[Federal Register Volume 86, Number 30 (Wednesday, February 17, 2021)]
[Notices]
[Pages 9996-9997]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-03136]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8971

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 
information collections, as required by the Paperwork Reduction Act of 
1995. The IRS is soliciting comments concerning Form 8971, Information 
Regarding

[[Page 9997]]

Beneficiaries Acquiring Property from a Decedent.

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.
    Requests for additional information or copies of the form(s) and 
instructions should be directed to Sara Covington, (737) 800-6149 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or through the internet at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Information Regarding Beneficiaries Acquiring Property from 
a Decedent.
    OMB Number: 1545-2264.
    Form Number: 8971.
    Abstract: The Surface Transportation and Veterans Health Care 
Choice Improvement Act of 2015 requires executors of an estate and 
other persons who are required to file a Form 706, Form 706-NA, or Form 
706-A, to report to the Internal Revenue Service (IRS) and to each 
beneficiary receiving property from an estate the estate tax value of 
the property, if the return is filed after July 31, 2015. Form 8971 is 
used to report to the IRS and a Schedule A will be sent to each 
beneficiary and a copy of each Schedule A will be attached to the Form 
8971. Some property received by a beneficiary may have a consistency 
requirement, meaning that the beneficiary must use the value reported 
on the Schedule A as the beneficiary's initial basis of the property. A 
beneficiary is an individual, trust, or other estate who has acquired 
(or is expected to acquire) property from the estate. If the executor 
is also a beneficiary who has acquired (or is expected to acquire) 
property from the estate, the executor is a beneficiary for purposes of 
the Form 8971 and the attached Schedule A.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection. 
Affected Public: Individuals, Business or other for-profit 
organization, and not-for-profit institutions.
    Estimated Number of Responses: 10,000.
    Estimated Time per Response: 20 hours.
    Estimated Total Annual Burden Hours: 200,000.
    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: February 2, 2021.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2021-03136 Filed 2-16-21; 8:45 am]
BILLING CODE 4830-01-P