[Federal Register Volume 81, Number 20 (Monday, February 1, 2016)]
[Notices]
[Pages 5165-5167]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-01718]


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DEPARTMENT OF THE TREASURY


Submission for OMB Review; Comment Request

January 26, 2016.
    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 March 2, 2016 to be 
assured of consideration.

ADDRESSES: Send comments regarding the burden estimates, or any other 
aspect of the information collections, 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 8117, Washington, 
DC 20220, or email at [email protected].

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained by emailing [email protected], calling (202) 622-1295, or 
viewing the entire information collection request at www.reginfo.gov.

Internal Revenue Service (IRS)

    OMB Control Number: 1545-0239.
    Type of Review: Extension of a currently approved collection.
    Title: Statement by Person(s) Receiving Gambling Winnings.
    Form: Form 5754.
    Abstract: Form 5754 is completed by taxpayers who receive gambling 
winnings either for someone else or as a member of a group of two or 
more people sharing the winnings, such as by sharing the same winning 
ticket.
    Affected Public: Individuals or households.
    Estimated Average Annual Burden per Response: 12 minutes.
    Estimated Total Annual Burden Hours: 40,800.

    OMB Control Number: 1545-0644.
    Type of Review: Revision of a currently approved collection.
    Title: Gains and Losses from Section 1256 Contracts and Straddles.
    Form: Form 6781.
    Abstract: Form 6781 is used to report any gain or loss on Internal 
Revenue Code section 1256 contracts under the mark-to-market rules and 
gains and losses under section 1092 from straddle positions.
    Affected Public: Businesses or other for-profits.
    Estimated Average Annual Burden per Response: 15.89 hours.
    Estimated Total Annual Burden Hours: 903,236.

    OMB Control Number: 1545-0745.
    Type of Review: Extension of a currently approved collection.
    Title: LR-27-83 (TD 7882--final) Floor Stocks Credits or Refunds 
and Consumer Credits or Refunds With Respect to Certain Tax-Repealed 
Articles; Excise Tax on Heavy Trucks; LR-54-85 (TD 8050) Excise Tax.
    Abstract: LR-27-83 (TD 7882), requires sellers of trucks, trailers 
and semitrailers, and tractors to maintain records of the gross vehicle 
weights of articles sold to verify taxability. LR-54-85 (TD 8050), 
requires that if the sale is to be treated as exempt, the seller and 
the purchaser must be registered and the purchaser must give the seller 
a resale certificate.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 4,140.

    OMB Control Number: 1545-0887.
    Type of Review: Extension of a currently approved collection.
    Title: Information Return for Publicly Offered Original Issue 
Discount Instruments.
    Form: Form 8281.
    Abstract: Form 8281 is filed by the issuer of a publicly offered 
debt instrument having OID. The information is used to update Pub. 
1212, Guide to Original Issue Discount (OID) Instruments, to enable 
brokers and other middlemen to identify publicly traded OID 
obligations, which they may hold as nominees for the true owners, so 
that they can meet the requirement to file Forms 1099-INT and 1099-OID 
as required by section 6049.
    Affected Public: Businesses or other for-profits.
    Estimated Average Annual Burden per Response: 6.12 hours.
    Estimated Total Annual Burden Hours: 3.060.


    OMB Control Number: 1545-0996.
    Type of Review: Extension of a currently approved collection.
    Title: REG-130477-00; REG-130481-00 (TD 8987--Final), Required 
Distributions From Retirement Plans.
    Abstract: The regulations relate to the required minimum 
distribution from qualified plans, individual retirement plans, 
deferred compensation plans under section 457, and section 403(b) 
annuity contracts, custodial accounts, and retirement income accounts.
    Affected Public: State, Local, or Tribal Governments.
    Estimated Total Annual Burden Hours: 8,400.

    OMB Control Number: 1545-1020.
    Type of Review: Extension of a currently approved collection.
    Title: Form 1041-T--Allocation of Estimated Tax Payments to 
Beneficiaries.
    Form: Form 1041-T.
    Abstract: A trust or, for its final tax year, a decedent's estate 
may elect under Internal Revenue Code section 643(g) to have any part 
of its estimated tax payments (but not income tax withheld) treated as 
made by a beneficiary or beneficiaries. The fiduciary files Form 1041-T 
to make the election. Once made, the election is irrevocable.
    Affected Public: Businesses or other for-profits.
    Estimated Average Annual Burden per Response: 0.99 hour.
    Estimated Total Annual Burden Hours: 990.

