Proposed Collection; Comment Request for Form 8824

• Published date: 04 May 2021
• Citation: 86 FR 23788
• Record Number: 2021-09365
• Section: Notices
• Court: Internal Revenue Service,Treasury Department

Federal Register, Volume 86 Issue 84 (Tuesday, May 4, 2021)

[Federal Register Volume 86, Number 84 (Tuesday, May 4, 2021)]
                [Notices]
                [Page 23788]
                From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
                [FR Doc No: 2021-09365]
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                DEPARTMENT OF THE TREASURY
                Internal Revenue Service
                Proposed Collection; Comment Request for Form 8824
                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
                information collections, as required by the Paperwork Reduction Act of
                1995. The IRS is soliciting comments concerning Form 8824, Like-Kind
                Exchanges.
                DATES: Written comments should be received on or before July 6, 2021 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 and instructions should be directed to LaNita Van
                Dyke, (202) 317-6009, at Internal Revenue Service, Room 6526, 1111
                Constitution Avenue NW, Washington, DC 20224, or through the internet
                at [email protected].
                SUPPLEMENTARY INFORMATION:
                 Title: Like-Kind Exchanges.
                 OMB Number: 1545-1190.
                 Form Number: 8824.
                 Abstract: Form 8824 is used by individuals, corporations,
                partnerships, and other entities to report the exchange of business or
                investment property, and the deferral of gains from such transactions
                under Internal Revenue Code section 1031. It is also used to report the
                deferral of gain under Code section 1043 from conflict-of-interest
                sales by certain members of the executive branch of the Federal
                government.
                 Current Actions: There is no change in the paperwork burden
                previously approved by OMB.
                 Type of Review: Extension of a currently approved collection.
                 Affected Public: Individuals or households and business or other
                for-profit organizations.
                 Estimated Number of Respondents: 137,547.
                 Estimated Number of Respondent: 4 hours, 50 minutes.
                 Estimated Total Annual Burden Hours: 665,269.
                 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: April 26, 2021.
                Chakinna B. Clemons,
                Supervisory Tax Analyst.
                [FR Doc. 2021-09365 Filed 5-3-21; 8:45 am]
                BILLING CODE 4830-01-P