[Federal Register Volume 81, Number 99 (Monday, May 23, 2016)]
[Notices]
[Pages 32385-32386]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12131]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2001-
21

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 
Revenue Procedure 2001-21, Debt Roll-Ups.

DATES: Written comments should be received on or before July 22, 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 Allan Hopkins at 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Debt Roll-Ups.
    OMB Number: 1545-1647.
    Revenue Procedure Number: Revenue Procedure 2001-21.
    Abstract: Revenue Procedure 2001-21 provides for an election that 
will facilitate the consolidation of two or more outstanding debt 
instruments into a single debt instrument. Under the election, 
taxpayers can treat certain exchanges of debt instruments as 
realization events for federal income tax purposes even though the 
exchanges do not result in significant medications under section 
1.1001-3 of the Income Tax Regulations.
    Current Actions: There are no changes to the paperwork burden 
relating to this revenue procedure at this time.
    Type of Review: Reinstatement of a previously approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 100.

[[Page 32386]]

    Estimated Time per Respondent: 45 minutes.
    Estimated Total Annual Burden Hours: 75.
    The following paragraph applies to all 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 13, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-12131 Filed 5-20-16; 8:45 am]
 BILLING CODE 4830-01-P