Notice2022-15068
Proposed Collection; Comment Request for Information Collection for Treasury Decision 8517, Debt Instruments With Original Discount; Imputed Interest on Deferred Payment Sales or Exchanges of Property; Treasury Decision 9599, Property Traded on an Established Market
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 14, 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 proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. The IRS is soliciting comments concerning Treasury Decision 8517, Debt Instruments with Original Discount; Imputed Interest on Deferred Payment Sales or Exchanges of Property; Treasury Decision 9599, Property Traded on an Established Market.
Full Text
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<title>Federal Register, Volume 87 Issue 134 (Thursday, July 14, 2022)</title>
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[Federal Register Volume 87, Number 134 (Thursday, July 14, 2022)]
[Notices]
[Pages 42266-42267]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-15068]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Information Collection
for Treasury Decision 8517, Debt Instruments With Original Discount;
Imputed Interest on Deferred Payment Sales or Exchanges of Property;
Treasury Decision 9599, Property Traded on an Established Market
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. The IRS is soliciting comments
concerning Treasury Decision 8517, Debt Instruments with Original
Discount; Imputed Interest on Deferred Payment Sales or Exchanges of
Property; Treasury Decision 9599, Property Traded on an Established
Market.
DATES: Written comments should be received on or before September 12,
2022 to be assured of consideration.
ADDRESSES: Direct all written comments to Molly Stasko, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224, or by email to <a href="/cdn-cgi/l/email-protection#c0b0b2a1eea3afadada5aeb4b380a9b2b3eea7afb6"><span class="__cf_email__" data-cfemail="c0b0b2a1eea3afadada5aeb4b380a9b2b3eea7afb6">[email protected]</span></a>. Please include OMB Number
1545-1353 in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the collection tools should be directed to Sara Covington, at
(202) 317-5744, 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#99eaf8ebf8b7f5b7faf6eff0f7feedf6f7d9f0ebeab7fef6ef"><span class="__cf_email__" data-cfemail="1665776477387a387579607f7871627978567f646538717960">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The IRS is seeking comments concerning the
following information collection tools, reporting, and record-keeping
requirements:
Title: Debt Instruments with Original Discount; Imputed Interest on
Deferred Payment Sales or Exchanges of Property; Property Traded on an
Established Market.
OMB Number: 1545-1353.
Treasury Decision Numbers: 8517; 9599.
Abstract: These regulations provide definitions, reporting
requirements, elections, and general rules relating to the tax
treatment of debt instruments with original issue discount and the
imputation of, and accounting for, interest on certain sales or
exchanges of property. Current Actions: IRS is updating the burden
estimates for TD 9599, due to an inadvertent overstatement in the
previous OMB submissions. This results in a decrease in the burden
estimates by 180,000 responses (from 200,000 to 20,000) and a decrease
of 90,000 hours (from 100,000 to 10,000).
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations,
Individuals or Households.
Taxpayer Burden Estimates:
Treasury Decision 8517:
Estimated Number of Respondents: 525,000.
Estimated Time per Response: 0.35.
Estimated Total Annual Burden Hours: 185,500.
Treasury Decision 9599:
Estimated Number of Respondents: 20,000.
Estimated Time per Response: 0.5.
[[Page 42267]]
Estimated Total Annual Burden Hours: 10,000.
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. 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 11, 2022.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2022-15068 Filed 7-13-22; 8:45 am]
BILLING CODE 4830-01-P
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