IRS Requests Comments on Conservation Easements

IRS Requests Comments on Conservation Easements

News story posted in Comments on 23 April 2013| comments
audience: National Publication | last updated: 24 April 2013


The IRS has requested public comments on information collections on conservation easements under regulation section 1.170A-14. Comments are due by June 11, 2013.

Full Text:

Internal Revenue Service 
Proposed Collection; Comment Request for Regulation Project 
AGENCY: Internal Revenue Service (IRS), Treasury. 
ACTION: Notice and request for comments. 
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 qualified conservation contributions (§ 1.170A–14). 
DATES: Written comments should be received on or before June 11, 2013 to be assured of consideration. 
ADDRESSES: Direct all written comments to Yvette Lawrence, Internal Revenue Service, room 6129, 1111 Constitution Avenue NW., Washington, DC 20224. 
FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the regulations should be directed to Katherine Dean at Internal Revenue Service, Room 6242, 1111 Constitution Avenue NW., Washington, DC 20224, or at (202) 622–3186, or through the Internet at
Title: Qualified Conservation Contributions. 
OMB Number: 1545–0763. Regulation 
Project Number: TD 8069. 
Abstract: Internal Revenue Code section 170(h) describes situations in which a taxpayer is entitled to a deduction for a charitable contribution for conservation purposes of a partial interest in real property. This regulation requires a taxpayer claiming a deduction to maintain records of (1) the fair market value of the underlying property before and after the donation and (2) the conservation purpose of the donation. 
Current Actions: There are no changes being made to this existing regulation. 
Type of Review: Extension of a currently approved collection. 
Affected Public: Individuals or households, business or other for-profit organizations, not-for-profit institutions, farms, and Federal, State, local or tribal governments. 
Estimated Number of Respondents: 1000. 
Estimated Time per Respondent: 1 hour 15 minutes. 
Estimated Total Annual Burden Hours: 1,250. 
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 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: March 13, 2013. 
Yvette Lawrence, 
OMB Reports Clearance Officer. 
[FR Doc. 2013–08544 Filed 4–11–13; 8:45 am] 

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