[Federal Register Volume 89, Number 156 (Tuesday, August 13, 2024)]
[Notices]
[Pages 65984-65985]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-17984]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request on Reduction of Tax 
Attributes Due to Discharge of Indebtedness

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 
information collection requirements related to requests on reduction of 
tax attributes due to discharge of indebtedness.

DATES: Written comments should be received on or before October 15, 
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 control number 
1545-0046 or Request on Reduction of Tax Attributes Due to Discharge of 
Indebtedness, in the subject line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form should be directed to Kerry Dennis at (202) 317-
5751, or at Internal Revenue Service, Room 6526, 1111 Constitution 
Avenue NW, Washington, DC 20224, or through the internet, at 
[email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Request on Reduction of Tax Attributes Due to Discharge of 
Indebtedness.
    OMB Number: 1545-0046.
    Form Number: 982.
    Abstract: Reduction of Tax Attributes Due to Discharge of 
Indebtedness. Internal Revenue Code (IRC) section 108 allows taxpayers 
to exclude from gross income amounts attributable to discharge of 
indebtedness in title 11 cases, insolvency, or a qualified farm 
indebtedness. Section 1081(b) allows corporations to exclude from gross

[[Page 65985]]

income amounts attributable to certain transfers of property. The data 
is used to verify adjustments to basis of property and reduction of tax 
attributes.
    Current Actions: There is no change to the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, businesses or other for 
profit, small businesses, or organizations.
    Estimated Number of Respondents: 667.
    Estimated Time per Response: 11 hours, 23 min.
    Estimated Total Annual Burden Hours: 7,491 hours.
    The following paragraph applies to all 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 if 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: August 7, 2024.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2024-17984 Filed 8-12-24; 8:45 am]
BILLING CODE 4830-01-P