[Federal Register Volume 87, Number 134 (Thursday, July 14, 2022)]
[Notices]
[Pages 42266-42267]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-15068]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Information Collection 
for Treasury Decision 8517, Debt Instruments With Original Discount; 
Imputed Interest on Deferred Payment Sales or Exchanges of Property; 
Treasury Decision 9599, Property Traded on an Established Market

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 Treasury Decision 8517, Debt Instruments with Original 
Discount; Imputed Interest on Deferred Payment Sales or Exchanges of 
Property; Treasury Decision 9599, Property Traded on an Established 
Market.

DATES: Written comments should be received on or before September 12, 
2022 to be assured of consideration.

ADDRESSES: Direct all written comments to Molly Stasko, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224, or by email to [email protected]. Please include OMB Number 
1545-1353 in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the collection tools should be directed to Sara Covington, at 
(202) 317-5744, 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 seeking comments concerning the 
following information collection tools, reporting, and record-keeping 
requirements:
    Title: Debt Instruments with Original Discount; Imputed Interest on 
Deferred Payment Sales or Exchanges of Property; Property Traded on an 
Established Market.
    OMB Number: 1545-1353.
    Treasury Decision Numbers: 8517; 9599.
    Abstract: These regulations provide definitions, reporting 
requirements, elections, and general rules relating to the tax 
treatment of debt instruments with original issue discount and the 
imputation of, and accounting for, interest on certain sales or 
exchanges of property. Current Actions: IRS is updating the burden 
estimates for TD 9599, due to an inadvertent overstatement in the 
previous OMB submissions. This results in a decrease in the burden 
estimates by 180,000 responses (from 200,000 to 20,000) and a decrease 
of 90,000 hours (from 100,000 to 10,000).
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
Individuals or Households.
    Taxpayer Burden Estimates:
    Treasury Decision 8517:
    Estimated Number of Respondents: 525,000.
    Estimated Time per Response: 0.35.
    Estimated Total Annual Burden Hours: 185,500.
    Treasury Decision 9599:
    Estimated Number of Respondents: 20,000.
    Estimated Time per Response: 0.5.

[[Page 42267]]

    Estimated Total Annual Burden Hours: 10,000.
    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: July 11, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-15068 Filed 7-13-22; 8:45 am]
BILLING CODE 4830-01-P