Notice2023-00493
Proposed Collection; Comment Request for Notice 99-43
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
January 12, 2023
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 information reporting for Nonrecognition Exchanges under Section 897.
Full Text
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<title>Federal Register, Volume 88 Issue 8 (Thursday, January 12, 2023)</title>
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[Federal Register Volume 88, Number 8 (Thursday, January 12, 2023)]
[Notices]
[Page 2171]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2023-00493]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Notice 99-43
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 information
reporting for Nonrecognition Exchanges under Section 897.
DATES: Written comments should be received on or before March 13, 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#6e1e1c0f400d0103030b001a1d2e071c1d40090118"><span class="__cf_email__" data-cfemail="e5959784cb868a8888808b9196a58c9796cb828a93">[email protected]</span></a>. Include ``OMB Number 1545-
1660-Rule to be Included in Final Regulations Under Section 897(e) of
the Code'' in the subject line of the message.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
or copies of this collection should be directed to Martha R. Brinson,
at (202)317-5753, 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#115c70636579703f433f5363787f627e7f517863623f767e67"><span class="__cf_email__" data-cfemail="d29fb3a0a6bab3fc80fc90a0bbbca1bdbc92bba0a1fcb5bda4">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Rule to be Included in Final Regulations Under Section
897(e) of the Code.
OMB Number: 1545-1660.
Regulation Project Number: Notice 99-43.
Abstract: Notice 99-43 announced modification of the current rules
under Temporary Regulation section 1.897-6T(a)(1) regarding transfers,
exchanges and other dispositions of U.S. real property interests in
nonrecognition transactions occurring after June 18, 1980. The notice
provided that, contrary to section 1.897-6T(a)(1), a foreign taxpayer
will not recognize a gain under Code 897(e) for an exchange described
in Code section 368(a)(1)(E) or (F), provided the taxpayer receives
substantially identical shares of the same domestic corporation with
the same divided rights, voting power, liquidation preferences, and
convertibility as the shares exchanged without any additional rights or
features.
Current Actions: There are no changes in the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other for-profit organizations,
individuals or households, and corporations.
Estimated Number of Respondents: 100.
Estimated Time per Respondent: 2 hours.
Estimated Total Annual Burden Hours: 200.
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: January 5, 2023.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2023-00493 Filed 1-11-23; 8:45 am]
BILLING CODE 4830-01-P
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