[Federal Register Volume 81, Number 134 (Wednesday, July 13, 2016)]
[Notices]
[Page 45371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-16556]


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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 concerning 
financial asset securitization investment trust; real estate mortgage 
investment conduits; real estate mortgage investment conduits.

DATES: Written comments should be received on or before September 12, 
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: Financial Asset Securitization Investment Trusts; Real 
Estate Mortgage Investment Conduits.
    OMB Number: 1545-1675. Regulation Project Number: [REG-100276-97; 
REG-122450-98]; TD 9004 (final).
    Abstract: REG-122450-98 Sections 1.860E-1(c)(4)-(10) of the 
Treasury Regulations provide circumstances under which a transferor of 
a noneconomic residual interest in a Real Estate Mortgage Investment 
Conduit (REMIC) meeting the investigation, and two representation 
requirements may avail itself of the safe harbor by satisfying either 
the formula test or asset test. This regulation provides start-up and 
transitional rules applicable to financial asset securitization 
investment trust. TD 9004 contains final regulations relating to safe 
harbor transfers of noneconomic residual interests in real estate 
mortgage investment conduits (REMICs). The final regulations provide 
additional limitations on the circumstances under which transferors may 
claim safe harbor treatment.
    Current Actions: The original NPRM (REG-100276-97; REG-122450-97) 
combined proposed rulemaking activities for (1) Financial Asset 
Securitization Investment Trusts (FASIT) and (2) Real Estate Mortgage 
Investment (REMIC). Only the rules applicable to REMIC were finalized 
under Sec.  1.860E-1 by TD 9004. Public Law 108-357 later repealed the 
FASIT requirements under 26 U.S.C. 860H through 860L.
    Type of Review: Reinstatement of a previously approved collection.
    Affected Public: Business or other for-profit.
    Estimated Number of Respondents and/or Record-Keeping: 470.
    Estimated Average Annual Burden Hours per Respondent and/or Record-
keeping: 1 hour.
    Estimated Total Annual Reporting and/or Record Keeping Burden: 470.
    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: July 8, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-16556 Filed 7-12-16; 8:45 am]
 BILLING CODE 4830-01-P