[Federal Register Volume 61, Number 47 (Friday, March 8, 1996)]
[Notices]
[Pages 9528-9529]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5456]



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DEPARTMENT OF THE TREASURY
Internal Revenue Service
[1.469-7(f)]


Proposed Collection; Comment Request

AGENCY: Internal Revenue Service (IRS), Treasury.

ACTION: Notice and request for comments.

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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 an 
existing notice of proposed rulemaking, PS-39-89, Limitation on Passive 
Activity Losses and Credits--Treatment of Self-charged Items of Income 
and Expense. (Regulation Sec. 1.469-7(f)).

DATES: Written comments should be received on or before May 7, 1996 to 
be assured of consideration.

 
[[Page 9529]]

ADDRESSES: Direct all written comments to Garrick R. Shear, Internal 
Revenue Service, room 5571, 1111 Constitution Avenue NW., Washington, 
DC 20224.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
copies of the information collection should be directed to Carol 
Savage, (202) 622-3945, Internal Revenue Service, room 5569, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Limitation on Passive Activity Losses and Credits--Treatment 
of Self-charged Items of Income and Expense.
    OMB Number: 1545-1244.
    Regulation Project Number: PS-39-89 Notice of Proposed Rulemaking.
    Abstract: Section 1.469-7(f)(1) of the regulations permits entities 
to elect to avoid application of the regulation in the event the 
passthrough entity chooses to not have the income from lending 
transactions with owners of interests in the entity recharacterized as 
passive activity gross income. The IRS will use this information to 
determine whether the entity has made a proper timely election and to 
determine that taxpayers are complying with the election in the taxable 
year of the election and subsequent taxable years.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Business or other for-profit organizations and 
individuals or households.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: The estimated annual burden per 
respondent varies from 5 minutes to 15 minutes, depending on individual 
circumstances, with an estimated average of 6 minutes.
    Estimated Total Annual Burden Hours: 100 hours.

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; and 
(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.

    Approved: February 28, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-5456 Filed 3-7-96; 8:45 am]
BILLING CODE 4830-01-U