Notice2024-05257
Proposed Collection; Comment Request Relating to Carryover of Passive Activity Losses and Credits and At-Risk Losses to Bankruptcy Estates of Individuals
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
March 13, 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. The IRS is soliciting comments concerning carryover of passive activity losses and credits and at-risk losses to bankruptcy estates of individuals.
Full Text
<html>
<head>
<title>Federal Register, Volume 89 Issue 50 (Wednesday, March 13, 2024)</title>
</head>
<body><pre>
[Federal Register Volume 89, Number 50 (Wednesday, March 13, 2024)]
[Notices]
[Page 18484]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-05257]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request Relating to Carryover of
Passive Activity Losses and Credits and At-Risk Losses to Bankruptcy
Estates of Individuals
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. The IRS is soliciting comments concerning
carryover of passive activity losses and credits and at-risk losses to
bankruptcy estates of individuals.
DATES: Written comments should be received on or before May 13, 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#a3d3d1c28dc0cccecec6cdd7d0e3cad1d08dc4ccd5"><span class="__cf_email__" data-cfemail="aadad8cb84c9c5c7c7cfc4ded9eac3d8d984cdc5dc">[email protected]</span></a>. Please include OMB Number
1545-1375 or TD 8537 in the Subject Line of the message. Requests for
additional information or copies of this regulation 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#80d3e1f2e1aeccaec3eff6e9eee7f4efeec0e9f2f3aee7eff6"><span class="__cf_email__" data-cfemail="83d0e2f1e2adcfadc0ecf5eaede4f7ecedc3eaf1f0ade4ecf5">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Carryover of Passive Activity Losses and Credits and At-Risk
losses to Bankruptcy Estates for Individuals.
OMB Number: 1545-1375.
Regulation Project Number: T.D. 8537.
Abstract: These regulations relate to the application of carryover
of passive activity losses and credits and at risk losses to the
bankruptcy estates of individuals. The final regulations affect
individual taxpayers who file bankruptcy petitions under chapter 7 or
chapter 11 of title 11 of the United States Code and have passive
activity losses and credits under section 469 or losses under section
465.
Current Actions: There are no changes being made to this existing
regulation or to the paperwork burden previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Respondents: 500.
Estimated Time per Respondent: 12 Minutes.
Estimated Total Annual Burden Hours: 100.
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: March 6, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-05257 Filed 3-12-24; 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 March 13, 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.