Notice2021-19182
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to the Allocation of Expenses by Real Estate Mortgage Investment Conduits
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
September 7, 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 real estate mortgage conduits; reporting requirements and other administrative matters; and allocation of allocable investment expense; original issue discount reporting requirements.
Full Text
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<title>Federal Register, Volume 86 Issue 170 (Tuesday, September 7, 2021)</title>
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[Federal Register Volume 86, Number 170 (Tuesday, September 7, 2021)]
[Notices]
[Page 50209]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-19182]
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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 Allocation
of Expenses by Real Estate Mortgage Investment Conduits
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 real estate mortgage conduits;
reporting requirements and other administrative matters; and allocation
of allocable investment expense; original issue discount reporting
requirements.
DATES: Written comments should be received on or before November 8,
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#4a180025392f3a22640e3f38282b262b0a233839642d253c"><span class="__cf_email__" data-cfemail="50021a3f233520387e14252232313c31103922237e373f26">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Allocation of expenses by real estate mortgage investment
conduits.
OMB Number: 1545-1018.
Regulation Project Number: TD 8366 and TD 8431.
Abstract: In general, a REMIC is a fixed pool of mortgages in which
multiple classes of interests are held by investors and which elects to
be taxed as a REMIC. The regulations under section 860D prescribe the
way an entity elects status as a REMIC. The regulations under section
860F govern the filing of the REMIC's income tax return and, together
with the regulations under sections 67 and 6049 require notice of
income and other information to be provided to REMIC investors and the
Internal Revenue Service. Investors use the information provided in
sections 67 and 6049 while completing their income tax returns. The
Internal Revenue Service will use this information to determine that
taxpayers are complying with the applicable tax laws.
Current Actions: There is no change to the burden previously
approved.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit.
Estimated Number of Responses: 9,725
Estimated Time per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 978.
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: September 1, 2021.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2021-19182 Filed 9-3-21; 8:45 am]
BILLING CODE 4830-01-P
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