Federal Register: May 16, 2006 (Volume 71, Number 94)
DOCID: FR Doc E6-7385
DEPARTMENT OF THE TREASURY
Internal Revenue Service
NOTICE: NOTICES
DOCUMENT ACTION: Notice and request for comments.
SUBJECT CATEGORY:
Proposed Collection; Comment Request for Form 6781
DATES: Written comments should be received on or before July 17, 2006 to be assured of consideration.
DOCUMENT SUMMARY:
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 10413 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 6781, Gains and Losses From Section 1256 Contracts and Straddles.
SUMMARY:
Agency information collection activities; proposals, submissions, and approvals,
SUPPLEMENTAL INFORMATION
Title: Gains and Losses From Section 1256 Contracts and Straddles.
OMB Number: 15450644.
Form Number: Form 6781.
Abstract: Form 6781 is used by taxpayers in computing their gains and losses on Internal Revenue Code section 1256 contracts under the markedtomarket rules and gains and losses under Code section 1092 from straddle positions. The data is used to verify that the tax reported accurately reflects any such gains and losses.
Current Actions: There are no changes being made to Form 6781 at this time.
Type of Review: Extension of a currently approved collection.
Affected Public: Business or other forprofit organizations and individuals.
Estimated Number of Respondents: 100,000.
Estimated Time Per Respondent: 9 hours, 2 minutes.
Estimated Total Annual Burden Hours: 903,237.
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 [[Page 28418]]
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 startup costs and costs of operation,
maintenance, and purchase of services to provide information.
Approved: May 6, 2006.
Glenn Kirkland,
IRS Reports Clearance Officer.
[FR Doc. E67385 Filed 51506; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Requests for additional information or copies of the form and instructions should be directed to Larnice Mack at Internal Revenue Service, room 6512, 1111 Constitution Avenue, NW., Washington, DC 20224, or at (202) 6223179, or through the internet at Larnice.Mack@irs.gov).