[Federal Register Volume 88, Number 172 (Thursday, September 7, 2023)]
[Notices]
[Pages 61669-61670]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-19342]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Requesting Comments on Form 8838

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 Form 8838, Consent To Extend the Time To Assess

[[Page 61670]]

Tax Under Section 367-Gain Recognition Agreement.

DATES: Written comments should be received on or before November 6, 
2023 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 No. 
1545-1395 in the subject line of the message.

FOR FURTHER INFORMATION CONTACT:  Requests for additional information 
or copies of this collection should be directed to Jon Callahan, (737) 
800-7639, 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 currently seeking comments concerning the following 
information collection tools, reporting, and record-keeping 
requirements:
    Title: Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement.
    OMB Number: 1545-1395.
    Form Number: Form 8838.
    Abstract: Form 8838 is used to extend the statute of limitations 
for U.S. persons who transfer stock or securities to a foreign 
corporation. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer. The IRS uses Form 8838 so that it 
may assess tax against the transferor after the expiration of the 
original statute of limitations. The estimates in this notice are for 
estates, trusts, and tax-exempt organizations filing Form 8838.
    Current Actions: There is no change to the existing collection. 
However, the estimated number of responses was reduced to eliminate 
duplication of burden estimates. The estimated burden for individuals 
filing Form 8838 is approved under OMB control number 1545-0074, and 
the estimated burden for businesses filing Form 8838 is approved under 
OMB control number 1545-0123.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 200.
    Estimated Time Per Respondent: 8 hours, 14 minutes.
    Estimated Total Annual Burden Hours: 1,646.
    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: September 1, 2023.
Jon R. Callahan,
Senior Tax Analyst.
[FR Doc. 2023-19342 Filed 9-6-23; 8:45 am]
BILLING CODE 4830-01-P