[Federal Register Volume 85, Number 241 (Tuesday, December 15, 2020)]
[Notices]
[Pages 81285-81286]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-27552]


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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 (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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning carryover of passive 
activity losses and credits and at-risk losses to bankruptcy estates of 
individuals.

DATES: Written comments should be received on or before February 16, 
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.

[[Page 81286]]


FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to Martha R. Brinson, at 
(202)317-5753, or at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Carryover of Passive Activity Losses and Credits and At-Risk 
losses to Bankruptcy Estates of Individuals.
    OMB Number: 1545-1375.
    Regulation Project Number: TD 8537.
    Abstract: These regulations relate to the application of carryover 
of passive activity losses and credits and at risk losses to the 
bankruptcy estates of individuals. The final regulations affect 
individual taxpayers who file bankruptcy petitions under chapter 7 or 
chapter 11 of title 11 of the United States Code and have passive 
activity losses and credits under section 469 or losses under section 
465.
    Current Actions: There are no changes being made to this 
regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 500.
    Estimated Time per Respondent: 12 mins.
    Estimated Total Annual Burden Hours: 100.
    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. 
Comments will be 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 has 
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 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: December 10, 2020.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2020-27552 Filed 12-14-20; 8:45 am]
BILLING CODE 4830-01-P