Notice2024-02185
Proposed Collection; Comment Request for Election Out of Generation-Skipping Transfer (GST) Deemed Allocations
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
February 5, 2024
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 (PRA 95). The IRS is soliciting comments concerning the reporting burden associated with making the Election Out of Generation-Skipping Transfer(GST) Deemed Allocations.
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 24 (Monday, February 5, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 24 (Monday, February 5, 2024)]
[Notices]
[Page 7769]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-02185]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request for Election Out of
Generation-Skipping Transfer (GST) Deemed Allocations
AGENCY: Internal Revenue Service (IRS), Treasury.
ACTION: Notice and request for comments.
-----------------------------------------------------------------------
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 (PRA 95). The IRS is soliciting comments
concerning the reporting burden associated with making the Election Out
of Generation-Skipping Transfer(GST) Deemed Allocations.
DATES: Written comments should be received on or before April 5, 2024
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#88f8fae9a6ebe7e5e5ede6fcfbc8e1fafba6efe7fe"><span class="__cf_email__" data-cfemail="532321327d303c3e3e363d2720133a21207d343c25">[email protected]</span></a>. Please include the OMB
Control Number 1545-1892 or TD 9208 in the Subject line.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form should be directed to Sara Covington, at (202) 317-
5744 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue
NW, Washington, DC 20224, or through the internet, at
<a href="/cdn-cgi/l/email-protection#ed9e8c9f8cc381c38e829b84838a998283ad849f9ec38a829b"><span class="__cf_email__" data-cfemail="5c2f3d2e3d7230723f332a35323b2833321c352e2f723b332a">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Election Out of GST Deemed Allocations.
OMB Number: 1545-1892.
Regulation Project Number: TD 9208.
Abstract: This information is required by the IRS for taxpayers who
elect to have the automatic allocation rules not apply to the current
transfer and/or to future transfers to the trust or to terminate such
election. This information is also required by the IRS for taxpayers
who elect to treat trusts described in section 2632(c)(3)(B)(i) through
(vi)as GST trusts or to terminate such election. This information will
be used to identify the trusts to which the election or termination of
election will apply.
Current Actions: There are no changes being made to the regulations
at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Respondents: 25,000.
Estimated Time per Respondent: 30 minutes.
Estimated Total Annual Burden Hours: 12,500.
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 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: January 31, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-02185 Filed 2-2-24; 8:45 am]
BILLING CODE 4830-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on February 5, 2024.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.