[Federal Register Volume 89, Number 52 (Friday, March 15, 2024)]
[Notices]
[Pages 19014-19015]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05467]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Form 8971

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning, Information 
Regarding Beneficiaries Acquiring Property From a Decedent.

DATES: Written comments should be received on or before May 14, 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]. Include ``OMB Number 1545-
2264--Information Regarding Beneficiaries Acquiring Property From a 
Decedent'' in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to Martha R. Brinson, at 
(202) 317-5753, or at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Information Regarding Beneficiaries Acquiring Property From 
a Decedent.
    OMB Number: 1545-2264.
    Form Number: 8971.
    Abstract: The Surface Transportation and Veterans Health Care 
Choice Improvement Act of 2015 requires executors of an estate and 
other persons who are required to file a Form 706, Form 706-NA, or Form 
706-A, to report to the Internal Revenue Service (IRS) and to each 
beneficiary receiving property from an estate tax value of the 
property, if the return is filed after July 31, 2015. Form 8971 is used 
to report to the IRS and a Schedule A will be sent to each beneficiary 
and a copy of each Schedule A will be attached to the Form 8971. Some 
property received by a beneficiary may have a consistency requirement, 
meaning that the beneficiary must use the value reported on the 
Schedule A as the beneficiary's initial basis of the property. A 
beneficiary is an individual, trust, or other estate who has acquired 
(or is expected to acquire) property from the estate. If the executor 
is also a beneficiary who has acquired (or is expected to acquire) 
property from the estate, the executor is a beneficiary for purposes of 
the Form 8971 and the attached Schedule A.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals, business or other for-profit 
organization, and not-for-profit institutions.
    Estimated Number of Responses: 10,000.
    Estimated Time per Response: 20 minutes.
    Estimated Total Annual Burden Hours: 200,000.
    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. 
Comments will be of public record. Comments are invited on: (a) whether 
the collection of

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information is necessary for the proper performance of the functions of 
the agency, including whether the information has 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 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 8, 2024.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2024-05467 Filed 3-14-24; 8:45 am]
BILLING CODE 4830-01-P