[Federal Register Volume 82, Number 171 (Wednesday, September 6, 2017)]
[Notices]
[Page 42226]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-18839]


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DEPARTMENT OF THE TREASURY

Internal Revenue Service


Proposed Collection; Comment Request for Sale of Residence From 
Qualified Personal Residence Trust (T.D. 8743)

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: The Internal Revenue Service (IRS), 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 information collection requirements related to Sale of 
Residence From Qualified Personal Residence Trust.

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DATES: Written comments should be received on or before November 6, 
2017 to be assured of consideration.

ADDRESSES: Direct all written comments to L. Brimmer, Internal Revenue 
Service, Room 6526, 1111 Constitution Avenue NW., Washington, DC 20224.
    Requests for additional information or copies of the regulation 
should be directed to Taquesha Cain, Room 6526, 1111 Constitution 
Avenue NW., Washington, DC 20224, or through the internet at 
<a href="/cdn-cgi/l/email-protection#590d38282c3c2a3138770b771a38303719302b2a773e362f"><span class="__cf_email__" data-cfemail="ca9eabbbbfafb9a2abe498e489aba3a48aa3b8b9e4ada5bc">[email protected]</span></a>.

SUPPLEMENTARY INFORMATION: Title: Sale of Residence From Qualified 
Personal Residence Trust.
    OMB Number: 1545-1485.
    Regulation Project Number: T.D. 8743
    Abstract: Internal Revenue Code section 2702(a)(3) provides special 
favorable valuation rules for valuing the gift of a personal residence 
trust. Regulation section 25.2702-5(a)(2) provides that if the trust 
fails to comply with the requirements contained in the regulations, the 
trust will be treated as complying if a statement is attached to the 
gift tax return reporting the gift stating that a proceeding has been 
commenced to reform the instrument to comply with the requirements of 
the regulations.
    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 or households.
    Estimated Number of Respondents: 200.
    Estimated Time per Respondent: 3 hour, 7 minutes.
    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: August 29, 2017.
L. Brimmer,
Senior Tax Analyst.
[FR Doc. 2017-18839 Filed 9-5-17; 8:45 am]
 BILLING CODE 4830-01-P


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