[Federal Register Volume 59, Number 31 (Tuesday, February 15, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-3467]


[[Page Unknown]]

[Federal Register: February 15, 1994]


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DEPARTMENT OF THE TREASURY
Internal Revenue Service

 

Art Advisory Panel of the Commissioner of Internal Revenue

AGENCY: Internal Revenue Service, Treasury.

ACTION: Notice of determination for reestablishment for the Art 
Advisory Panel.

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SUMMARY: It is in the public interest to continue the existence of the 
Art Advisory Panel.

FOR FURTHER INFORMATION CONTACT:Karen Carolan, CC:AP:AS, 901 D Street, 
SW., room 224, Box 68, Washington, DC 20024, telephone: (202) 401-4128 
(not a toll free number).
    Pursuant to the Federal Advisory Committee Act, 5 U.S.C. App. 
(1982), the Commissioner of Internal Revenue announces the 
reestablishment of the following advisory committee:
    Title. The Art Advisory Panel of the Commissioner of Internal 
Revenue.
    Purpose. The Panel assists the Internal Revenue Service by 
reviewing and evaluating the acceptability of property appraisals 
submitted by the taxpayers in support of the fair market value claimed 
on works of art involved in Federal Income, Estate or Gift taxes in 
accordance with sections 170, 2031, and 2512 of the Internal Revenue 
code of 1986.
    In order for the Panel to perform this function, Panel records and 
discussions must include tax return information. Therefore, the Panel 
meetings will be closed to the public since all portions of the 
meetings will concern matters that are exempted from disclosure under 
the provisions of section 552(b)(c) (3), (4), (6) and (7) of Title 5 of 
the U.S. Code. This determination, which is in accordance with section 
10(d) of the Federal Advisory Committee Act, is necessary to protect 
the confidentiality of tax returns and return information as required 
by section 6103 of the Internal Revenue Code.
    Statement of Public Interest. It is in the public interest to 
continue the existence of the Art Advisory Panel. The Secretary of the 
Treasury, with the concurrence of the General Services Administration, 
has approved reestablishment of the Panel. The membership of the Panel 
is balanced between museum directors and art dealers to afford 
differing points of view in determining fair market value.
    Fifteen days after publication of this notice in the Federal 
Register, the Department of the Treasury, will file a copy of the 
committee's charter with the Senate Finance Committee and the Committee 
Ways and Means Committee of the U.S. House of Representatives. The 
Department of the Treasury will also furnish a copy of the charter to 
the Library of Congress and the General Services Administration.
    Authority for this panel will expire two years from the date the 
charter is filed with the appropriate congressional committees unless, 
prior to the expiration of its charter, the Panel is renewed.
    The Assistant Secretary (Management) has determined that this 
document is not a major rule as defined in Executive Order 12291 and 
that a regulatory impact analysis therefore is not required. Neither 
does this document constitute a rule subject to the Regulatory 
Flexibility Act (5 U.S.C. chapter 6).

    Dated: February 10, 1994.
George Munoz,
Assistant Secretary (Management).
[FR Doc. 94-3467 Filed 2-14-94; 8:45 am]
BILLING CODE 4830-01-M