of the Internal Revenue Code to treat the purchase of the 
stock of a corporation as an asset acquisition.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 300.

    OMB Number: 1545-1843.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: TD 9207 (final)--Assumptions of Partner Liabilities; REG-
106736-00 (NPRM).
    Abstract: In order to be entitled to a deduction with respect to 
the economic performance of a contingent liability that was contributed 
by a partner and assumed by a partnership, the partner, or former 
partner of the partnership, must receive notification of economic

[[Page 66975]]

performance of the contingent liability from the partnership or other 
partner assuming the liability.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 125.

    OMB Number: 1545-1980.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Notice 2007-70--Charitable Contributions of Certain Motor 
Vehicles, Boats, and Airplanes; Reporting requirements under Sec. 
170(f)(12)(D).
    Abstract: Charitable organizations are required to send an 
acknowledgement of car donations to the donor and to the Service. The 
purpose of is to prevent donors from taking inappropriate deductions.
    Affected Public: Private Sector: Not-for-profit institutions.
    Estimated Annual Burden Hours: 21,930.

    OMB Number: 1545-1982.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Distilled Spirits Credit.
    Form: 8906.
    Abstract: Form 8906, Distilled Spirits Credit, was developed to 
carry out the provisions of IRC section 5011(a). This section allows 
eligible wholesalers and persons subject to IRC section 5055 an income 
tax credit for the average cost of carrying excise tax on bottled 
distilled spirits. The new form provides a means for the eligible 
taxpayer to compute the amount of credit.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 21,930.

    OMB Number: 1545-1994.
    Type of Review: Extension without change of a previously approved 
collection.
    Title: Notice 2008-36--Amplification of Notice 2006-28, Energy 
Efficient Homes Credit; Manufactured Homes.
    Abstract: This notice supersedes Notice 2006-28 by substantially 
republishing the guidance contained in that publication. This notice 
clarifies the meaning of the terms equivalent rating network and 
eligible contractor, and permits calculation procedures other than 
those identified in Notice 2006-28 to be used to calculate energy 
consumption. Finally, this notice clarifies the process for removing 
software from the list of approved software and reflects the extension 
of the tax credit through December 31, 2008. Notice 2006-28, as 
updated, provided guidance regarding the calculation of heating and 
cooling energy consumption for purposes of determining the eligibility 
of a manufactured home for the New Energy Efficient Home Credit under 
Internal Revenue Code Sec.  45L. Notice 2006-28 also provided guidance 
relating to the public list of software programs that may be used to 
calculate energy consumption. Guidance relating to dwelling units other 
than manufactured homes is provided in Notice 2008-35.
    Affected Public: Individuals or Households.
    Estimated Annual Burden Hours: 60.

    OMB Number: 1545-2109.
    Type of Review: Revision of a previously approved collection.
    Title: Notice of Election of an Agreement to Special Lien Under 
Internal Revenue Code Section 6324A and Regulations.
    Abstract: Under IRC section 6166, an estate may elect to pay the 
estate tax in installments over 14 years if certain conditions are met. 
If the IRS determines that the government's interest in collecting 
estate tax is sufficiently at risk, it may require the estate provide a 
bond. Alternatively, the executor may elect to provide a lien in lieu 
of bond. Under section 6324A(c), to make this election the executor 
must submit a lien agreement to the IRS. Form 13925 is a form lien 
agreement that executors may use for this purpose.
    Affected Public: Individuals or Households.
    Estimated Annual Burden Hours: 500.

    OMB Number: 1545-2131.
    Type of Review: Revision of a previously approved collection.
    Title: Form 1127--Application for Extension of Time for Payment of 
Tax Due to Undue Hardship.
    Form: 1127.
    Abstract: Under IRC 6161, individual taxpayers and business 
taxpayers are allowed to request an extension of time for payment of 
tax shown or required to be shown on a return or for a tax due on a 
notice of deficiency. In order to be granted this extension, they must 
file Form 1127, providing evidence of undue hardship, inability to 
borrow, and collateral to ensure payment of the tax.
    Affected Public: Private Sector: Businesses or other for-profits.
    Estimated Annual Burden Hours: 7,470.

    Dated: October 26, 2015.
Dawn D. Wolfgang,
Treasury PRA Clearance Officer.
[FR Doc. 2015-27651 Filed 10-29-15; 8:45 am]
BILLING CODE 4830-01-P