[Federal Register Volume 85, Number 137 (Thursday, July 16, 2020)]
[Notices]
[Pages 43299-43300]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-15354]
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request Concerning Consent To Extend
the Time To Assess Tax Under Section 367-Gain Recognition Agreement
Source of Compensation for Labor or Personal Services
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
consent to extend the time to assess tax under section 367-gain
recognition agreement.
DATES: Written comments should be received on or before September 14,
2020 to be assured of consideration.
ADDRESSES: Direct all written comments to Kinna Brewington, Internal
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC
20224.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the form should be directed to Kerry Dennis, at (202) 317-
5751 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue
NW, Washington, DC 20224, or through the internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement.
OMB Number: 1545-1395.
Form Number: 8838.
Abstract: Form 8838 is used to extend the statute of limitations
for U.S. persons who transfer stock or securities to a foreign
corporation. The form is filed when the transferor makes a gain
recognition agreement. This agreement allows the transferor to defer
the payment of tax on the transfer. The IRS uses Form 8838 so that it
may assess tax against the transferor after the expiration of the
original statute of limitations.
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 and households, and businesses and
other for-profit organizations.
Estimated Number of Respondents: 666.
Estimated Time per Respondent: 8 hour, 14 minutes.
Estimated Total Annual Burden Hours: 5,482 hours.
The following paragraph applies to all the collections of
information covered by this notice.
[[Page 43300]]
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: July 10, 2020.
Chakinna B. Clemons,
Supervisory Tax Analyst.
[FR Doc. 2020-15354 Filed 7-15-20; 8:45 am]
BILLING CODE 4830-01-P