[Federal Register Volume 82, Number 224 (Wednesday, November 22, 2017)]
[Notices]
[Pages 55711-55712]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25220]


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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 the 
purchase price allocations in deemed and actual asset acquisitions.

DATES: Written comments should be received on or before January 22, 
2018 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.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6529, 1111 Constitution Avenue 
NW., Washington DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Purchase Price Allocation in Deemed and Actual Asset 
Acquisition.
    OMB Number: 1545-1658.
    Regulation Project Number: T.D. 8940.
    Abstract: Section 338 of the Internal Revenue Code provides rules 
under which a qualifying stock acquisition is treated as an asset 
acquisition (a ``deemed asset acquisition'') when an appropriate 
election is made. Section 1060 provides rules for the allocation of 
consideration when a trade or business is transferred. The collection 
of information is necessary to make the election, to calculate and 
collect the appropriate amount of tax liability when a qualifying stock 
acquisition is made, to determine the persons liable for such tax, and 
to determine the bases of assets acquired in the deemed asset 
acquisition.
    Current Actions: There are no changes to the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
farms.
    The regulation provides that a section 338 election is made by 
filing Form 8023. The burden for this requirement is reflected in the 
burden of Form 8023. The regulation also provides that both a seller 
and a purchaser must each file an asset acquisition statement on Form 
8594. The burden for this requirement is reflected in the burden of 
Form 8594.
    The burden for the collection of information in Sec.  1.338-2(e)(4) 
is as follows:
    Estimated Number of Respondents: 45.
    Estimated Time per Respondent: 34 minutes.
    Estimated Total Annual Burden Hours: 25.
    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

[[Page 55712]]

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: November 15, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-25220 Filed 11-21-17; 8:45 am]
 BILLING CODE 4830-01-P