[Federal Register Volume 89, Number 50 (Wednesday, March 13, 2024)]
[Notices]
[Page 18484]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05257]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request Relating to Carryover of 
Passive Activity Losses and Credits and At-Risk Losses to Bankruptcy 
Estates of Individuals

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 
carryover of passive activity losses and credits and at-risk losses to 
bankruptcy estates of individuals.

DATES: Written comments should be received on or before May 13, 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 
1545-1375 or TD 8537 in the Subject Line of the message. Requests for 
additional information or copies of this regulation 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: Carryover of Passive Activity Losses and Credits and At-Risk 
losses to Bankruptcy Estates for Individuals.
    OMB Number: 1545-1375.
    Regulation Project Number: T.D. 8537.
    Abstract: These regulations relate to the application of carryover 
of passive activity losses and credits and at risk losses to the 
bankruptcy estates of individuals. The final regulations affect 
individual taxpayers who file bankruptcy petitions under chapter 7 or 
chapter 11 of title 11 of the United States Code and have passive 
activity losses and credits under section 469 or losses under section 
465.
    Current Actions: There are no changes being made to this existing 
regulation or to the paperwork burden previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 500.
    Estimated Time per Respondent: 12 Minutes.
    Estimated Total Annual Burden Hours: 100.
    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: March 6, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-05257 Filed 3-12-24; 8:45 am]
BILLING CODE 4830-01-P