[Federal Register Volume 85, Number 231 (Tuesday, December 1, 2020)]
[Notices]
[Page 77339]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-26455]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request on Burden Related to Adjustments to 
Basis of Stock and Indebtedness and Treatment of Distributions

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The Internal Revenue Service, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the 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. Currently, the IRS is soliciting comments 
concerning the burden related to adjustments to basis of stock and 
indebtedness to shareholders of S corporations and treatment of 
distributions by S corporations to shareholders.

DATES: Written comments should be received on or before February 1, 
2021 to be assured of consideration.

ADDRESSES: Direct all written comments to Kinna Brewington, Internal 
Revenue Service, Room 6529, 1111 Constitution Avenue NW, Washington, DC 
20224. 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 
through the internet, at <a href="/cdn-cgi/l/email-protection#792b33160a1c0911573d0c0b1b18151839100b0a571e160f"><span class="__cf_email__" data-cfemail="b0e2fadfc3d5c0d89ef4c5c2d2d1dcd1f0d9c2c39ed7dfc6">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION: 
    Title: Adjustments to Basis of Stock and Indebtedness to 
Shareholders of S Corporations and Treatment of Distributions by S 
Corporations to Shareholders.
    OMB Number: 1545-1139.
    Regulation Project Number: TD 8852.
    Abstract: This document contains final regulations relating to the 
passthrough of items of an S corporation to its shareholders, the 
adjustments to the basis of stock of the shareholders, and the 
treatment of distributions by an S corporation. Changes to the 
applicable law were made by the Subchapter S Revision Act of 1982, the 
Tax Reform Act of 1984, the Tax Reform Act of 1986, the Technical and 
Miscellaneous Revenue Act of 1988, and the Small Business Job 
Protection Act of 1996. These regulations provide the public with 
guidance needed to comply with the applicable law and will affect S 
corporations and their shareholders.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations and 
Individuals.
    Estimated Number of Responses: 2,250.
    Estimated Time per Respondent: 12 min.
    Estimated Total Annual Burden Hours: 450.
    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 if 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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
    <bullet> Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility;
    <bullet> Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used;
    <bullet> Enhance the quality, utility, and clarity of the 
information to be collected; and
    <bullet> Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: November 25, 2020.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2020-26455 Filed 11-30-20; 8:45 am]
BILLING CODE 4830-01-P


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