Notice2021-18174
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to the Limitations on Passive Activity Losses and Credits
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
August 24, 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 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. Currently, the IRS is soliciting comments concerning the burden related to the limitations on passive activity losses and credits and the treatment of self-charged items of income and expense.
Full Text
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<title>Federal Register, Volume 86 Issue 161 (Tuesday, August 24, 2021)</title>
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[Federal Register Volume 86, Number 161 (Tuesday, August 24, 2021)]
[Notices]
[Page 47369]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-18174]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Comment Request on Burden Related to the
Limitations on Passive Activity Losses and Credits
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 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. Currently, the IRS is soliciting comments
concerning the burden related to the limitations on passive activity
losses and credits and the treatment of self-charged items of income
and expense.
DATES: Written comments should be received on or before October 25,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC
20224. Requests for additional information or copies of the regulations
should be directed to R. Joseph Durbala, at Internal Revenue Service,
Room 6129, 1111 Constitution Avenue NW, Washington, DC 20224, or
through the internet, at <a href="/cdn-cgi/l/email-protection#9cced6f3eff9ecf4b2d8e9eefefdf0fddcf5eeefb2fbf3ea"><span class="__cf_email__" data-cfemail="1a485075697f6a72345e6f68787b767b5a736869347d756c">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Limitations on Passive Activity Losses and Credits--
Treatment of Self-charged Items of Income and Expense.
OMB Number: 1545-1244.
Regulation Project Number: TD 9013.
Abstract: Regulation section 1.469-7(g) permits entities to elect
to avoid application of section 1.469-7 in the event the passthrough
entity chooses to not have the income from lending transactions with
owners of interests in the entity recharacterized as passive activity
gross income. The IRS will use this information to determine whether
the entity has made a proper timely election and to determine that
taxpayers are complying with the election in the taxable year of the
election and subsequent taxable years.
Current Actions: There is no change to the burden previously
approved.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households and Business or other
for-profit.
Estimated Number of Responses: 1,000.
Estimated Time per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 100.
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.
Desired Focus of Comments: The Internal Revenue Service (IRS) is
particularly interested in comments that:
<bullet> Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility;
<bullet> Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used;
<bullet> Enhance the quality, utility, and clarity of the
information to be collected; and
<bullet> Minimize the burden of the collection of information on
those who are to respond, including using appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., by permitting electronic
submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Approved: August 19, 2021.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2021-18174 Filed 8-23-21; 8:45 am]
BILLING CODE 4830-01-P
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