[Federal Register Volume 85, Number 52 (Tuesday, March 17, 2020)]
[Notices]
[Page 15253]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-05473]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request Concerning Treatment of Gain 
From Disposition of Certain Natural Resource Recapture Property

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 
treatment of gain from disposition of certain natural resource 
recapture property.

DATES: Written comments should be received on or before May 18, 2020 to 
be assured of consideration.

ADDRESSES: Direct all written comments to R. Joseph Durbala, 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: Treatment of Gain from Disposition of Certain Natural 
Resource Recapture Property.
    OMB Number: 1545-1352.
    Regulation Project Number: TD 8586.
    Abstract: This regulation prescribes rules for determining the tax 
treatment of gain from the disposition of natural resource recapture 
property in accordance with Internal Revenue Code section 1254. Gain is 
treated as ordinary income in an amount equal to the intangible 
drilling and development costs and depletion deductions taken with 
respect to the property. The information that taxpayers are required to 
retain will be used by the IRS to determine whether a taxpayer has 
properly characterized gain on the disposition of section 1254 
property.
    Current Actions: There are no changes being made to the regulations 
at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and business, or other for-profit 
organizations.
    Estimated Number of Respondents: 400.
    Estimated Time per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 2,000 hours.
    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 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: March 11, 2020.
R. Joseph Durbala,
IRS Tax Analyst.
[FR Doc. 2020-05473 Filed 3-16-20; 8:45 am]
 BILLING CODE 4830-01-P