[Federal Register Volume 61, Number 83 (Monday, April 29, 1996)]
[Notices]
[Page 18775]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-10545]



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DEPARTMENT OF THE TREASURY
Internal Revenue Service


Proposed Collection; Comment Request for Regulations PS-264-82

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 final regulation, PS-264-82 (TD 8508), Adjustments to Basis of 
Stock and Indebtedness to Shareholders of S Corporations and Treatment 
of Distributions by S Corporations to Shareholders. (Regulation 
Secs. 1.1367-1(f), 1.1368-1(f)(2), 1.1368-1(f)(3), 1.1368-1(f)(4), 
1.1368-1(g)(2)).

DATES: Written comments should be received on or before June 28, 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 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: Adjustments to Basis of Stock and Indebtedness to 
Shareholders of S Corporations and Treatment of Distributions by S 
Corporations to Shareholders.
    OMB Number: 1545-1139.
    Regulation Project Number: PS-264-82 Final.
    Abstract: The regulation provides the procedures and the statements 
to be filed by S corporations for making the election provided under 
Internal Revenue Code section 1368, and by shareholders who choose to 
reorder items that decrease their basis. Statements required to be 
filed will be used to verify that taxpayers are complying with the 
requirements imposed by Congress.
    Current Actions: There is no change to this existing regulation.
    Type of Review: Extension of OMB approval.
    Affected Public: Individuals or households, and business or other 
for-profit organizations.
    Estimated Number of Respondents: 2,000.
    Estimated Time Per Respondent: 6 minutes.
    Estimated Total Annual Burden Hours: 200 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: April 23, 1996.
Garrick R. Shear,
IRS Reports Clearance Officer.
[FR Doc. 96-10545 Filed 4-26-96; 8:45 am]
BILLING CODE 4830-01-U