Notice2021-15257
Proposed Collection; Comment Request for Form 7203
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
July 19, 2021
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995 (PRA). The IRS is soliciting comments for Form 7203, S Corporation Shareholder Stock and Debt Basis Limitations.
Full Text
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<title>Federal Register, Volume 86 Issue 135 (Monday, July 19, 2021)</title>
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[Federal Register Volume 86, Number 135 (Monday, July 19, 2021)]
[Notices]
[Pages 38204-38205]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-15257]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Form 7203
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
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995 (PRA). The IRS is soliciting comments
for Form 7203, S Corporation Shareholder Stock and Debt Basis
Limitations.
DATES: Written comments should be received on or before September 17,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224. You must reference the information collection's title, form
number, reporting or record-keeping requirement number, and OMB number
in your comment.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Jon Callahan,
(737) 800-7639, at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at <a href="/cdn-cgi/l/email-protection#63090c0d4d114d00020f0f020b020d230a11104d040c15"><span class="__cf_email__" data-cfemail="076d686929752964666b6b666f6669476e757429606871">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: S Corporation Shareholder Stock and Debt Basis Limitations.
OMB Number: 1545-XXXX.
Form Number: 7203.
Abstract: Internal Revenue Code (IRC) Section 1366 determines the
shareholder's tax liability from an S corporation. IRC Section 1367
details the adjustments to basis including the increase and decrease in
basis, income items included in basis, the basis of indebtedness, and
the basis of inherited stock. Shareholders will use Form 7203 to
calculate their stock and debt basis, ensuring the losses and
deductions are accurately claimed.
Current Actions: There are no changes being made to this form at
this time.
Type of Review: New Information Collection.
Affected Public: Individuals, Tax Exempt entities, and Estates and
Trusts.
Estimated Number of Respondents: 70,000.
Estimated Time per Respondent: 3 hours, 46 minutes.
Estimated Total Annual Burden Hours: 257,600 hours.
The following paragraph applies to all of the collections of
information covered by this notice:
[[Page 38205]]
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: July 14, 2021.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2021-15257 Filed 7-16-21; 8:45 am]
BILLING CODE 4830-01-P
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