[Federal Register Volume 82, Number 163 (Thursday, August 24, 2017)]
[Notices]
[Pages 40229-40230]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-17896]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8838-P

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of Information collection; request for comments.

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SUMMARY: The Internal Revenue Service (IRS), in accordance with the 
Paperwork Reduction Act of 1995 (PRA 95), provides the general public 
and Federal agencies with an opportunity to comment on continuing 
collections of information. This helps the IRS assess the impact of its 
information collection requirements and minimize the reporting burden 
on the public and helps the public understand the IRS's information 
collection requirements and provide the requested data in the desired 
format. The IRS is soliciting comments concerning the Form 8838-P, 
Consent To Extend the Time To Assess Tax Pursuant to the Gain Deferral 
Method Under Section 721(c).

DATES: Written comments should be received on or before October 23, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224.
    Requests for additional information or copies of the regulation 
should be directed to Taquesha Cain, Room 6526, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Consent To Extend the Time To Assess Tax Pursuant to the 
Gain Deferral Method (Section 721(c)).
    OMB Number: 1545-1668.
    Form Number: 8838-P.
    Abstract: Form 8838-P is used to extend the statute of limitations 
for U.S. persons who transfers appreciated property to partnerships 
with foreign partners related to the transferor. The form is filed when 
the transferor makes a gain recognition agreement. This agreement 
allows the transferor to defer the payment of tax on the transfer. The 
IRS uses Form 8838-P so that it may assess tax against the transferor 
after the expiration of the original statute of limitations.
    Current Actions: This is a new form added to the collection and the 
burden will increase from what has been previously approved by OMB.
    Type of Review: Revision of a currently approved collection.

[[Page 40230]]

    Affected Public: Individuals or households, business or other for-
profit organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time per Respondent: 7 hour, 3 minutes.
    Estimated Total Annual Burden Hours: 7,050.
    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: August 17, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-17896 Filed 8-23-17; 8:45 am]
BILLING CODE 4830-01-P