[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] ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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