Notice2021-23576
Proposed Collection; Comment Request for Regulation Project
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
October 29, 2021
Issuing agencies
Treasury DepartmentInternal Revenue Service
Abstract
The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Excise Tax Relating to Gain or Other Income Realized by Any Person on Receipt of Greenmail.
Full Text
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<title>Federal Register, Volume 86 Issue 207 (Friday, October 29, 2021)</title>
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[Federal Register Volume 86, Number 207 (Friday, October 29, 2021)]
[Notices]
[Page 60107]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23576]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Regulation Project
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
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SUMMARY: The Internal Revenue Service (IRS), 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 information collections, as required by the Paperwork Reduction Act
of 1995. The IRS is soliciting comments concerning Excise Tax Relating
to Gain or Other Income Realized by Any Person on Receipt of Greenmail.
DATES: Written comments should be received on or before December 28,
2021 to be assured of consideration.
ADDRESSES: Direct all written comments to Paul Adams, Internal Revenue
Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Sara Covington, at
(737)800-6149, or 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#8cdfedfeeda2c0a2cfe3fae5e2ebf8e3e2cce5feffa2ebe3fa"><span class="__cf_email__" data-cfemail="05566477642b492b466a736c6b62716a6b456c77762b626a73">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Excise Tax Relating to Gain or Other Income Realized By Any
Person on Receipt of Greenmail.
OMB Number: 1545-1049.
Regulation Project Number: TD 8379 (final).
Form Number: 8725.
Abstract: The regulations provide rules relating to the manner and
method of reporting and paying the nondeductible 50 percent excise tax
imposed by section 5881 of the Internal Revenue Code with respect to
the receipt of greenmail. The reporting requirements will be used to
verify that the excise tax imposed under section 5881 is properly
reported and timely paid. Form 8725 is used by persons who receive
``greenmail'' to compute and pay the excise tax on greenmail imposed
under Internal Revenue Code section 5881. IRS uses the information to
verify that the correct amount of tax has been reported.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals and business or other for-profit
organizations.
Estimated Number of Responses: 12.
Estimated Time per Response: 7 hours, 37 minutes.
Estimated Total Annual Burden Hours: 92.
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.
Comments will be 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 has
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 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: October 25, 2021.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2021-23576 Filed 10-28-21; 8:45 am]
BILLING CODE 4830-01-P
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</html>Indexed from Federal Register on October 29, 2021.
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