Notice2022-07773
Proposed Collection; Election To Postpone Determination as to Whether the Presumption Applies That an Activity Is Engaged in for Profit
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
April 12, 2022
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 continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning election to postpone determination as to whether the presumption applies that an activity is engaged in for profit.
Full Text
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<title>Federal Register, Volume 87 Issue 70 (Tuesday, April 12, 2022)</title>
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[Federal Register Volume 87, Number 70 (Tuesday, April 12, 2022)]
[Notices]
[Pages 21699-21700]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07773]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Election To Postpone Determination as to
Whether the Presumption Applies That an Activity Is Engaged in for
Profit
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
election to postpone determination as to whether the presumption
applies that an activity is engaged in for profit.
DATES: Written comments should be received on or before June 13, 2022
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 <a href="/cdn-cgi/l/email-protection#88e7e5eaa6fde6e1fcc8e1fafba6efe7fe"><span class="__cf_email__" data-cfemail="afc0c2cd81dac1c6dbefc6dddc81c8c0d9">[email protected]</span></a>. Include OMB control number
1545-0195 or Election to Postpone Determination as To Whether the
Presumption Applies That an Activity Is Engaged in for Profit, in the
subject line of the message.
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
<a href="/cdn-cgi/l/email-protection#206b455252590e6c0e64454e4e4953604952530e474f56"><span class="__cf_email__" data-cfemail="79321c0b0b005735573d1c1717100a39100b0a571e160f">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: Title: Election to Postpone Determination as
To Whether the Presumption Applies That an Activity Is Engaged in for
Profit.
OMB Number: 1545-0195.
Form Number: 5213.
Abstract: Section 183 of the Internal Revenue Code allows taxpayers
to elect to postpone a determination as to whether an activity is
entered into for profit or is in the nature of a nondeductible hobby.
The election is made on Form 5213 and allows taxpayers 5 years (7 years
for breeding, training, showing, or racing horses) to show a profit
from an activity.
Current Actions: There is no change to the form or burden at this
time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations.
Estimated Number of Respondents: 3,541.
Estimated Time Per Respondent: 47 minutes.
Estimated Total Annual Burden Hours: 2,762 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
[[Page 21700]]
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: April 6, 2022.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2022-07773 Filed 4-11-22; 8:45 am]
BILLING CODE 4830-01-P
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