[Federal Register Volume 89, Number 45 (Wednesday, March 6, 2024)]
[Notices]
[Page 16086]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-04677]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request Relating to Product 
Liability Losses and Accumulations for Product Liability Losses

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 
Product Liability Losses and Accumulations for Product Liability 
Losses.

DATES: Written comments should be received on or before May 6, 2024 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 OMB Number 
1545-0863 or TD 8096 in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the should be directed to Sara Covington, at (202) 317-5744 
or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Product Liability Losses and Accumulations for Product 
Liability Losses.
    OMB Number: 1545-0863.
    Regulation Project Number: T.D. 8096.
    Abstract: T.D. 8096 provides final regulations relating to product 
liability losses and accumulations for the payment of reasonable 
anticipated product liability losses. Changes to the applicable tax law 
were made by the Revenue Act of 1978. Generally, a taxpayer who 
sustains a product liability loss must carry the loss back 10 years. 
However, a taxpayer may elect to have such loss treated as a regular 
net operating loss under section 172. If desired, such election is made 
by attaching a statement to the tax return. This statement will enable 
the IRS to monitor compliance with the statutory requirements.
    Current Actions: There is no change to this existing regulation or 
to the paperwork burden previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Respondents: 5,000.
    Estimated Time per Respondent: 30 minutes.
    Estimated Total Annual Burden Hours: 2,500.
    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: February 29, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-04677 Filed 3-5-24; 8:45 am]
BILLING CODE 4830-01-P