[Federal Register Volume 86, Number 197 (Friday, October 15, 2021)]
[Notices]
[Page 57475]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-22523]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 712, Life Insurance 
Statement

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 
continuing information collections, as required by the Paperwork 
Reduction Act of 1995. The IRS is soliciting comments concerning life 
insurance statements.

DATES: Written comments should be received on or before December 14, 
2021 to be assured of consideration.

ADDRESSES: Direct all written comments to Kerry Dennis, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Life Insurance Statement.
    OMB Number: 1545-0022.
    Form Number: 712.
    Abstract: Form 712 provides taxpayers and the IRS with information 
to determine if insurance on the decedent's life is includible in the 
gross estate and to determine the value of the policy for estate and 
gift tax purposes. The tax is based on the value of the life insurance 
policy.
    Current Actions: There is no change in the form or paperwork burden 
previously approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 60,000.
    Estimated Time per Respondent: 18 hrs., 40 min.
    Estimated Total Annual Burden Hours: 1,120,200.
    The following paragraph applies to all 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 if 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: October 12, 2021.
Kerry Dennis,
Tax Analyst.
[FR Doc. 2021-22523 Filed 10-14-21; 8:45 am]
BILLING CODE 4830-01-P