8102 Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices 

accounting to the specific charge off 

method of accounting for bad debts. 

Section 1.585–8 of the regulation 

contains reporting requirements in cases 

in which large banks elect (1) to include 

in income an amount greater than that 

prescribed by the Code; (2) to use the 

elective cut-off method of accounting: or 

(3) to revoke any elections previously 

made. 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

2,500. 

Estimated Time per Respondent: 15 

min. 

Estimated Total Annual Burden 

Hours: 625. 

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. 2025–01569 Filed 1–22–25; 8:45 am] 

BILLING CODE 4830–01–P 

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. 

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 pra.comments@irs.gov. 

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 jason.m.schoonmaker@

irs.gov. 

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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