Proposed Collection; Comment Request for Regulation Project

Published date10 June 2019
Citation84 FR 26935
Record Number2019-12160
SectionNotices
CourtInternal Revenue Service,Treasury Department
Federal Register, Volume 84 Issue 111 (Monday, June 10, 2019)
[Federal Register Volume 84, Number 111 (Monday, June 10, 2019)]
                [Notices]
                [Page 26935]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2019-12160]
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                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                Proposed Collection; Comment Request for Regulation Project
                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
                reverse like-kind exchanges.
                DATES: Written comments should be received on or before August 9, 2019
                to be assured of consideration.
                ADDRESSES: Direct all written comments to Laurie Brimmer, Internal
                Revenue Service, Room 6529, 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 6529, 1111 Constitution Avenue
                NW, Washington, DC 20224, or through the internet, at
                [email protected].
                SUPPLEMENTARY INFORMATION:
                 Title: Reverse Like-Kind Exchanges.
                 OMB Number: 1545-1701.
                 Revenue Procedure Number: 2000-37.
                 Abstract: Revenue Procedure 2000-37 provides a safe harbor for
                reverse like-kind exchanges in which a transaction using a ``qualified
                exchange accommodation arrangement'' will qualify for non-recognition
                treatment under section 1031 of the Internal Revenue Code. Revenue
                Procedure 2004-51 modifies sections 1 and 4 of Rev. Proc. 2000-37,
                2000-2 C.B. 308, to provide that Rev. Proc. 2000-37 does not apply if
                the taxpayer owns the property intended to qualify as replacement
                property before initiating a qualified exchange accommodation
                arrangement (QEAA).
                 Current Actions: There are no changes being made to this Revenue
                Procedure that would affect burden.
                 Type of Review: Extension of a currently approved collection.
                 Affected Public: Individuals or households, business or other for-
                profit organizations, and farms.
                 Estimated Number of Respondents: 1,600.
                 Estimated Time per Respondent: 2 hours.
                 Estimated Total Annual Burden Hours: 3,200 hrs.
                 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: June 5, 2019.
                Laurie Brimmer,
                Senior Tax Analyst.
                [FR Doc. 2019-12160 Filed 6-7-19; 8:45 am]
                BILLING CODE 4830-01-P
                

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