Federal Register / Vol. 90, No. 14 / Thursday, January 23, 2025 / Notices 8103 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for the Burden Related to 

Limitations on Passive Activity Losses 

and Credits 

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 continuing 

information collections, as required by 

the Paperwork Reduction Act of 1995. 

The IRS is soliciting comments 

concerning information collection 

requirements related to limitations on 

passive activity losses and credits. 

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 number 1545– 

1244 or Limitations on Passive Activity 

Losses and Credits, in the subject line of 

the message. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the regulation should be 

directed to Kerry Dennis at (202) 317– 

5751, or at Internal Revenue Service, 

Room 6526, 1111 Constitution Avenue 

NW, Washington DC 20224, or through 

the internet, at Kerry.L.Dennis@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Limitations on Passive Activity 

Losses and Credits. 

OMB Number: 1545–1244. 

Regulation Project Number: TD 9013. 

Abstract: Regulation section 1.469– 

7(g) permits entities to elect to avoid 

application of section 1.469–7 in the 

event the passthrough entity chooses to 

not have the income from lending 

transactions with owners of interests in 

the entity recharacterized as passive 

activity gross income. The IRS will use 

this information to determine whether 

the entity has made a proper timely 

election and to determine that taxpayers 

are complying with the election in the 

taxable year of the election and 

subsequent taxable years. 

Current Actions: There is no change to 

the regulation or paperwork burden 

previously approved by OMB. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals or 

Households, businesses or other forprofit organizations. 

Estimated Number of Respondents: 

1,000. 

Estimated Time per Respondent: 6 

minutes. 

Estimated Total Annual Burden 

Hours: 100. 

The following paragraph applies to all 

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 if 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. 

Kerry L. Dennis, 

Tax Analyst. 

[FR Doc. 2025–01573 Filed 1–22–25; 8:45 am] 

BILLING CODE 4830–01–P 

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. 

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 continuing 

information collections, as required by 

the Paperwork Reduction Act of 1995. 

The IRS is soliciting comments 

concerning information collection 

requirements related to branded 

prescription drugs. 

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 number 1545– 

2209 or TD 9544, Branded Prescription 

Drugs, in the subject line of the message. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the regulation should be 

directed to Kerry Dennis at (202) 317– 

5751, or at Internal Revenue Service, 

Room 6526, 1111 Constitution Avenue 

NW, Washington, DC 20224, or through 

the internet, at Kerry.L.Dennis@irs.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Branded Prescription Drugs. 

OMB Number: 1545–2209. 

Regulation Number: REG–112805–10, 

(TD 9544). 

Abstract: TD 9544 contains 

regulations that provide guidance on the 

annual fee imposed on covered entities 

engaged in the business of 

manufacturing or importing branded 

prescription drugs. 

Current Actions: There is no change 

in the form or paperwork burden 

previously approved by OMB. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Businesses or other 

for-profit organizations. 

Estimated Number of Respondents: 

45. 

Estimated Time per Respondent: 40 

hrs. 

Estimated Total Annual Burden 

Hours: 1,800. 

The following paragraph applies to all 

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 if their 

contents may become material in the 

administration of any internal revenue 

law. Generally, tax returns and tax 


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