[Federal Register Volume 81, Number 96 (Wednesday, May 18, 2016)]
[Notices]
[Pages 31304-31305]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-11656]


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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 on the 
information collection burden relating to basis and transfer statement 
reporting for covered securities, including debt instruments, options, 
and other securities.

DATES: Written comments should be received on or before July 18, 2016 
to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, Internal 
Revenue Service, room 6526, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulations should be directed to Sara Covington, at 
Internal Revenue Service, room 6526, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: T.D. 9504--Basis Reporting by Securities Brokers and Basis 
Determination for Stock;
    T.D. 9616--Basis Reporting by Securities Brokers and Basis

[[Page 31305]]

Determination for Debt Instruments and Options;
    T.D. 9713--Basis Reporting by Securities Brokers and Basis 
Determination for Debt Instruments and Options;
    T.D. 9750--Basis and Transfer Reporting by Securities Brokers for 
Debt Instruments and Options.
    OMB Number: 1545-2186.
    Regulation Project Number: REG-101896-09, REG-102988-11, REG-
154563-12, and REG-143040-14.
    Abstract: The final regulations under section 6045 provide rules on 
basis reporting by brokers for transactions involving covered 
securities, including debt instruments and options. The final 
regulations under section 6045A provide reporting rules that apply upon 
a transfer of a covered security from one broker to another broker. 
These final regulations under sections 6045 and 6045A reflect changes 
in the law made by the Energy Improvement and Extension Act of 2008, 
Division B of Public Law 110-343 (122 Stat. 3765, 3854 (2008)), that 
require brokers when reporting the sale of a covered security to the 
IRS to include the customer's adjusted basis in the sold securities and 
to classify any gain or loss as long-term or short-term. The 
information collected for covered securities under Sec.  1.6045-1, 
including Sec.  1.6045-1(c)(3)(xi)(C) (relating to short sales), and 
Sec.  1.6045A-1 allows a broker who effects a sale of a transferred 
covered security, including a debt instrument or option, to determine 
and report the adjusted basis of the security and whether any gain or 
loss with respect to the sale is ordinary (for certain debt 
instruments), long-term, or short-term in compliance with section 
6045(g) of the Internal Revenue Code. The information collected under 
Sec.  1.6045-1(n)(5) relates to information required to be reported by 
the holder of a debt instrument to a broker for certain holder 
elections that affect how the debt instrument's basis is computed, 
which will enable the broker to comply with its reporting obligations 
under section 6045(g).
    Current Actions: There are changes to these existing regulations.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses or other for-profit institutions and 
individuals or households.
    Estimated Number of Respondents: 79,000.
    Estimated Total Annual Responses: 11,211,500.
    Estimated Total Burden Hours: 694,750.
    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: May 3, 2016.
Tuawana Pinkston,
IRS Supervisory Tax Analyst.
[FR Doc. 2016-11656 Filed 5-17-16; 8:45 am]
 BILLING CODE 4830-01-P