[Federal Register Volume 82, Number 15 (Wednesday, January 25, 2017)]
[Notices]
[Page 8487]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-01577]


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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 S 
Corporation Guidance under AJCA of 2004.

DATES: Written comments should be received on or before March 27, 2017 
to be assured of consideration.

ADDRESSES: Direct all written comments to Tuawana Pinkston, 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 Tuawana Pinkston at 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW., 
Washington, DC 20224, or through the internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: S Corporation Guidance Under AJCA of 2004 and GOZA of 2005.
    OMB Number: 1545-2114.
    Regulation Project Number: TD 9422.
    Abstract: Final regulations provide guidance regarding certain 
changes made to the rules governing S corporations under the American 
Jobs Creation Act of 2004 and the Gulf Opportunity Zone Act of 2005. 
The final regulations replace obsolete references in the current 
regulations and allow taxpayers to make proper use of the provisions 
that made changes to prior law. The final regulations include guidance 
on the S corporation family shareholder rules, the definitions of 
``powers of appointment'' and ``potential current beneficiaries'' 
(PCBs) with regard to electing small business trusts (ESBTs),the 
allowance of suspended losses to the spouse or former spouse of an S 
corporation shareholder, and relief for inadvertently terminated or 
invalid qualified subchapter S subsidiary (QSub) elections. The final 
regulations affect S corporations and their shareholders. The 
collection of information is required by Sec.  1.1361-1(m)(2)(ii)(A) of 
these final regulations. This information is required to enable the IRS 
to verify whether the corporation is an eligible S corporation.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Individuals or households, business or other for-
profit & not-for-profit institutions.
    Estimated Total Annual Reporting Burden: 26,000.
    Estimated Average Annual Burden: 1 hour.
    Estimated Number of Respondents: 26,000.
    The reporting burden contained in Sec.  301.6501(c)-1(f) is 
reflected in the burden for Form 709, U.S. Gift (and Generation-
Skipping Transfer) Tax Return.
    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: January 5, 2017.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2017-01577 Filed 1-24-17; 8:45 am]
 BILLING CODE 4830-01-P