[Federal Register Volume 87, Number 70 (Tuesday, April 12, 2022)]
[Notices]
[Pages 21699-21700]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-07773]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Election To Postpone Determination as to 
Whether the Presumption Applies That an Activity Is Engaged in for 
Profit

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

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 
election to postpone determination as to whether the presumption 
applies that an activity is engaged in for profit.

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]. Include OMB control number 
1545-0195 or Election to Postpone Determination as To Whether the 
Presumption Applies That an Activity Is Engaged in for Profit, in the 
subject line of the message.

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

SUPPLEMENTARY INFORMATION: Title: Election to Postpone Determination as 
To Whether the Presumption Applies That an Activity Is Engaged in for 
Profit.
    OMB Number: 1545-0195.
    Form Number: 5213.
    Abstract: Section 183 of the Internal Revenue Code allows taxpayers 
to elect to postpone a determination as to whether an activity is 
entered into for profit or is in the nature of a nondeductible hobby. 
The election is made on Form 5213 and allows taxpayers 5 years (7 years 
for breeding, training, showing, or racing horses) to show a profit 
from an activity.
    Current Actions: There is no change to the form or burden at this 
time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 3,541.
    Estimated Time Per Respondent: 47 minutes.
    Estimated Total Annual Burden Hours: 2,762 hours.
    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

[[Page 21700]]

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: April 6, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022-07773 Filed 4-11-22; 8:45 am]
BILLING CODE 4830-01-P