    OMB Control Number: 1545-1131.
    Type of Review: Extension of a currently approved collection.
    Title: TD 8400--(Final) Taxation of Gain or Loss from Certain 
Nonfunctional Currency Transactions (Section 988 Transactions).
    Abstract: TD 8400 contains final regulations regarding the taxation 
of gain or loss from certain foreign currency transactions and applies 
to taxpayers engaging in such transactions. Section 988 of the Internal 
Revenue Code concerns the taxation of exchange gain or loss on certain 
foreign currency denominated transactions. Such gains and losses are 
characterized as ordinary income or loss. However, under section 
988(a)(1)(B) taxpayers may elect to characterize exchange gain or loss 
on certain transactions as capital gain or loss. Section 1.988-3(b) of 
the regulations provides the procedure for making the election. Under 
section 988(c)(1)(D)(ii), taxpayers may elect to have regulated futures 
contracts and certain options (which generally are not subject to 
section 988) treated as section

[[Page 5166]]

988 transactions. Sections 1.988-1(a)(4)(iii) and (iv) provide the 
procedure for making that election. Under section 988(c)(1)(E)(iii), a 
commodity fund may elect special treatment under section 988. Section 
1.988-1(a)(5)(iv) provides the procedure for making that election. 
Under section 988(d) taxpayers may receive special treatment if they 
identify certain transactions. The identification rules are in sections 
1.988-5(a)(8), 1.988-5(b)(3), 1.988-5(c)(2) and 1.988-5(d)(2)(i)(A).
    Affected Public: Businesses or other for-profits.
    Estimated Average Annual Burden per Response: 40 minutes.
    Estimated Total Annual Burden Hours: 3,333.

    OMB Control Number: 1545-1163.
    Type of Review: Extension of a currently approved collection.
    Title: Form 8822--Change of Address (For Individual, Gift, Estate, 
or Generation-Skipping Transfer Tax Returns); Form 8822-B--Change of 
Address--Business.
    Form: Form 8822, Form 8822-B.
    Abstract: Forms 8822 and 8822-B are used by taxpayers to furnish 
their change of address to the Internal Revenue Service. Form 8822 is 
used by individual taxpayers while Form 8822-B will be used by business 
taxpayers.
    Affected Public: Businesses or other for-profits; Individuals or 
households.
    Estimated Total Annual Burden Hours: 264,792.

    OMB Control Number: 1545-1260.
    Type of Review: Extension of a currently approved collection.
    Title: CO-62-89 (Final) Final Regulations under Section 382 of the 
Internal Revenue Code of 1986; Limitations on Corporate Net Operating 
Loss Carryforwards.
    Abstract: The reporting requirement concerns the election a 
taxpayer may make to treat as the change data the effective data of a 
plan of reorganization in a title II or similar case rather than the 
confirmation date of a plan.
    Affected Public: Businesses or other for-profits.
    Estimated Average Annual Burden per Response: 5 minutes.
    Estimated Total Annual Burden Hours: 1.

    OMB Control Number: 1545-1347.
    Type of Review: Revision of a currently approved collection.
    Title: Arbitrage Restrictions on and Issue Price Definition for Tax 
Exempt Bonds.
    Abstract: Section 148 of the Internal Revenue Code requires issuers 
of tax-exempt bonds to rebate certain arbitrage profits earned on 
nonpurpose investments acquired with the bond proceeds.
    Under section 148(f), interest on a state or local bond is not tax 
exempt unless the issuer of the bond rebates to the United States 
arbitrage profits earned from investing proceeds of the bond in higher 
yielding nonpurpose investments. Form 8038-T is used to pay the 
arbitrage rebate to the United States and to pay penalty in lieu of 
rebates. Burden for the form is being reported under 1545-1219.
    Issuers are also required to keep records of certain interest rate 
hedges so that the hedges are taken into account in determining 
arbitrage profits. Under TD 8718, 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.
    The collection of information in the proposed regulation (REG-
138526-14) is in Sec.  1.148-1(f)(2)(ii) which contains a requirement 
that the issuer obtain certifications and supporting documentation 
regarding the underwriter's sales of the issuer's bonds.
    Affected Public: State, Local, or Tribal Governments.
    Estimated Total Annual Burden Hours: 94,326.

