[Federal Register Volume 81, Number 218 (Thursday, November 10, 2016)]
[Notices]
[Page 79098]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-27113]


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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 
capitalization of certain policy acquisition expenses.

DATES: Written comments should be received on or before January 9, 2017 
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 LaNita Van Dyke at 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Capitalization of Certain Policy Acquisition Expenses.
    OMB Number: 1545-1287.
    Regulation Project Number: FI-3-91 (TD 8456).
    Abstract: Internal Revenue Code section 848 provides that insurance 
companies' must capitalize ``specified policy acquisition expenses. In 
lieu of identifying the categories of expenses that must be 
capitalized, section 848 requires that a company capitalize an amount 
of otherwise deductible expenses equal to specified percentages of net 
premiums with respect to certain types of insurance contracts. 
Insurance companies that enter into reinsurance agreements must 
determine the amounts to be capitalized under those agreements 
consistently. This regulation provides elections to permit the parties 
to a reinsurance agreement to shift the burden of capitalization for 
their mutual benefit.
    Current Actions: There is no change to these existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 2,070.
    Estimated Time per Respondent: 1 hr.
    Estimated Total Annual Burden Hours: 2,070.
    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 toprovide information.

    Approved: November 1, 2016.
Tuawana Pinkston,
Supervisory Tax Analyst.
[FR Doc. 2016-27113 Filed 11-9-16; 8:45 am]
 BILLING CODE 4830-01-P