[Federal Register Volume 87, Number 142 (Tuesday, July 26, 2022)]
[Notices]
[Pages 44499-44500]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-15971]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Gains and Losses From 
Section 1256 Contracts and Straddles

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

[[Page 44500]]

concerning gains and losses from section 1256 contracts and straddles.

DATES: Written comments should be received on or before September 26, 
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 
1545-0644 or Gains and Losses From Section 1256 Contracts and 
Straddles, 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: Gains and Losses From Section 1256 Contracts and Straddles.
    OMB Number: 1545-0644.
    Form Number: 6781.
    Abstract: Form 6781 is used by taxpayers in computing their gains 
and losses on Internal Revenue Code section 1256 contracts under the 
marked-to-market rules and gains and losses under Code section 1092 
from straddle positions. The data is used to verify that the tax 
reported accurately reflects any such gains and losses.
    Current Actions: There is no change to the paperwork burden 
previously approved by OMB. This form is being submitted for renewal 
purposes only.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, and 
individuals.
    Estimated Number of Respondents: 5,684.
    Estimated Time Per Respondent: 13.95 hours.
    Estimated Total Annual Burden Hours: 79,292 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 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: July 20, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022-15971 Filed 7-25-22; 8:45 am]
BILLING CODE 4830-01-P