[Federal Register Volume 82, Number 196 (Thursday, October 12, 2017)]
[Notices]
[Page 47604]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-22079]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Revised: 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 (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning amortizable bond 
premium.

DATES: Written comments should be received on or before December 11, 
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 regulations should 
be directed to Martha R. Brinson, Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW., Washington, DC 20224, or through the 
Internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Amortizable Bond Premium.
    OMB Number: 1545-1491.
    Regulation Project Number: T.D. 8746.
    Abstract: This regulation addresses the tax treatment of bond 
premium. The regulation provides that a holder may make an election to 
amortize bond premium on a taxable bond by offsetting interest income 
with bond premium, and the holder must attach a statement to their tax 
return providing certain information. The information requested is 
necessary for the IRS to determine whether a holder has elected to 
amortize bond premium.
    Current Actions: Under Sec.  1.171-4(a)(1), a holder makes the 
election to amortize bond premium in the holder's timely filed income 
tax return for the first taxable year to which the holder desires the 
election to apply. This section also provides that the holder should 
attach to the return a statement that the holder is making the election 
under this section. We estimate 5,000 taxpayers will be affected by 
this requirement and that it will take approximately 0.5 hours to 
prepare this statement. The burden for the requirement is approximately 
2,500 hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Businesses or other for-profit organizations and 
individuals.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 0.5 hours
    Estimated Total Annual Burden Hours: 2,500.
    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: October 3, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-22079 Filed 10-11-17; 8:45 am]
 BILLING CODE 4830-01-P