[Federal Register Volume 86, Number 167 (Wednesday, September 1, 2021)]
[Notices]
[Pages 49094-49095]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-18890]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments for Regulation Project.

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. The IRS is soliciting comments 
concerning information collection requirements related to the guidance 
regarding the qualified severance of a trust for generation-skipping 
transfer (GST) tax purposes.

DATES: Written comments should be received on or before November 1, 
2021 to be assured of consideration.

[[Page 49095]]


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: Qualified Severance of a Trust for Generation-Skipping 
Transfer (GST) Tax Purposes.
    OMB Number: 1545-1902.
    Regulation Project Number: TD 9348 and TD 9421.
    Abstract: This previously approved Regulation requires taxpayers to 
report a qualified severance by filing a Form 706-GS(T), or such other 
form that may be published by the Internal Revenue Service in the 
future that is specifically designated to be utilized to report 
qualified severances. Where Form 706-GS(T) is used, the filer should 
attach a Notice of Qualified Severance to the return that clearly 
identifies the trust that is being severed and the new trusts created 
as a result of the severance. The Notice must also provide the 
inclusion ratio of the trust that was severed and the inclusion ratios 
of the new trusts resulting from the severance. The information 
collected will be used by the IRS to identify the trusts being severed 
and the new trusts created upon severance. The collection of 
information is required in order to have a qualified severance.
    Current Actions: There is no change to the existing collection.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 650.
    Estimated Time per Respondent: 2 hours, 8 minutes.
    Estimated Total Annual Burden Hours: 1,352.
    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: August 26, 2021.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2021-18890 Filed 8-31-21; 8:45 am]
BILLING CODE 4830-01-P