89 FR 50 pg. 18484 - Proposed Collection; Comment Request Relating to Carryover of Passive Activity Losses and Credits and At-Risk Losses to Bankruptcy Estates of Individuals
Type: NOTICEVolume: 89Number: 50Page: 18484
Page: 18484FR document: [FR Doc. 2024-05257 Filed 3-12-24; 8:45 am]
Agency: Treasury Department
Sub Agency: Internal Revenue Service
Official PDF Version: PDF Version
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DEPARTMENT OF THE TREASURY
Internal Revenue Service
Proposed Collection; Comment Request Relating to Carryover of Passive Activity Losses and Credits and At-Risk Losses to Bankruptcy Estates of Individuals
AGENCY:
Internal Revenue Service (IRS), Treasury.
ACTION:
Notice and request for comments.
SUMMARY:
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 carryover of passive activity losses and credits and at-risk losses to bankruptcy estates of individuals.
DATES:
Written comments should be received on or before May 13, 2024 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, or by email to pra.comments@irs.gov. Please include OMB Number 1545-1375 or TD 8537 in the Subject Line of the message. Requests for additional information or copies of this regulation should be directed to Sara Covington, at (202) 317-5744 or Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 20224, or through the internet at Sara.L.Covington@irs.gov.
SUPPLEMENTARY INFORMATION:
Title: Carryover of Passive Activity Losses and Credits and At-Risk losses to Bankruptcy Estates for Individuals.
OMB Number: 1545-1375.
Regulation Project Number: T.D. 8537.
Abstract: These regulations relate to the application of carryover of passive activity losses and credits and at risk losses to the bankruptcy estates of individuals. The final regulations affect individual taxpayers who file bankruptcy petitions under chapter 7 or chapter 11 of title 11 of the United States Code and have passive activity losses and credits under section 469 or losses under section 465.
Current Actions: There are no changes being made to this existing regulation or to the paperwork burden previously approved by OMB.
Type of Review: Extension of a currently approved collection.
Affected Public: Individuals or households.
Estimated Number of Respondents: 500.
Estimated Time per Respondent: 12 Minutes.
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. 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: March 6, 2024.
Sara L. Covington,
IRS Tax Analyst.
[FR Doc. 2024-05257 Filed 3-12-24; 8:45 am]
BILLING CODE 4830-01-P