[Federal Register Volume 86, Number 207 (Friday, October 29, 2021)]
[Notices]
[Page 60107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-23576]


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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 Excise Tax Relating 
to Gain or Other Income Realized by Any Person on Receipt of Greenmail.

DATES: Written comments should be received on or before December 28, 
2021 to be assured of consideration.

ADDRESSES: Direct all written comments to Paul Adams, 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 Sara Covington, at 
(737)800-6149, or at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION:
    Title: Excise Tax Relating to Gain or Other Income Realized By Any 
Person on Receipt of Greenmail.
    OMB Number: 1545-1049.
    Regulation Project Number: TD 8379 (final).
    Form Number: 8725.
    Abstract: The regulations provide rules relating to the manner and 
method of reporting and paying the nondeductible 50 percent excise tax 
imposed by section 5881 of the Internal Revenue Code with respect to 
the receipt of greenmail. The reporting requirements will be used to 
verify that the excise tax imposed under section 5881 is properly 
reported and timely paid. Form 8725 is used by persons who receive 
``greenmail'' to compute and pay the excise tax on greenmail imposed 
under Internal Revenue Code section 5881. IRS uses the information to 
verify that the correct amount of tax has been reported.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals and business or other for-profit 
organizations.
    Estimated Number of Responses: 12.
    Estimated Time per Response: 7 hours, 37 minutes.
    Estimated Total Annual Burden Hours: 92.
    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: October 25, 2021.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2021-23576 Filed 10-28-21; 8:45 am]
BILLING CODE 4830-01-P