[Federal Register Volume 61, Number 47 (Friday, March 8, 1996)]
[Notices]
[Page 9530]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-5459]



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DEPARTMENT OF THE TREASURY
[FORM 8838]


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 
Form 8838, Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement.

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

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 form(s) and instructions should be directed to Martha R. 
Brinson, (202) 622-3869, Internal Revenue Service, room 5571, 1111 
Constitution Avenue NW., Washington, DC 20224.

SUPPLEMENTARY INFORMATION:

    Title: Consent To Extend the Time To Assess Tax Under Section 367-
Gain Recognition Agreement
    OMB Number: 1545-1395.
    Form Number: 8838.
    Abstract: Form 8838 is used to extend the statute of limitations 
for U.S. persons who transfer stock or securities to a foreign 
corporation. The form is filed when the transferor makes a gain 
recognition agreement. This agreement allows the transferor to defer 
the payment of tax on the transfer. The IRS uses Form 8838 so that it 
may assess tax against the transferor after the expiration of the 
original statute of limitations.
    Current Actions: There are no changes being made to the form at 
this time.
    Type of Review: Extension of OMB approval.
    Affected Public: Businesses, individuals or households.
    Estimated Number of Respondents: 1,000.
    Estimated Time Per Respondent: 8 hrs., 14 min.
    Estimated Total Annual Burden Hours: 8,240.

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 29, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-5459 Filed 3-7-96; 8:45 am]
BILLING CODE 4830-01-U