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[Federal Register Volume 90, Number 14 (Thursday, January 23, 2025)]
[Notices]
[Page 8103]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01573]

[[Page 8103]]

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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.

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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 
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 [email protected]. 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 
[email protected].

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 
for-profit 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
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