[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38204-38205]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-15257]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 7203

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 (PRA). The IRS is soliciting comments 
for Form 7203, S Corporation Shareholder Stock and Debt Basis 
Limitations.

DATES: Written comments should be received on or before September 17, 
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. You must reference the information collection's title, form 
number, reporting or record-keeping requirement number, and OMB number 
in your comment.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Jon Callahan, 
(737) 800-7639, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: S Corporation Shareholder Stock and Debt Basis Limitations.
    OMB Number: 1545-XXXX.
    Form Number: 7203.
    Abstract: Internal Revenue Code (IRC) Section 1366 determines the 
shareholder's tax liability from an S corporation. IRC Section 1367 
details the adjustments to basis including the increase and decrease in 
basis, income items included in basis, the basis of indebtedness, and 
the basis of inherited stock. Shareholders will use Form 7203 to 
calculate their stock and debt basis, ensuring the losses and 
deductions are accurately claimed.
    Current Actions: There are no changes being made to this form at 
this time.
    Type of Review: New Information Collection.
    Affected Public: Individuals, Tax Exempt entities, and Estates and 
Trusts.
    Estimated Number of Respondents: 70,000.
    Estimated Time per Respondent: 3 hours, 46 minutes.
    Estimated Total Annual Burden Hours: 257,600 hours.
    The following paragraph applies to all of the collections of 
information covered by this notice:

[[Page 38205]]

    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, 2021.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2021-15257 Filed 7-16-21; 8:45 am]
BILLING CODE 4830-01-P