2020-25535. Proposed Collection; Comment Request for Revenue Procedure 2003-84  

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    AGENCY:

    Internal Revenue Service (IRS), Treasury.

    ACTION:

    Notice of information collection; request for comments.

    SUMMARY:

    The Internal Revenue Service (IRS), 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. The IRS is soliciting comments concerning Revenue Procedure 2003-84, Optional election to make monthly 706(a) computations.

    DATES:

    Written comments should be received on or before January 19, 2021 to be assured of consideration.

    ADDRESSES:

    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 regulation should be directed to LaNita Van Dyke, at (202) 317-6009, 1111 Constitution Avenue NW, Room 6526, Washington, DC 20224, or through the internet at Lanita.VanDyke@irs.gov.

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    SUPPLEMENTARY INFORMATION:

    Title: Optional election to make monthly 706(a) computations.

    OMB Number: 1545-1768.

    Revenue Procedure Number: Revenue Procedure 2003-84.

    Abstract: This procedure allows certain partnerships that invest in tax-exempt obligations to make an election that enables the partners to take into account monthly the inclusions required under sections 702 and 707(c) of the Code and provides rules for partnership income tax reporting under section 6031 for such partnerships. Rev. Proc. 2002-68 modified and superseded.

    Current Actions: There are no changes being made to the revenue procedure at this time.

    Type of Review: Extension of a currently approved collection.

    Affected Public: Business or other for-profit organizations.

    Estimated Number of Respondents: 1,000.

    Estimated Time per Respondent: 30 minutes.Start Printed Page 73846

    Estimated Total Annual Burden Hours. 500.

    The following paragraph applies to all 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.

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    Approved: November 13, 2020.

    Chakinna B. Clemons,

    Supervisory Tax Analyst.

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    [FR Doc. 2020-25535 Filed 11-18-20; 8:45 am]

    BILLING CODE 4830-01-P

Document Information

Published:
11/19/2020
Department:
Internal Revenue Service
Entry Type:
Notice
Action:
Notice of information collection; request for comments.
Document Number:
2020-25535
Dates:
Written comments should be received on or before January 19, 2021 to be assured of consideration.
Pages:
73845-73846 (2 pages)
PDF File:
2020-25535.Pdf