[Federal Register Volume 86, Number 30 (Wednesday, February 17, 2021)]
[Notices]
[Pages 10000-10001]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03128]


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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 product liability 
losses and accumulations for product liability losses.

DATES: Written comments should be received on or before April 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 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: Product Liability Losses and Accumulations for Product 
Liability Losses.
    OMB Number: 1545-0863.
    Regulation Project Number: TD 8096.
    Abstract: T.D. 8096 provides final regulations relating to product 
liability losses and accumulations for the payment of reasonable 
anticipated product liability losses. Changes to the applicable tax law 
were made by the Revenue Act of 1978. Generally, a taxpayer who 
sustains a product liability loss must carry the loss back 10 years. 
However, a taxpayer may elect to have such loss treated as a regular 
net operating loss under section 172. If desired, such election is made 
by attaching a statement to the tax return. This statement will enable 
the IRS to monitor compliance with the statutory requirements.
    Current Actions: There are no changes being made to this 
regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.

[[Page 10001]]

    Estimated Number of Respondents: 5,000.
    Estimated Time Per Respondent: 30 mins.
    Estimated Total Annual Burden Hours: 2,500.
    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: January 25, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021-03128 Filed 2-16-21; 8:45 am]
BILLING CODE 4830-01-P