[Federal Register Volume 61, Number 110 (Thursday, June 6, 1996)]
[Notices]
[Pages 28926-28927]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-14275]



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DEPARTMENT OF THE TREASURY

Submission to OMB for Review; Comment Request

May 31, 1996.
    The Department of Treasury has submitted the following public 
information collection requirement(s) to OMB for review and clearance 
under the Paperwork Reduction Act of 1995, Public Law 104-13. Copies of 
the submission(s) may be obtained by calling the Treasury Bureau 
Clearance Officer listed. Comments regarding this information 
collection should be addressed to the OMB reviewer listed and to the 
Treasury Department Clearance Officer, Department of the Treasury, Room 
2110, 1425 New York Avenue, NW., Washington, DC 20220.

Internal Revenue Service (IRS)

    OMB Number: 1545-1395.
    Form Number: IRS Form 8838.
    Type of Review: Extension.
    Title: Consent To Extend the Time to Assess Tax Under Section 367--
Gain Recognition Agreement.
    Description: 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.
    Respondents: Business or other for-profit, Individuals or 
households.
    Estimated Number of Respondents/Recordkeepers: 1,000.

[[Page 28927]]

    Estimated Burden Hours Per Respondent/Recordkeeper:
      Recordkeeping--2 hr., 23 min.
      Learning about the law or the form--2 hr., 21 min.
      Preparing the form--3 hr., 26 min.
      Copying, assembling, and sending the form to the IRS--16 min.
    Frequency of Response: On occasion.
    Estimated Total Reporting/Recordkeeping Burden: 8,440 hours.
    Clearance Officer: Garrick Shear (202) 622-3869, Internal Revenue 
Service, Room 5571, 1111 Constitution Avenue, N.W., Washington, DC 
20224.
    OMB Reviewer: Milo Sunderhauf (202) 395-7340, Office of Management 
and Budget, Room 10226, New Executive Office Building, Washington, DC 
20503.
Lois K. Holland,
Departmental Reports Management Officer.
[FR Doc. 96-14275 Filed 6-5-96; 8:45 am]
BILLING CODE 4830-01-P