    OMB Control Number: 1545-1426.
    Type of Review: Extension of a currently approved collection.
    Title: INTL-21-91 (TD 8656--Final) Section 6662--Imposition of the 
Accuracy-Related Penalty.
    Abstract: These regulations provide guidance about substantial and 
gross valuation misstatements as defined in sections 6662(e) and 
6662(h). They also provide guidance about the reasonable cause and good 
faith exclusion. The regulations apply to taxpayers who have 
transactions between persons described in section 482 and not section 
482 transfer price adjustments.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 20,125.

    OMB Control Number: 1545-1438.
    Type of Review: Extension of a currently approved collection.
    Title: TD 8643 (Final) Distributions of Stock and Stock Rights.
    Abstract: The requested information is required to notify the 
Service that a holder of preferred stock callable at a premium by the 
issuer has made a determination regarding the likelihood of exercise of 
the right to call that is different from the issuer's determination.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 333.

    OMB Control Number: 1545-1502.
    Type of Review: Extension of a currently approved collection.
    Title: Form 5304-SIMPLE; Form 5305-SIMPLE; Notice 98-4.
    Abstract: Forms 5304-SIMPLE and 5035-SIMPLE are used by an employer 
to permit employees to make salary reduction contributions to a savings 
incentive match plan (SIMPLE IRA) described in Code section 408(p). 
These forms are not to be filed with IRS, but to be retained in the 
employers' records as proof of establishing such a plan, thereby 
justifying a deduction for contributions made to the SIMPLE IRA. The 
data is used to verify the deduction. Notice 98-4 provides guidance for 
employers and trustees regarding how they can comply with the 
requirements of Code section 408(p) in establishing and maintaining a 
SIMPLE Plan.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 2,113,000.

    OMB Control Number: 1545-1522.
    Type of Review: Revision of a currently approved collection.
    Title: Revenue Procedure 2016-1, Rulings and Determination Letters.
    Abstract: Revenue Procedure 2016-1 explains how the Service 
provides advice to taxpayers on issues. It explains the forms of advice 
and the manner in which advice is requested by taxpayers and provided 
by the Service.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 316,020.

    OMB Control Number: 1545-1539.
    Type of Review: Extension of a currently approved collection.
    Title: REG-208172-91 (TD 8787--final) Basis Reduction Due to 
Discharge of Indebtedness.
    Abstract: The IRS will use the information provided by taxpayers 
owning interests in partnerships and owning section 1221(i) real 
property to verify compliance with sections 1017(b)(3)(C), 
1017(b)(3)(E), 1017(b)(3)(F), and 1017(b)(4)(X).
    Affected Public: Individuals or households.
    Estimated Total Annual Burden Hours: 10,000.

    OMB Control Number: 1545-1801.
    Type of Review: Extension of a currently approved collection.
    Title: Revenue Procedure 2002-67, Settlement of Section 351 
Contingent Liability Tax Shelter Cases.
    Abstract: This revenue procedure prescribes procedures for 
taxpayers who

[[Page 5167]]

elect to participate in a settlement initiative aimed at resolving tax 
shelter cases involving contingent liability transactions that are the 
same or similar to those described in Notice 2001-17 (``contingent 
liability transactions''). There are two resolution methodologies: A 
fixed concession procedure and a fast track dispute resolution 
procedure that includes binding arbitration.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 7,500.

    OMB Control Number: 1545-1804.
    Type of Review: Revision of a currently approved collection.
    Title: New Markets Credit.
    Form: Form 8874.
    Abstract: To claim a credit for equity investments made in 
Qualified Community Development Entities, investors use Form 8874.
    Affected Public: Businesses or other for-profits.
    Estimated Average Annual Burden per Response: 4.87 hours.
    Estimated Total Annual Burden Hours: 492.

    OMB Control Number: 1545-1814.
    Type of Review: Extension of a currently approved collection.
    Title: Changes in Corporate Control and Capital Structure.
    Abstract: Any corporation that undergoes reorganization under 
Regulation section 1.6043-4T with stock, cash, and other property over 
$100 million must file Form 1099-CAP with the IRS shareholders.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 67.

