Notice2025-02076
Proposed Extension of Information Collection Request Submitted for Public Comment; Comment Request on Burden Related to Completing Form 7203
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 3, 2025
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 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. Currently, the IRS is soliciting comments concerning the burden for completing the form 7203, S Corporation Shareholder Stock and Debt Basis Limitations.
Full Text
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<title>Federal Register, Volume 90 Issue 21 (Monday, February 3, 2025)</title>
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[Federal Register Volume 90, Number 21 (Monday, February 3, 2025)]
[Notices]
[Page 8839]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-02076]
[[Page 8839]]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Extension of Information Collection Request Submitted
for Public Comment; Comment Request on Burden Related to Completing
Form 7203
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 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. Currently, the IRS is soliciting comments
concerning the burden for completing the form 7203, S Corporation
Shareholder Stock and Debt Basis Limitations.
DATES: Written comments should be received on or before April 4, 2025
to be assured of consideration.
ADDRESSES: Direct all written comments to Andr[eacute]s Garcia,
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW,
Washington, DC 20224, or by email to <a href="/cdn-cgi/l/email-protection#047476652a676b6969616a7077446d76772a636b72"><span class="__cf_email__" data-cfemail="2c5c5e4d024f4341414942585f6c455e5f024b435a">[email protected]</span></a>. Please
include, ``OMB Number: 1545-2302--Public Comment Request Notice'' in
the Subject line.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form and instructions should be directed to Ronald J.
Durbala, at (202) 317-5746, 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#abf9e1c4d8cedbc385efded9c9cac7caebc2d9d885ccc4dd"><span class="__cf_email__" data-cfemail="6c3e26031f091c044228191e0e0d000d2c051e1f420b031a">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: S Corporation Shareholder Stock and Debt Basis Limitations.
OMB Number: 1545-2302.
Document Number: Forms 7203.
Abstract: Internal Revenue Code (IRC) Section 1366 determines the
shareholder's tax liability from an S corporation. IRC Section 1367
details the adjustments to basis including the increase and decrease in
basis, income items included in basis, the basis of indebtedness, and
the basis of inherited stock. Shareholders will use Form 7203 to
calculate their stock and debt basis, ensuring the losses and
deductions are accurately claimed.
Current Actions: There are no changes in the form previously
approved by OMB. However, updates in the burden computation will result
in a burden decrease of 51,100 hours.
Type of Review: Revision of a currently approved collection.
Affected Public: Estates and Trusts.
Estimated Number of Respondents: 70,000.
Estimated Time per Respondent: 3 hrs., 2 min.
Estimated Total Annual Burden Hours: 214,200.
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.
Desired Focus of Comments: The Internal Revenue Service (IRS) is
particularly interested in comments that:
<bullet> Evaluate whether the proposed collection of information is
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility.
<bullet> Evaluate the accuracy of the agency's estimate of the
burden of the proposed collection of information, including the
validity of the methodology and assumptions used.
<bullet> Enhance the quality, utility, and clarity of the
information to be collected; and
<bullet> Minimize the burden of the collection of information on
those who are to respond, including using appropriate automated,
electronic, mechanical, or other technological collection techniques or
other forms of information technology, e.g., by permitting electronic
submissions of responses.
Comments submitted in response to this notice will be summarized
and/or included in the ICR for OMB approval of the extension of the
information collection; they will also become a matter of public
record.
Approved: January 27, 2025.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2025-02076 Filed 1-31-25; 8:45 am]
BILLING CODE 4830-01-P
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