Notice2022-27362
Proposed Collection; Requesting Comments on TD 8649, Netting Rule for Certain Conversion Transactions
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
December 16, 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 final regulations in Treasury Decision (TD) 8649, Netting Rule for Certain Conversion Transactions.
Full Text
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<title>Federal Register, Volume 87 Issue 241 (Friday, December 16, 2022)</title>
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[Federal Register Volume 87, Number 241 (Friday, December 16, 2022)]
[Notices]
[Pages 77166-77167]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-27362]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Requesting Comments on TD 8649, Netting Rule
for Certain Conversion Transactions
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 final regulations in Treasury Decision (TD) 8649, Netting
Rule for Certain Conversion Transactions.
DATES: Written comments should be received on or before February 14,
2023 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#97e7e5f6b9f4f8fafaf2f9e3e4d7fee5e4b9f0f8e1"><span class="__cf_email__" data-cfemail="acdcdecd82cfc3c1c1c9c2d8dfecc5dedf82cbc3da">[email protected]</span></a>. Include OMB Control No.
1545-1276 in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this collection should be directed to Jon Callahan, (737)
800-7639, 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#3b515455154915585a57575a535a557b524948155c544d"><span class="__cf_email__" data-cfemail="f59f9a9bdb87db96949999949d949bb59c8786db929a83">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments
concerning the following information collection tools, reporting, and
record-keeping requirements:
Title: TD 8649, Netting Rule for Certain Conversion Transactions.
OMB Number: 1545-1452.
Abstract: Internal Revenue Code (IRC) section 1258 recharacterizes
capital gains from conversion transactions as ordinary income to the
extent of the time value element. Treasury Regulations section 1.1258-1
provides that certain gains and losses may be netted for purposes of
determining the amount of gain recharacterized. To be eligible for
netting relief, the taxpayer must identify on its books and records all
the positions that are part of the conversion transaction before the
close of the day on which the positions become part of the conversion
transaction.
Current Actions: There is no change to the existing collection.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals and households, business or other for-
profit organizations.
Estimated Number of Responses: 50,000.
Estimated Time per Respondent: 6 minutes.
Estimated Total Annual Burden Hours: 5,000.
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
[[Page 77167]]
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: December 13, 2022.
Jon R. Callahan,
Tax Analyst.
[FR Doc. 2022-27362 Filed 12-15-22; 8:45 am]
BILLING CODE 4830-01-P
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