[Federal Register Volume 82, Number 145 (Monday, July 31, 2017)]
[Notices]
[Pages 35580-35581]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-16011]


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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 Internal Revenue Service, 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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning 
extensions of time to elect method for determining allowable loss.

DATES: Written comments should be received on or before September 29, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6529, 1111 Constitution Avenue NW., Washington, DC 20224. 
Requests for additional information or copies of the regulations should 
be directed to Kerry Dennis, Internal Revenue Service, Room 6529, 1111 
Constitution Avenue NW., Washington DC 20224, or through the internet, 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Extensions of Time to Elect Method for Determining Allowable 
Loss.
    OMB Number: 1545-1774.
    Regulation Project Number: T.D. 9187.
    Abstract: Regulations under sections 337(d) and 1502 of the 
Internal Revenue Code (Code) disallow certain losses recognized on 
sales of subsidiary stock by members of a consolidated group. These 
regulations apply to corporations filing consolidated returns, both 
during and after the period of affiliation, and also affect purchasers 
of the stock of members of a consolidated group. The information with 
respect to Sec.  1.337(d)-2(c)(1) and (3) is necessary to ensure that 
loss is not disallowed under Sec.  1.337(d)-2(a) and basis is not 
reduced under Sec.  1.337(d)-2(b) to the extent the taxpayer 
establishes that the loss or basis is not attributable to the 
recognition of built-in gain on the disposition of an asset. The 
information with respect to Sec.  1.1502-32(b)(4)(vii)(C) is necessary 
to allow the taxpayer to amend an election that would benefit the 
taxpayer, i.e., to amend its waiver under Sec.  1.1502-32(b)(4), so 
that it may use its acquired subsidiary's losses.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit.
    Estimated Number of Respondents: 3,850.
    Estimated Time Per Respondent: 2 hours.
    Estimated Total Annual Burden Hours: 7,700.
    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,

[[Page 35581]]

maintenance, and purchase of services to provide information.

    Approved: July 20, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-16011 Filed 7-28-17; 8:45 am]
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