[Federal Register Volume 81, Number 65 (Tuesday, April 5, 2016)]
[Notices]
[Pages 19713-19714]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-07757]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2000-
37 (Modified by Revenue Procedure 2004-51)

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 
Revenue Procedure 2000-37, Reverse Like-Kind Exchanges (modified by 
Revenue Procedure 2004-51).

DATES: Written comments should be received on or before June 6, 2016 to 
be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the revenue procedure should be directed to Martha R. 
Brinson, Internal Revenue Service, Room 6129, 1111 Constitution Avenue 
NW., Washington, DC 20224, or through the Internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Reverse Like-Kind Exchanges.

[[Page 19714]]

    OMB Number: 1545-1701.
    Revenue Procedure Number: Revenue Procedure 2000-37 (modified by RP 
2004-51).
    Abstract: Revenue Procedure 2000-37 provides a safe harbor for 
reverse like-kind exchanges in which a transaction using a ``qualified 
exchange accommodation arrangement'' will qualify for non-recognition 
treatment under section 1031 of the Internal Revenue Code. Revenue 
Procedure 2004-51 modifies sections 1 and 4 of Rev. Proc. 2000-37, 
2000-2 C.B. 308, to provide that Rev. Proc. 2000-37 does not apply if 
the taxpayer owns the property intended to qualify as replacement 
property before initiating a qualified exchange accommodation 
arrangement (QEAA).
    Current Actions: There are no changes being made to the burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organizations, and farms.
    Estimated Number of Respondents: 1,600.
    Estimated Time per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 3,200.
    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: March 10, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016-07757 Filed 4-4-16; 8:45 am]
BILLING CODE 4830-01-P