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[Federal Register Volume 88, Number 177 (Thursday, September 14, 2023)]
[Notices]
[Pages 63199-63200]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-19888]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request Concerning Information Reporting 
for Form 8824

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 Form 8824, Like-Kind Exchanges.

DATES: Written comments should be received on or before November 13, 
2023 to be assured of consideration.

ADDRESSES: Direct all written comments to Andr[eacute]s Garcia, 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or by email to [email protected]. Please 
include, ``OMB Number: 1545-1190--Public Comment Request Notice'' in 
the Subject line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Ronald J. 
Durbala, at (202) 317-5746, at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Like-Kind Exchanges.
    OMB Number: 1545-1190.
    Form Project Number: Form 8824.
    Abstract: Section 1031 of the Internal Revenue Code allows for the 
non-recognition of gain or loss on the exchange of business or 
investment property. Section 1043 allows for the non-recognition of 
gain from dispositions made by certain members of the executive branch 
of the Federal government because of a conflict of interest. Form 8824 
provides taxpayers with an easy method of determining whether a 
transaction qualifies for like-kind exchange treatment, the gain or 
loss, if any recognized because of the exchange, and the basis in the 
new property received in the exchange.
    Current Actions: Substantial changes are being made to the form and 
instructions, based on Regulations sections 1.1031(a)-1(a)(3) and 
1.1031(a)-3 (and IRC 1031 as updated by Pub. L. 115-97 (TCJA), section 
13303). These rules limit the property eligible for like-kind 
exchanges. Under these rules, only property meeting the definition of 
real property in IRC 1031 is like-kind property for purposes of like-
kind exchanges.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Individuals or households, business or other for-
profit organization, and not-for-profit institution.
    Estimated Number of Responses: 137,547.
    Estimated Time per Respondent: 17 hrs., 11 min.
    Estimated Total Annual Burden Hours: 2,364,433.
    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.

[[Page 63200]]

    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     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.
     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.
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     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: September 11, 2023.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2023-19888 Filed 9-13-23; 8:45 am]
BILLING CODE 4830-01-P
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