[Federal Register Volume 81, Number 186 (Monday, September 26, 2016)]
[Notices]
[Page 66123]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-23132]



[[Page 66123]]

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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 
definition of a controlled foreign corporation, foreign base company 
income and foreign personal holding company income of a controlled 
foreign corporation.

DATES: Written comments should be received on or before November 25, 
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 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: Definition of a Controlled Foreign Corporation, Foreign Base 
Company Income and Foreign Personal Holding Company Income of a 
Controlled Foreign Corporation.
    OMB Number: 1545-1068. Regulation Project Number: INTL-362-88.
    Abstract: A U.S. shareholder of a controlled foreign corporation is 
subject to current U.S. taxation on the subpart F income of the foreign 
corporation, which consists of several categories of income. The 
election and recordkeeping requirements in the regulation are necessary 
to exclude certain high-taxed or active business income from subpart F 
income or to include certain income in the appropriate category of 
subpart F income. The record-keeping and election procedures allow the 
U.S. shareholders and the IRS to know the amount of the controlled 
foreign corporation's subpart F income.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents/Recordkeepers: 50,500.
    Estimated Time per Respondent/Recordkeeper: 1 hour.
    Estimated Total Annual Reporting/Recordkeeping Hours: 50,417.
    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: September 19, 2016.
Allan Hopkins,
Tax Analyst.
[FR Doc. 2016-23132 Filed 9-23-16; 8:45 am]
 BILLING CODE 4830-01-P