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[Federal Register Volume 90, Number 14 (Thursday, January 23, 2025)]
[Notices]
[Page 8102]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01570]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

Agency Collection Activities; Requesting Comments on Burden 
Related to Interest Rates and Appropriate Foreign Loss Payment Patterns 
of Certain Controlled Corporations

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 general 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. The IRS is soliciting comments 
concerning the burden related to the interest rates and appropriate 
foreign loss payment patterns for determining the qualified insurance 
income of certain controlled corporations under section 954(i).

DATES: Written comments should be received on or before March 24, 2025 
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 [email protected]. Include OMB Control No. 
1545-1799 in the subject line of the message.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of this collection should be directed to Jason Schoonmaker, 
(801) 620-2128, at Internal Revenue Service, Room 6526, 1111 
Constitution Avenue NW, Washington, DC 20224, or through the internet 
at [email protected].

SUPPLEMENTARY INFORMATION: The IRS is currently seeking comments 
concerning the following information collection tools, reporting, and 
record-keeping requirements:
    Title: Interest Rates and Appropriate Foreign Loss Payment Patterns 
for Determining the Qualified Insurance Income of Certain Controlled 
Corporations under Section 954(i).
    OMB Number: 1545-1799.
    Regulation/Project Number: Notice 2002-69.
    Abstract: Notice 2002-69 (2002-43 I.R.B. 730) published October 28, 
2002, provides interim guidance for determining the interest rates and 
appropriate foreign loss payment patterns to be used by controlled 
foreign corporations in calculating their qualified insurance income 
under section 954(i) of the Internal Revenue Code. Taxpayers may rely 
on the guidance in this notice until regulations or other guidance are 
published.
    Current Actions: There is no change to the burden previously 
approved.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Individuals or households, business, or other for-
profit organizations.
    Estimated Number of Responses: 300.
    Estimated Time per Respondent: 1 hour.
    Estimated Total Annual Burden Hours: 300.
    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. All 
comments will become a matter 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 shall have 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 respondents, including through the use of automated 
collection techniques 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: January 16, 2025.
Jason M. Schoonmaker,
Tax Analyst.
[FR Doc. 2025-01570 Filed 1-22-25; 8:45 am]
BILLING CODE 4830-01-P
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