Federal Register: November 5, 2009 (Volume 74, Number 213)
DOCID: fr05no09-119 FR Doc E9-26650
DEPARTMENT OF THE TREASURY
Internal Revenue Service
EE ID: [EE-81-88]
NOTICE: NOTICES
DOCID: fr05no09-119
DOCUMENT ACTION: Notice and request for comments.
SUBJECT CATEGORY:
Proposed Collection; Comment Request for Regulation Project
DATES: Written comments should be received on or before January 4, 2010 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 an existing final regulation, EE8188 (TD 8599), Deductions for Transfers of Property (Sec. 1.836(a)).
SUMMARY:
Agency Information Collection Activities; Proposals, Submissions, and Approvals
SUPPLEMENTAL INFORMATION
Title: Deductions for Transfers of Property.
OMB Number: 15451448.
Regulation Project Number: EE8188.
[[Page 57396]]
Abstract: Abstract Section 1.836(a) of the regulation provides that when property is transferred in connection with the performance of services, the recipient of service may claim a deduction for the amount included as compensation in the gross income of the service provider. The service provider will be deemed to have included an amount in gross income if the service recipient provides a timely Form W2 or 1099, as appropriate.
Current Actions: There is no change to this existing regulation.
Type of Review: Extension of currently approved collection.
Affected Public: Individuals or households, business or other for profit organizations, notforprofit institutions, and farms.
The estimated annual burden of reporting will be reflected in the reporting requirements for Forms W2 and 1099MISC.
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 startup costs and costs of operation, maintenance, and purchase of services to provide information.
Approved: October 28, 2009.
R. Joseph Durbala,
IRS Supervisory Tax Analyst.
[FR Doc. E926650 Filed 11409; 8:45 am]
BILLING CODE 483001P
FOR FURTHER INFORMATION CONTACT
Requests for additional information or copies of the regulations should be directed to R. Joseph Durbala at Internal Revenue Service, Room 6129, 1111 Constitution Avenue, NW., Washington, DC 20224, or at (202)6223634, or through the Internet at RJoseph.Durbala@irs.gov.