Notice2024-17984
Proposed Collection; Comment Request on Reduction of Tax Attributes Due to Discharge of Indebtedness
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
August 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 information collection requirements related to requests on reduction of tax attributes due to discharge of indebtedness.
Full Text
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<title>Federal Register, Volume 89 Issue 156 (Tuesday, August 13, 2024)</title>
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[Federal Register Volume 89, Number 156 (Tuesday, August 13, 2024)]
[Notices]
[Pages 65984-65985]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-17984]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request on Reduction of Tax
Attributes Due to Discharge of Indebtedness
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
continuing information collections, as required by the Paperwork
Reduction Act of 1995. The IRS is soliciting comments concerning
information collection requirements related to requests on reduction of
tax attributes due to discharge of indebtedness.
DATES: Written comments should be received on or before October 15,
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#235351420d404c4e4e464d5750634a51500d444c55"><span class="__cf_email__" data-cfemail="c9b9bba8e7aaa6a4a4aca7bdba89a0bbbae7aea6bf">[email protected]</span></a>. Include OMB control number
1545-0046 or Request on Reduction of Tax Attributes Due to Discharge of
Indebtedness, in the subject line.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form should be directed to Kerry Dennis at (202) 317-
5751, 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#69220c1b1b104725472d0c0707001a29001b1a470e061f"><span class="__cf_email__" data-cfemail="5d16382f2f2473117319383333342e1d342f2e733a322b">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Request on Reduction of Tax Attributes Due to Discharge of
Indebtedness.
OMB Number: 1545-0046.
Form Number: 982.
Abstract: Reduction of Tax Attributes Due to Discharge of
Indebtedness. Internal Revenue Code (IRC) section 108 allows taxpayers
to exclude from gross income amounts attributable to discharge of
indebtedness in title 11 cases, insolvency, or a qualified farm
indebtedness. Section 1081(b) allows corporations to exclude from gross
[[Page 65985]]
income amounts attributable to certain transfers of property. The data
is used to verify adjustments to basis of property and reduction of tax
attributes.
Current Actions: There is no change to the paperwork burden
previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households, businesses or other for
profit, small businesses, or organizations.
Estimated Number of Respondents: 667.
Estimated Time per Response: 11 hours, 23 min.
Estimated Total Annual Burden Hours: 7,491 hours.
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: August 7, 2024.
Kerry L. Dennis,
Tax Analyst.
[FR Doc. 2024-17984 Filed 8-12-24; 8:45 am]
BILLING CODE 4830-01-P
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