Proposed Collection; Comment Request for Regulation Project
| Published date | 09 November 2021 |
| Citation | 86 FR 62236 |
| Record Number | 2021-24463 |
| Section | Notices |
| Court | Internal Revenue Service,Treasury Department |
Federal Register, Volume 86 Issue 214 (Tuesday, November 9, 2021)
[Federal Register Volume 86, Number 214 (Tuesday, November 9, 2021)]
[Notices]
[Page 62236]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-24463]
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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 (IRS), 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 Guidance Regarding
the Treatment of Certain Contingent Payment Debt Instructions with one
or more Payments that are Denominated in, or Determined by Reference
to, a Nonfunctional Currency.
DATES: Written comments should be received on or before January 10,
2022 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.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the regulation should be directed to Martha R. Brinson, at
(202) 317-5753, or at Internal Revenue Service, Room 6526, 1111
Constitution Avenue NW, Washington, DC 20224, or through the internet
at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Guidance Regarding the Treatment of Certain Contingent
Payment Debt Instructions with one or more Payments that are
Denominated in, or Determined by Reference to, a Nonfunctional
Currency.
OMB Number: 1545-1831.
Regulation Project Number: TD 9157.
Abstract: This document contains final regulations regarding the
treatment of contingent payment debt instruments for which one or more
payments are denominated in, or determined by reference to, a currency
other than the taxpayer's functional currency. These regulations are
necessary because current regulations do not provide guidance
concerning the tax treatment of such instruments. The regulations
affect issuers and holders of such instruments.
Current Actions: There are no changes being made to the regulation
at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Businesses and other-for-profit organizations,
Farms.
Estimated Number of Respondents: 250.
Estimated Time per Respondent: 24 mins.
Estimated Total Annual Burden Hours: 100.
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.
Comments will be 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 has
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 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: November 3, 2021.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2021-24463 Filed 11-8-21; 8:45 am]
BILLING CODE 4830-01-P
