[Federal Register Volume 89, Number 58 (Monday, March 25, 2024)]
[Notices]
[Pages 20762-20763]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-06182]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request Relating to Adjustments to 
Basis of Stock and Indebtedness to Shareholders of S Corporations and 
Treatment of Distributions by S Corporations to Shareholders

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 
adjustments to basis of stock and indebtedness to shareholders of S 
corporations and treatment of distributions by S corporations to 
shareholders.

DATES: Written comments should be received on or before May 24, 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 
1545-1139 in the Subject line of the message. Requests for additional 
information or copies of the regulations should be directed to Sara 
Covington, (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: Adjustments to Basis of Stock and Indebtedness to 
Shareholders of S Corporations and Treatment of Distributions by S 
Corporations to Shareholders.
    OMB Number: 1545-1139.
    Regulation Project Number: TD 9300 and TD 9428.
    Abstract: This document contains final regulations relating to the 
passthrough of items of an S corporation to its shareholders, the 
adjustments to the basis of stock of the shareholders, and the 
treatment of distributions by an S corporation. Changes to the 
applicable law were made by the Subchapter S Revision Act of 1982, the 
Tax Reform Act of 1984, the Tax Reform Act of 1986, the Technical and 
Miscellaneous Revenue Act of 1988, and the Small Business Job 
Protection Act of 1996.

[[Page 20763]]

These regulations provide the public with guidance needed to comply 
with the applicable law and will affect S corporations and their 
shareholders.
    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 currently approved collection.
    Affected Public: Business or other for-profit organizations and 
individuals.
    Estimated Number of Responses: 2,250.
    Estimated Time per Respondent: 12 minutes.
    Estimated Total Annual Burden Hours: 450.
    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 19, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-06182 Filed 3-22-24; 8:45 am]
BILLING CODE 4830-01-P