    OMB Control Number: 1545-1832.
    Type of Review: Extension of a currently approved collection.
    Title: Systemic Advocacy Issue Submission Form.
    Abstract: Form 14411 is to be used by individuals, businesses, 
practitioners and other public groups to identify systemic problems 
that taxpayers are encountering with IRS. This form will be submitted 
electronically via the IRS.gov Web site. Mailed or faxed forms will be 
accepted.
    Affected Public: Businesses or other for-profits; Individuals or 
households.
    Estimated Total Annual Burden Hours: 336.

    OMB Control Number: 1545-1983.
    Type of Review: Extension of a currently approved collection.
    Title: Qualified Railroad Track Maintenance Credit.
    Abstract: Form 8900, Qualified Railroad Track Maintenance Credit, 
was developed to carry out the provisions of Code section 45G. This 
section was added by section 245 of the American Jobs Creation Act of 
2004 (P.L. 108-357). The form provides a means for the eligible 
taxpayers to compute the amount of credit.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 1,985.

    OMB Control Number: 1545-2005.
    Type of Review: Extension of a currently approved collection.
    Title: Restaurant Tips--Attributed Tip Income Program (ATIP).
    Abstract: This revenue procedure sets forth the requirements for 
participating in the Attributed Tip Income Program (ATIP). ATIP 
provides benefits to employers and employees similar to those offered 
under previous tip reporting agreements without requiring one-on-one 
meetings with the Service to determine tip rates or eligibility.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 6,100.

    OMB Control Number: 1545-2008.
    Type of Review: Extension of a currently approved collection.
    Title: Nonconventional Source Fuel Credit.
    Abstract: Form 8907 will be used to claim a credit from the 
production and sale of fuel created from nonconventional sources. For 
tax years ending after 12/31/05 fuel from coke or coke gas can qualify 
for the credit, and the credit becomes part of the general business 
credit.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 171,160.

    OMB Control Number: 1545-2009.
    Type of Review: Extension of a currently approved collection.
    Title: Form 13285-A--Reducing Tax Burden on America's Taxpayers.
    Abstract: Form 13285-A is used by taxpayers and external partners 
and stakeholders to identify meaningful taxpayer burden reduction 
opportunities. Employees will make the forms available at education and 
outreach events.
    Affected Public: Businesses or other for-profits; Individuals or 
households.
    Estimated Total Annual Burden Hours: 62.

    OMB Control Number: 1545-2110.
    Type of Review: Extension of a currently approved collection.
    Title: REG-127770-07 (Final), Modifications of Commercial Mortgage 
Loans Held by a Real Estate Mortgage Investment Conduit.
    Abstract: This final regulation expands the list of permitted loan 
modifications to include certain modifications of commercial mortgages. 
The regulations are necessary to better accommodate evolving commercial 
mortgage industry packages.
    Affected Public: Businesses or other for-profits.
    Estimated Total Annual Burden Hours: 3,000.

    OMB Control Number: 1545-2231.
    Type of Review: Revision of a currently approved collection.
    Title: Form 13768--Electronic Tax Administration Advisory Committee 
Membership Application.
    Form: Form 13768.
    Abstract: The Internal Revenue Service Restructuring and Reform Act 
of 1998 (RRA 98) authorized the creation of the Electronic Tax 
Administration Advisory Committee (ETAAC). ETAAC has a primary duty of 
providing input to the Internal Revenue Service (IRS) on its strategic 
plan for electronic tax administration. Accordingly, ETAAC's 
responsibilities involve researching, analyzing and making 
recommendations on a wide range of electronic tax administration 
issues. ETAAC members convey the public's perception of the IRS 
electronic tax administration activities, offer constructive 
observations about current or proposed policies, programs, and 
procedures, and suggest improvements. The IRS will solicit applications 
for membership via Form 13768.
    Affected Public: Businesses or other for-profits.
    Estimated Average Annual Burden per Response: 1.5 hours.
    Estimated Total Annual Burden Hours: 750.

Brenda Simms,
Treasury PRA Clearance Officer.
[FR Doc. 2016-01718 Filed 1-29-16; 8:45 am]
 BILLING CODE 4830-01-P