[Federal Register Volume 83, Number 176 (Tuesday, September 11, 2018)]
[Notices]
[Pages 46021-46022]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-19623]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Regulation Project

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 information collections, as required by the Paperwork Reduction Act 
of 1995. The IRS is soliciting comments concerning Limitations on 
Percentage Depletion in the Case of Oil and Gas Wells.

DATES: Written comments should be received on or before November 13, 
2018 to be assured of consideration.

ADDRESSES: Direct all written comments to Laurie Brimmer, Internal 
Revenue Service, Room 6526, 1111 Constitution Avenue NW, Washington, DC 
20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the regulation should be directed to Martha R. Brinson, at 
(202)317-5753, or at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at <a href="/cdn-cgi/l/email-protection#5914382b2d3138770b771b2b30372a363719302b2a773e362f"><span class="__cf_email__" data-cfemail="c28fa3b0b6aaa3ec90ec80b0abacb1adac82abb0b1eca5adb4">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION: 
    Title: Limitations on Percentage Depletion in the Case of Oil and 
Gas Wells.
    OMB Number: 1545-1251
    Regulation Project Number: TD 8437
    Abstract: This regulation concerns oil and gas property held by 
partnerships.

[[Page 46022]]

Because the depletion allowance with respect to production from 
domestic oil and gas properties is computed by the partners and not by 
the partnership, section 1.613A-3(e)(6)(i) of the regulation requires 
each partner to separately keep records of the partner's share of the 
adjusted basis in each oil and gas property of the partnership.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Estimated Number of Responses: 1,500,000.
    Estimated Time per Response: 2 minutes
    Estimated Total Annual Burden Hours: 49,450
    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. 
Comments will be 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 has 
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 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: August 28, 2018.
Laurie Brimmer,
Senior Tax Analyst.
[FR Doc. 2018-19623 Filed 9-10-18; 8:45 am]
 BILLING CODE 4830-01-P


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