[Federal Register Volume 87, Number 70 (Tuesday, April 12, 2022)]
[Notices]
[Page 21700]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07740]


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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, 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 
changes in corporate control and capital structure.

DATES: Written comments should be received on or before June 13, 2022 
to be assured of consideration.

ADDRESSES: Direct all written comments to Andres Garcia, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224 or by email to [email protected]. Please include the ``OMB Number 
1545-1814'' in the Subject Line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Sara Covington, at (202) 317-
4542, or Internal Revenue Service, Room 6526, 1111 Constitution Avenue 
NW, Washington DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION:
    Title: Changes in Corporate Control and Capital Structure.
    OMB Number: 1545-1814.
    Form Number: 1099-CAP.
    Abstract: A corporation whose control was acquired or who underwent 
a substantial change in capital structure uses Form 1099-CAP if it 
determines the shareholders may have to recognize gain from the cash, 
stock, or other property they received in exchange for the 
corporation's stock.
    Current Actions: There are no changes being made to the form at 
this time. However, the agency is updating the estimated number of 
responses based on the most recent filing data.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals.
    Estimated Number of Respondents: 114.
    Estimated Time per Respondent: 11 minutes.
    Estimated Total Annual Burden Hours: 21 hours.
    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: April 5, 2022.
Sara Covington,
IRS Tax Analyst.
[FR Doc. 2022-07740 Filed 4-11-22; 8:45 am]
BILLING CODE 4830-01-P