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[Federal Register Volume 89, Number 230 (Friday, November 29, 2024)]
[Notices]
[Pages 94880-94881]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28016]

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DEPARTMENT OF THE TREASURY

Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Multiple Internal Revenue Service (IRS) 
Information Collection Requests

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before December 30, 2024 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Melody Braswell by emailing [email protected], calling 
(202) 622-1035, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION:

[[Page 94881]]

Internal Revenue Service (IRS)

    1. Title: Credit for Oil and Gas Production from Marginal Wells.
    OMB Number: 1545-2278.
    Form Number: 8904.
    Abstract: Public Law 108-357, title III, subtitle C, section 341(a) 
has caused us to develop a credit for oil and gas production from 
marginal wells, which is reflected on Form 8904 and its instructions. 
Tax year 2017 was the first year Form 8904 and its instructions were 
released.
    Current Actions: There are no changes being made to Form 8904 at 
this time.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Business or other for-profit organizations, 
Individuals or households, not-for-profit institutions, farms, and 
State, local or Tribal governments.
    Estimated Number of Responses: 20,000.
    Estimated Time per Respondent: 2 hrs., 58 mins.
    Estimated Total Annual Burden Hours: 59,200.

    2. Title: Qualified Intermediary (QI), Withholding Foreign 
Partnership (WP), and Withholding Foreign Trust (WT) Application and 
Account Management System.
    OMB Number: 1545-1597.
    Document Number: Form 14345.
    Abstract: Internal Revenue Code (IRC) section 1441 (Withholding of 
tax on nonresident aliens), states any nonresident alien individual or 
of any foreign partnership shall deduct and withhold from such items a 
tax equal to 30 percent or 14 percent depending on circumstances. 
Revenue Procedure 2022-43 sets forth the final qualified intermediary 
(QI) withholding agreement (QI agreement) entered by the Internal 
Revenue Service and certain foreign persons under Treas. Reg. section 
1.1441-1(e)(5) and (6). The Qualified Intermediary (QI), Withholding 
Foreign Partnership (WP), and Withholding Foreign Trust (WT) 
Application and Account Management System (QAAMS) allows entities to 
apply, renew, or terminate their status as a QI, WP, or WT.
    Current Actions: There are no changes to the burden previously 
approved by OMB. This request is to extend the current approval for 
another 3 years.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households and Business or other 
for-profit.
    Estimated Number of Respondents: 1,097,991.
    Estimated Time per Respondent: 16 min.
    Estimated Total Annual Burden Hours: 301,018.

    3. Title: Request on Reduction of Tax Attributes Due to Discharge 
of Indebtedness.
    OMB Number: 1545-0046.
    Form Number: 982.
    Abstract: Reduction of Tax Attributes Due to Discharge of 
Indebtedness. Internal Revenue Code (IRC) section 108 allows taxpayers 
to exclude from gross income amounts attributable to discharge of 
indebtedness in title 11 cases, insolvency, or a qualified farm 
indebtedness. Section 1081(b) allows corporations to exclude from gross 
income amounts attributable to certain transfers of property. The data 
is used to verify adjustments to basis of property and reduction of tax 
attributes.
    Current Actions: There is no change to the paperwork burden 
previously approved by OMB.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, businesses or other for 
profit, small businesses, or organizations.
    Estimated Number of Respondents: 667.
    Estimated Time per Response: 11 hours, 23 min.
    Estimated Total Annual Burden Hours: 7,491 hours.
    Authority: 44 U.S.C. 3501 et seq.

Melody Braswell,
Treasury PRA Clearance Officer.
[FR Doc. 2024-28016 Filed 11-27-24; 8:45 am]
BILLING CODE 4830-01-P
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