31632 Federal Register / Vol. 87, No. 100 / Tuesday, May 24, 2022 / Notices 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Return by a Shareholder 

Making Certain Late Elections To End 

Treatment as a Passive Foreign 

Investment Company 

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 the return by a shareholder 

making certain late elections to end 

treatment as a passive foreign 

investment company. 

DATES: Written comments should be 

received on or before July 25, 2022 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 omb.unit@irs.gov. Include 

OMB control number 1545–1950 or 

Return by a Shareholder Making Certain 

Late Elections To End Treatment as a 

Passive Foreign Investment Company. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the form 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: Return by a Shareholder Making 

Certain Late Elections To End Treatment 

as a Passive Foreign Investment 

Company. 

OMB Number: 1545–1950. 

Form Number: 8621–A. 

Abstract: Form 8621–A is necessary 

for certain taxpayers/shareholders who 

are investors in passive foreign 

investment companies (PFIC’s) to 

request late deemed sale or late deemed 

dividend elections (late purging 

elections) under Reg. 1.1298–3(e). The 

form provides a taxpayer/shareholder 

the opportunity to fulfill the 

requirements of the regulation in 

making the election by asserting the 

following: (i) The election is being made 

before an IRS agent has raised on audit 

the PFIC status of the foreign 

corporation for any taxable year of the 

taxpayer/shareholder; (ii) the taxpayer/ 

shareholder is agreeing (by submitting 

Form 8621–A) to eliminate any 

prejudice to the interests of the U.S. 

government on account of the taxpayer/ 

shareholder’s inability to make timely 

purging elections; and (iii) the taxpayer/ 

shareholder shows as a balance due on 

Form 8621–A an amount reflecting tax 

plus interest as determined under Reg. 

1.1298(e)(3). 

Current Actions: There is no change 

in the paperwork burden previously 

approved by OMB. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Individuals and 

households, businesses and other forprofit organizations. 

Estimated Number of Respondents: 1. 

Estimated Time per Respondent: 78 

hours, 30 minutes. 

Estimated Total Annual Burden 

Hours: 79 hours. 

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: May 19, 2022. 

Kerry L. Dennis, 

Tax Analyst. 

[FR Doc. 2022–11125 Filed 5–23–22; 8:45 am] 

BILLING CODE 4830–01–P 

U.S.-CHINA ECONOMIC AND 

SECURITY REVIEW COMMISSION 

Notice of Open Public Hearing 

AGENCY: U.S.-China Economic and 

Security Review Commission. 

ACTION: Notice of open public hearing. 

SUMMARY: Notice is hereby given of the 

following hearing of the U.S.-China 

Economic and Security Review 

Commission. The Commission is 

mandated by Congress to investigate, 

assess, and report to Congress annually 

on ‘‘the national security implications of 

the economic relationship between the 

United States and the People’s Republic 

of China.’’ Pursuant to this mandate, the 

Commission will hold a public hearing 

in Washington, DC on June 9, 2022 on 

‘‘U.S.-China Competition in Global 

Supply Chains.’’ 

DATES: The hearing is scheduled for 

Thursday, June 9, 2022 at 9:00 a.m. 

ADDRESSES: This hearing will be held 

with panelists and Commissioners 

participating in-person or online via 

videoconference. Members of the 

audience will be able to view a live 

webcast via the Commission’s website at 

www.uscc.gov. Also, please check the 

Commission’s website for possible 

changes to the hearing schedule. 

Reservations are not required to attend 

the hearing. 

FOR FURTHER INFORMATION CONTACT: Any 

member of the public seeking further 

information concerning the hearing 

should contact Jameson Cunningham, 

444 North Capitol Street NW, Suite 602, 

Washington, DC 20001; telephone: 202– 

624–1496, or via email at jcunningham@

uscc.gov. Reservations are not required 

to attend the hearing. 

ADA Accessibility: For questions 

about the accessibility of the event or to 

request an accommodation, please 

contact Jameson Cunningham via email 

at jcunningham@uscc.gov. Requests for 

an accommodation should be made as 

soon as possible, and at least five 

business days prior to the event. 

SUPPLEMENTARY INFORMATION: 

Background: This is the sixth public 

hearing the Commission will hold 

during its 2022 report cycle. This 

hearing will address China’s centrality 

in global supply chains and U.S. 

policies to bolster supply chain 

resilience. The hearing will start with a 


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Federal Register / Vol. 87, No. 100 / Tuesday, May 24, 2022 / Notices 31633 

review of how China’s position in global 

supply chains has evolved and assess 

the Chinese Communist Party’s supply 

chain objectives. Next, the hearing will 

evaluate the challenges the United 

States faces in securing select supply 

chains and review strategic frameworks 

and policy options for supply chain 

realignment. Finally, the hearing will 

examine risks and vulnerabilities in 

U.S. defense-critical supply chains. 

The hearing will be co-chaired by 

Commissioner Bob Borochoff and 

Commissioner Carte Goodwin. Any 

interested party may file a written 

statement by June 9, 2022 by 

transmitting to the contact above. A 

portion of the hearing will include a 

question and answer period between the 

Commissioners and the witnesses. 

Authority: Congress created the U.S.- 

China Economic and Security Review 

Commission in 2000 in the National 

Defense Authorization Act (Pub. L. 106– 

398), as amended by Division P of the 

Consolidated Appropriations 

Resolution, 2003 (Pub. L. 108–7), as 

amended by Public Law 109–108 

(November 22, 2005), as amended by 

Public Law 113–291 (December 19, 

2014). 

Dated: May 18, 2022. 

Daniel W. Peck, 

Executive Director, U.S.-China Economic and 

Security Review Commission. 

[FR Doc. 2022–11110 Filed 5–23–22; 8:45 am] 

BILLING CODE 1137–00–P 


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