[Federal Register Volume 83, Number 118 (Tuesday, June 19, 2018)]
[Notices]
[Pages 28490-28491]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13076]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Hedging Transactions

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 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. Currently, the IRS is soliciting comments 
concerning the guidance for taxpayers regarding when gain or loss from 
common business hedging transactions is considered for tax purposes.

DATES: Written comments should be received on or before August 20, 2018 
to be assured of consideration.

ADDRESSES: Direct all written comments to Roberto Mora-Figueroa, 
Internal Revenue Service, Room 6129, 1111 Constitution Avenue NW, 
Washington, DC 20224. Requests for additional information or copies of 
the regulations should be directed to R. Joseph Durbala, at Internal 
Revenue Service, Room 6129, 1111 Constitution Avenue NW, Washington, DC 
20224, or through the internet, at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Clear Reflection of Income in the Case of Hedging 
Transactions.
    OMB Number: 1545-1412.
    Regulation Project Number: TD 8554.
    Abstract: These final regulations provide guidance to taxpayers 
regarding when gain or loss from common business hedging transactions 
is recognized for tax purposes. Paragraph (d) of Sec.  1.446-4 requires 
that the books and records maintained by a taxpayer disclose the method 
or methods used to account for different types of hedging transactions. 
The purpose of this rule is to ensure that the taxpayer has such 
records as are necessary to allow a Service examiner to determine 
whether the method of accounting used by the taxpayer for a transaction 
clearly reflects income.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 100,000.
    Estimated Time per Respondent: 12 min.
    Estimated Total Annual Burden Hours: 20,000.
    The following paragraph applies to all 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 if their contents may become material in the administration of 
any

[[Page 28491]]

internal revenue law. Generally, tax returns and tax return information 
are confidential, as required by 26 U.S.C. 6103.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: June 13, 2018.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2018-13076 Filed 6-18-18; 8:45 am]
 BILLING CODE 4830-01-P