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[Federal Register Volume 90, Number 21 (Monday, February 3, 2025)]
[Notices]
[Page 8839]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-02076]

[[Page 8839]]

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DEPARTMENT OF THE TREASURY

Internal Revenue Service

Proposed Extension of Information Collection Request Submitted 
for Public Comment; Comment Request on Burden Related to Completing 
Form 7203

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 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. Currently, the IRS is soliciting comments 
concerning the burden for completing the form 7203, S Corporation 
Shareholder Stock and Debt Basis Limitations.

DATES: Written comments should be received on or before April 4, 2025 
to be assured of consideration.

ADDRESSES: Direct all written comments to Andr[eacute]s Garcia, 
Internal Revenue Service, Room 6526, 1111 Constitution Avenue NW, 
Washington, DC 20224, or by email to [email protected]. Please 
include, ``OMB Number: 1545-2302--Public Comment Request Notice'' in 
the Subject line.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the form and instructions should be directed to Ronald J. 
Durbala, at (202) 317-5746, at Internal Revenue Service, Room 6526, 
1111 Constitution Avenue NW, Washington, DC 20224, or through the 
internet at [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: S Corporation Shareholder Stock and Debt Basis Limitations.
    OMB Number: 1545-2302.
    Document Number: Forms 7203.
    Abstract: Internal Revenue Code (IRC) Section 1366 determines the 
shareholder's tax liability from an S corporation. IRC Section 1367 
details the adjustments to basis including the increase and decrease in 
basis, income items included in basis, the basis of indebtedness, and 
the basis of inherited stock. Shareholders will use Form 7203 to 
calculate their stock and debt basis, ensuring the losses and 
deductions are accurately claimed.
    Current Actions: There are no changes in the form previously 
approved by OMB. However, updates in the burden computation will result 
in a burden decrease of 51,100 hours.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Estates and Trusts.
    Estimated Number of Respondents: 70,000.
    Estimated Time per Respondent: 3 hrs., 2 min.
    Estimated Total Annual Burden Hours: 214,200.
    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.
    Desired Focus of Comments: The Internal Revenue Service (IRS) is 
particularly interested in comments that:
     Evaluate whether the proposed collection of information is 
necessary for the proper performance of the functions of the agency, 
including whether the information will have practical utility.
     Evaluate the accuracy of the agency's estimate of the 
burden of the proposed collection of information, including the 
validity of the methodology and assumptions used.
     Enhance the quality, utility, and clarity of the 
information to be collected; and
     Minimize the burden of the collection of information on 
those who are to respond, including using appropriate automated, 
electronic, mechanical, or other technological collection techniques or 
other forms of information technology, e.g., by permitting electronic 
submissions of responses.
    Comments submitted in response to this notice will be summarized 
and/or included in the ICR for OMB approval of the extension of the 
information collection; they will also become a matter of public 
record.

    Approved: January 27, 2025.
Ronald J. Durbala,
IRS Tax Analyst.
[FR Doc. 2025-02076 Filed 1-31-25; 8:45 am]
BILLING CODE 4830-01-P
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