[Federal Register Volume 61, Number 41 (Thursday, February 29, 1996)]
[Notices]
[Page 7852]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-4699]



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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 of necessity for renewal of 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, C:AP:AS, 901 D Street, SW., Room 224, Box 68, 
Washington, DC 20024, Telephone No. (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 renewal 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 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 552b(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 the 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 
Treasury, with the concurrence of the General Services Administration, 
has also approved renewal of the Panel. The membership of the Panel is 
balanced between museum directors and curators, art dealers and auction 
representatives to afford differing points of view in determining fair 
market value.
    Authority for this Panel will expire two years from the date the 
Charter is approved by the Assistant Secretary for Management/Chief 
Financial Officer and filed with the appropriate congressional 
committees unless, prior to the expiration of its Charter, the Panel is 
renewed.
    The Commissioner of Internal Revenue 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).
Margaret Milner Richardson,
Commissioner of Internal Revenue.
[FR Doc. 96-4699 Filed 2-28-96; 8:45 am]
BILLING CODE 4830-01-M