Federal Register Notice

81242

Federal Register / Vol. 81, No. 222 / Thursday, November 17, 2016 / Notices

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: November 8, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016–27586 Filed 11–16–16; 8:45 am]
BILLING CODE 4830–01–P

DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Form 8855
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:

The Department of the
Treasury, 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 proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995,
Public Law 104–13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is
soliciting comments concerning Form
8855, Election To Treat a Qualified
Revocable Trust as Party of an Estate.
DATES: Written comments should be
received on or before January 17, 2017
to be assured of consideration.
ADDRESSES: Direct all written comments
to Tuawana Pinkston, 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 Kerry Dennis at
Internal Revenue Service, Room 6526,
1111 Constitution Avenue NW.,
Washington, DC 20224, or through the
Internet at [email protected].
SUPPLEMENTARY INFORMATION:
Title: Election To Treat a Qualified
Revocable Trust as Party of an Estate.
OMB Number: 1545–1881.
Form Number: 8855.
Abstract: Form 8855 is used to make
a section 645 election that allows a
qualified revocable trust to be treated

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and taxed (for income tax purposes) as
part of its related estate during the
election period.
Current Actions: There are no changes
being made to the form at this time.
Type of Review: Extension of a
currently approved collection.
Affected Public: Business or other forprofit organizations.
Estimated Number of Respondents:
5,000.
Estimated Time per Respondent: 5
hours, 38 minutes.
Estimated Total Annual Burden
Hours: 28,200.
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: November 8, 2016.
Tuawana Pinkston,
IRS Reports Clearance Officer.
[FR Doc. 2016–27607 Filed 11–16–16; 8:45 am]
BILLING CODE 4830–01–P

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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment
Request for Regulation Project
Internal Revenue Service (IRS),
Treasury.
ACTION: Notice and request for
comments.
AGENCY:

The Department of the
Treasury, 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 proposed
and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995,
Public Law 104–13 (44 U.S.C.
3506(c)(2)(A)). Currently, the IRS is
soliciting comments concerning
Arbitrage Restrictions on Tax-Exempt
Bonds.

SUMMARY:

Written comments should be
received on or before January 17, 2017
to be assured of consideration.
ADDRESSES: Direct all written comments
to Tuawana Pinkston, Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224.
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of regulations should be directed
to Sara Covington at Internal Revenue
Service, Room 6526, 1111 Constitution
Avenue NW., Washington, DC 20224, or
through the Internet, at
[email protected].
SUPPLEMENTARY INFORMATION:
Title: Arbitrage Restrictions and Issue
Price Definition for Tax-Exempt Bonds.
OMB Number: 1545–1347.
Regulation: TD 8476, TD 8718, TD
9777 and REG–138526–14 (NPRM).
Abstract: Section 148 of the Internal
Revenue Code requires issuers of taxexempt bonds to rebate certain arbitrage
profits earned on nonpurpose
investments acquired with the bond
proceeds.
Under section 148(f), interest on a
state or local bond is not tax exempt
unless the issuer of the bond rebates to
the United States arbitrage profits
earned from investing proceeds of the
bond in higher yielding nonpurpose
investments. Form 8038–T is used to
pay the arbitrage rebate to the United
States and to pay penalty in lieu of
rebates. Burden for the form is being
reported under 1545–1219.
Issuers are also required to keep
records of certain interest rate hedges so
that the hedges are taken into account
in determining arbitrage profits. Under
DATES:

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