[Federal Register Volume 89, Number 194 (Monday, October 7, 2024)]
[Notices]
[Pages 81149-81150]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-23107]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for TD 8395

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, Special Valuation 
Rules.

DATES: Written comments should be received on or before December 6, 
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 <a href="/cdn-cgi/l/email-protection#5a2a283b74393537373f342e291a332829743d352c"><span class="__cf_email__" data-cfemail="067674672865696b6b63687275466f747528616970">[email protected]</span></a>.
    Include ``OMB Number 1545-1241--Special Valuation Rules'' in the 
subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection 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#eba68a999f838ac5b9c5a9998285988485ab829998c58c849d"><span class="__cf_email__" data-cfemail="82cfe3f0f6eae3acd0acc0f0ebecf1edecc2ebf0f1ace5edf4">[email protected]</span></a>.

[[Page 81150]]


SUPPLEMENTARY INFORMATION: 
    Title: Special Valuation Rules.
    OMB Number: 1545-1241.
    Regulation Project Number: 8395.
    Abstract: Section 2701 of the Internal Revenue Code allows various 
elections by family members who make gifts of common stock or 
partnership interests and retain senior interest. This regulation 
provides guidance on how taxpayers make these elections, what 
information is required, and how the transfer is to be disclosed on the 
gift tax return (Form 709). Current Actions: There are no changes being 
made to the regulation at this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households.
    Estimated Number of Respondents: 1,200.
    Estimated Time per Respondent: 25 mins.
    Estimated Total Annual Burden Hours: 496.
    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: October 1, 2024.
Martha R. Brinson,
Tax Analyst.
[FR Doc. 2024-23107 Filed 10-4-24; 8:45 am]
BILLING CODE 4830-01-P


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