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IRS Asks for Comments on Passive Activity Loss Form

MAR. 15, 2000

65 F.R. 14016-14017

DATED MAR. 15, 2000
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    IRS forms, public comments requested
    passive loss limits
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2000-7765 (2 original pages)
  • Tax Analysts Electronic Citation
    2000 TNT 53-86
Citations: 65 F.R. 14016-14017

 

=============== SUMMARY ===============

 

The IRS, as part of a paperwork reduction effort, has asked for public comment on Form 8582, "Passive Activity Loss Limitations." Comments are due by May 15, 2000, and should be sent to Garrick Shear, Internal Revenue Service, Room 5571, 1111 Constitution Ave., NW, Washington, DC 20224.

 

=============== FULL TEXT ===============

 

DEPARTMENT OF THE TREASURY

Internal Revenue Service

[1] AGENCY: Internal Revenue Service (IRS), Treasury.

[2] ACTION: Notice and request for comments.

[3] SUMMARY: The Department of the Treasury, 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, Public Law 104-13 (44 U.S.C. 3506(c)(2)(A)). Currently, the IRS is soliciting comments concerning Form 8582, Passive Activity Loss Limitations.

[4] DATES: Written comments should be received on or before May 15, 2000 to be assured of consideration.

[5] ADDRESSES: Direct all written comments to Garrick R. Shear, Internal Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, DC 20224.

[6] FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the form and instructions should be directed to Martha R. Brinson, (202) 622-3869, Internal Revenue Service, room 5244, 1111 Constitution Avenue NW., Washington, DC 20224.

[7] SUPPLEMENTARY INFORMATION:

[8] Title: Passive Activity Loss Limitations.

[9] OMB Number: 1545-1008.

[10] Form Number: 8582.

[11] Abstract: Under Internal Revenue Code section 469, losses from passive activities, to the extent that they exceed income from passive activities, cannot be deducted against nonpassive income. Form 8582 is used to figure the passive activity loss allowed and the loss to be reported on the tax return.

[12] Current Actions: There are no changes being made to the form at this time.

[13] Type of Review: Extension of a currently approved collection.

[14] Affected Public: Business or other for-profit organizations, individuals, and farms.

[15] Estimated Number of Respondents: 4,500,000.

[16] Estimated Time Per Respondent: 4 hr., 49 min.

[17] Estimated Total Annual Burden Hours: 21,660,000.

[18] The following paragraph applies to all of the collections of information covered by this notice:

[19] 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

[20] 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.

[21] Approved: March 6, 2000.

Garrick R. Shear,

 

IRS Reports Clearance Officer.
DOCUMENT ATTRIBUTES
  • Institutional Authors
    Internal Revenue Service
  • Code Sections
  • Subject Area/Tax Topics
  • Index Terms
    IRS forms, public comments requested
    passive loss limits
  • Jurisdictions
  • Language
    English
  • Tax Analysts Document Number
    Doc 2000-7765 (2 original pages)
  • Tax Analysts Electronic Citation
    2000 TNT 53-86
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