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IRS Net Investment Income Tax Rules

IRS Net Investment Income Tax Rules

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Published by Susan Duclos
IRS Net Investment Income Tax Rules that are part of Obamacare
IRS Net Investment Income Tax Rules that are part of Obamacare

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Published by: Susan Duclos on Dec 04, 2012
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07/10/2013

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This document is scheduled to be published in theFederal Register on 12/05/2012 and available online at
http://federalregister.gov/a/2012-29238
, and on
FDsys.gov
 
[4830-01-p]DEPARTMENT OF THE TREASURYInternal Revenue Service26 CFR Part 1[REG-130507-11]RIN 1545-BK44Net Investment Income Tax AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Notice of proposed rulemaking and notice of public hearing.SUMMARY: This document contains proposed regulations that provide guidance under section 1411 of the Internal Revenue Code (Code). Section 1402(a)(1) of the HealthCare and Education Reconciliation Act of 2010 added new section 1411 to the Codeeffective for taxable years beginning after December 31, 2012. The proposedregulations affect individuals, estates, and trusts. This document also contains a noticeof a public hearing on these proposed regulations.DATES: Written or electronic comments must be received by
[INSERT DATE 90 DAYSAFTER PUBLICATION OF THIS DOCUMENT IN THE FEDERAL REGISTER]
. ADDRESSES: Send submissions to: CC:PA:LPD:PR (REG-130507-11), Room 5203,Internal Revenue Service, PO Box 7604, Ben Franklin Station, Washington, DC 20044.Submissions may be hand-delivered Monday through Friday between the hours of 8a.m. and 4 p.m. to CC:PA:LPD:PR (REG-130507-11), Courier’s Desk, Internal RevenueService, 1111 Constitution Avenue, NW., Washington, DC, or sent electronically, via theFederal eRulemaking portal at www.regulations.gov (IRS REG-130507-11).
 
 
-2-FOR FURTHER INFORMATION CONTACT: Concerning the proposed regulations,Michala Irons, (202) 622-3050, or David H. Kirk, (202) 622-3060; concerningsubmissions of comments, the hearing, and/or to be placed on the building access list toattend the hearing, Oluwafunmilayo (Funmi) Taylor, (202) 622-7180 (not toll-freenumbers).SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
 The collection of information contained in this notice of proposed rulemaking hasbeen submitted to the Office of Management and Budget for review in accordance withthe Paperwork Reduction Act of 1995 (44 U.S.C. 3507(d)). Comments on the collectionof information should be sent to the
Office of Management and Budget
, Attn: DeskOfficer for the Department of the Treasury, Office of Information and Regulatory Affairs,Washington, DC 20503, with copies to the
Internal Revenue Service
, Attn: IRSReports Clearance Officer, SE:W:CAR:MP:T:T:SP, Washington, DC 20224. Commentson the collection of information should be received by [
INSERT DATE 60 DAYS AFTERPUBLICATION OF THIS DOCUMENT IN THE FEDERAL REGISTER
]. Comments arespecifically requested concerning:
 
Whether the proposed collection of information is necessary for the proper performance of the functions of the IRS, including whether the information will havepractical utility;The accuracy of the estimated burden associated with the proposed collection of information; and
 
 
-3-Estimates of capital or start-up costs and costs of operation, maintenance, andpurchase of services to provide information.There are two collections of information in the proposed regulations. The firstcollection is in proposed §1.1411-7(d) and the second collection is in proposed §1.1411-10(g).The information collected in proposed §1.1411-7(d) is required by the IRS toverify the taxpayer’s reported adjustment under section 1411(c)(4). This information willbe used to determine whether the amount of tax has been reported and calculatedcorrectly. The likely respondents are owners of interests in partnerships and Scorporations.Estimated total annual reporting and/or recordkeeping burden: 315,000 hours.Estimated average annual burden per respondent: 5 hours.Estimated number of respondents: 63,000.Estimated annual frequency of responses: on occasion.The collection of information in proposed §1.1411-10(g) is necessary for the IRSto determine whether a taxpayer has made an election pursuant to proposed §1.1411-10(g) and to determine whether the amount of tax has been reported and calculatedcorrectly. The likely respondents are individuals, estates, and trusts.Estimated total annual reporting and/or recordkeeping burden: 62,000 hours.Estimated average annual burden per respondent: 4 hours.Estimated number of respondents: 15,500.Estimated annual frequency of responses: other (one time)

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