[Federal Register Volume 85, Number 139 (Monday, July 20, 2020)]
[Notices]
[Pages 43943-43944]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-15584]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Forms 706 and Schedule 
R-1 (Form 706)

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 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995. The IRS is soliciting comments 
concerning Form 706, United States Estate (and Generation-Skipping 
Transfer) Tax Return and Schedule R-1 (Form 706), Generation-Skipping 
Transfer Tax.

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

ADDRESSES: Direct all written comments to Paul Adams, Internal Revenue 
Service, room 6526, 1111 Constitution Avenue NW, Washington, DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Sara 
Covington, (202) 317-6038, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or the internet at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: United States Estate (and Generation-Skipping Transfer) Tax 
Return.
    OMB Number: 1545-0015.
    Forms Number: 706 and Schedule R-1 (Form 706).
    Abstract: Form 706 is used by executors to report and compute the 
Federal estate tax imposed by Internal Revenue Code section 2001 and 
the Federal generation-skipping transfer (GST) tax imposed by Code 
section

[[Page 43944]]

2601. The IRS uses the information on the form to enforce the estate 
and GST tax provisions of the Code and to verify that the taxes have 
been properly computed. Schedule R-1 (Form 706) serves as a payment 
voucher for the Generation-Skipping Transfer (GST)tax imposed on a 
direct skip from a trust, which the trustee of the trust, must pay.
    Current Actions: Prior to this revision, Schedule R-1 and its 
instructions were embedded in Form 706. However, Schedule R-1 and its 
instructions were removed, to create a separate hybrid form for 
Schedule R-1 and its instructions. There are changes in the paperwork 
burden previously approved by OMB, due to the reduction in filers based 
on the most recent filing data.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households and business or other 
for-profit organizations.
    Estimated Number of Responses: 30,729.
    Estimated Time per Respondents: 36.50.
    Estimated Total Annual Burden Hours: 1,121,903.
    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: July 14, 2020.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2020-15584 Filed 7-17-20; 8:45 am]
BILLING CODE 4830-01-P