[Federal Register Volume 85, Number 224 (Thursday, November 19, 2020)]
[Notices]
[Pages 73845-73846]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-25535]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Revenue Procedure 2003-
84

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice of information collection; 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 proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act of 1995. The IRS is soliciting comments 
concerning Revenue Procedure 2003-84, Optional election to make monthly 
706(a) computations.

DATES: Written comments should be received on or before January 19, 
2021 to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to LaNita Van Dyke, at 
(202) 317-6009, 1111 Constitution Avenue NW, Room 6526, Washington, DC 
20224, or through the internet at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Optional election to make monthly 706(a) computations.
    OMB Number: 1545-1768.
    Revenue Procedure Number: Revenue Procedure 2003-84.
    Abstract: This procedure allows certain partnerships that invest in 
tax-exempt obligations to make an election that enables the partners to 
take into account monthly the inclusions required under sections 702 
and 707(c) of the Code and provides rules for partnership income tax 
reporting under section 6031 for such partnerships. Rev. Proc. 2002-68 
modified and superseded.
    Current Actions: There are no changes being made to the revenue 
procedure at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 1,000.
    Estimated Time per Respondent: 30 minutes.

[[Page 73846]]

    Estimated Total Annual Burden Hours. 500.
    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 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 13, 2020.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2020-25535 Filed 11-18-20; 8:45 am]
BILLING CODE 4830-01-P