Internal Revenue Service (IRS), Treasury.
Notice and request for comments.
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.
Written comments should be received on or before September 14, 2020 to be assured of consideration.
Direct all written comments to Kinna Brewington, Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224.
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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 Kerry.Dennis@irs.gov.
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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.Start Printed 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.
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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